EQUITY INCOME FUND
Money Manager and Russell Investments Overview
Russell Investments’ approach

Russell Investments portfolio manager(s)Russell Investments uses a multi-asset approach to investing, combining asset
allocation, manager selection and dynamic portfolio management in its investment
portfolios. Using this approach as a framework for mutual fund construction, we
research, monitor, hire and terminate (subject to Fund Board approval) money
managers from around the world and strategically allocate fund assets to them. We
oversee all investment advisory services to the Fund and manage assets notallocated to money managers.

Nick Haupt, CFA, is Portfolio Manager with primary responsibility for Russell
Investments’ U.S. equity strategies. Prior to assuming portfolio management
responsibilities, Nick worked as an associate portfolio manager where he was
responsible for helping drive the portfolio construction and management of U.S. equity
strategies. Nick holds a B.A. in Business and Finance and an M.S. graduate degree in
Data Science. Nick has been with Russell Investments since 2011.

The FundThe Equity Income Fund seeks to provide long term capital growth and current
income. The Fund principally invests in common stocks of dividend-paying large andmedium capitalization U.S. companies. In addition to the managers’ strategies, forFund assets not allocated to money manager strategies, Russell Investment
Management, LLC (RIM) utilizes quantitative and/or rules-based processes andqualitative analysis to assess Fund characteristics and invest in securities andinstruments which provide the desired exposures. The Fund’s benchmark is theRussell 1000® Value Index.
Fund mosaic

Megan Roach, CFA, is a Senior Director, Co-Head of Equity Portfolio Management
and Total Solutions Portfolio Manager. She is accountable for asset class strategy,
portfolio construction, manager selection, and dynamic risk management to help
clients achieve their long-term objectives. Prior to assuming portfolio management
responsibilities, Megan served on the small cap manager research team from 2005 to
2015, including acting as head of research for the asset class starting in 2013. Megan
holds a B.A. in Finance and an M.B.A. in Investment Management. Megan has beenwith Russell Investments since 2004.
The portfolio managers’ role
The Russell Investments portfolio managers are responsible for identifying andselecting the strategies and money managers included in the Fund and determining
the weight for each assignment. The portfolio managers manage the Fund on a daily
basis to help keep it on track, constantly monitoring risk and return expectations at the
total fund level and making changes when deemed appropriate and/or necessary.
Multiple resources from across the firm are used to help determine what is believed tobe the best combination of managers and strategies. Manager research and capital
markets research are just some of the tools at the portfolio managers’ disposal to help
identify opportunities and manage risk.

This mosaic depicts, at a specific point in time, the approximate relative weighting of the managers and strategies within the Fundplotted on the basis of cap size and style against fund benchmark (▲). Positions on this mosaic change over time as allocations andholdings change. The circle size represents the relative size of each allocation in the Fund.
Russell Investment Management, LLC (RIM) manages the Fund's liquidity reserves and may manage assets to effect the Fund's
investment strategies and/or to modify the Fund's overall portfolio characteristics to seek to achieve the desired risk/return profile
for the Fund.
Not a Deposit. Not FDIC Insured. May Lose Value. Not Bank Guaranteed. Not Insured by any Federal Government Agency.
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Equity Income Fund
Target allocation of fund assets and Managers and Strategies Summary
The percentages below represent the target allocation of the Fund’s assets to each money manager’s strategy and Russell Investment Management, LLC’s (“RIM”) strategy.
RIM may change a Fund’s asset allocation at any time, including not allocating Fund assets to one or more money manager strategies.
FIRM NAMETARGET ALLOCATIONINVESTMENT FOCUS

ROLE

DETAILS OF FUND ROLE

Barrow, Hanley, Mewhinney & Strauss,
LLC

30%

Uses a qualitative stock selection process seeking thebest opportunities among dividend paying stocks, with
an emphasis on dividend growth.

Value

Barrow Hanley‘s team-oriented approach gleans ideas from all equity
portfolio managers and analysts. Their process combines valuation
discipline, dividend yield focus, industry rotation, and strong
company-specific research to produce a portfolio intended togenerate excess returns with dividend yielding stocks.

Brandywine Global Investment
Management, LLC

30%

Uses a process that relies on fundamental analysis,using quantitative screens and internal research.

Value

Brandywine is an opportunistic relative value manager. The strategy
focuses primarily on deep value stocks but may include certain
moderately valued stocks when they have been in favor due topositive fundamental trends at the industry and/or company-specificlevel.

Russell Investment Management, LLC(RIM)*

40%

The active positioning strategy in this Fund allows theRussell Investments Portfolio Managers to express
views across multiple factors and risk exposuressimultaneously while regularly adapting to changing
markets and manager allocations. The strategy is used
to target desired total portfolio positioning and can be
adjusted as needed by the Portfolio Managers.

Positioning
Strategies,
and Cash
Reserves

RIM oversees all investment advisory services to the Fund andmanages assets not allocated to money managers. This includes theFund’s positioning strategy, which helps the Fund to achieve its
desired risk/return profile. RIM also manages the Fund’s liquidity
reserve.

All underlying third-party money managers of this Fund are non-discretionary money managers. RIM manages the respective portions of the Fund’s assets based upon model portfolios provided by each firm.
*RIM manages Fund assets not allocated to money manager strategies by utilizing quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments, which provide the desired overall Fund
exposures. RIM also manages the Fund’s cash balances and cash reserves. RIM generally seeks to obtain market exposure for this cash that corresponds to the Fund’s benchmark exposures, but RIM may also reduce the Fund’s market exposure and/or utilize the Fund’sliquidity reserve to manage overall Fund exposures.

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Equity Income Fund

Barrow, Hanley, Mewhinney & Strauss, LLC
Firm backgroundManager profile

Barrow, Hanley, Mewhinney & Strauss, LLC
provides value-oriented investment strategies(equity and fixed) to institutional investors,
mutual funds, and family offices. Barrow
Hanley is an affiliate of Perpetual Ltd.

Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley) was added to the Equity Income Fund in 2013. Lewis
Ropp, Managing Director, Brian Quinn, CFA, Managing Director, Pranay Laharia, CFA, and Brad Kinkelaar, Managing
Director, make up the team of portfolio managers on Barrow Hanley’s assigned portion of the Equity Income Fund.

Headquarters: Dallas, TX
Founded: 1979
Lead managers: Lewis Ropp, Brian Quinn,
Pranay Laharia, and Brad Kinkelaar____________________________________
Asset class: U.S. equity
Number of holdings: 35-45
Capitalization level: Large cap

Barrow Hanley is a non-discretionary money manager in the Fund. In this capacity, Barrow Hanley provides a model
portfolio to Russell Investment Management, LLC representing its investment recommendations, based upon which
Russell Investments purchases and sells securities for the Fund. Russell Investments may deviate from the model
portfolio provided by Barrow Hanley, but generally intends to implement the portfolio as provided by Barrow Hanley.
What this manager brings to the Fund
Barrow Hanley‘s team-oriented approach gleans ideas from all equity portfolio managers and analysts. Their process
combines valuation discipline, dividend yield focus, industry rotation, and strong company-specific research to produce a
portfolio intended to generate excess returns with dividend yielding stocks.
Investment process
Barrow Hanley uses a qualitative stock selection process to seek what it believes to be the best among dividend paying
stocks. The firm uses an opportunistic approach to managing a dividend-oriented product, including an emphasis on acompany’s ability to increase dividends (i.e., dividend growth).
Russell Investments believes the portfolio managers’ willingness to look in new places for dividend yield demonstrates
what will be an important success factor for seeking future excess returns in dividend yield strategies. Russell
Investments believes Barrow Hanley has the right combination of valuation discipline, dividend yield focus, industry
rotation, and strong company-specific research to provide added value to the Fund.
Russell Investments’ manager analysis
This firm’s strategy is expected to perform well when the market rewards relatively undervalued stocks thatare demonstrating growth of cash flows and dividends.
In certain deep value rebounds led by stocks of companies that are not cash flow positive, Barrow Hanley
may lag the benchmark. Additionally, when “rebound” earnings growth is rewarded in the market, with lessfocus on sustainability of cash flow generation, the firm’s strategy may lag.

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Equity Income Fund

Brandywine Global Investment Management, LLC
Firm backgroundManager profile

Brandywine Global Investment Management,
LLC offers a broad array of fixed income,equity, alternatives, and asset allocation
strategies that seek value across global
markets. The firm is a wholly owned,
independently operated subsidiary of Franklin
Resources, Inc. and is headquartered in
Philadelphia with office locations in
Singapore and London.

Brandywine Global Investment Management, LLC (Brandywine) was added to the Equity Income Fund in 2015. The
strategy is led by portfolio managers Patrick Kaser, CFA, and Celia Hoopes, CFA.

Headquarters: Philadelphia, PA
Founded: 1986
Lead manager: Patrick Kaser, Celia Hoopes____________________________________
Asset class: U.S. equity
Number of holdings: 50-75
Capitalization level: Large cap

Brandywine is a non-discretionary money manager in the Fund. In this capacity, Brandywine provides a model portfolio
to Russell Investment Management, LLC representing its investment recommendations, based upon which Russell
Investments purchases and sells securities for the Fund. Russell Investments may deviate from the model portfolio
provided by Brandywine, but generally intends to implement the portfolio as provided by Brandywine.
What this manager brings to the Fund
Brandywine is an opportunistic relative value manager. The strategy focuses primarily on deep value stocks but may
include certain moderately valued stocks when they have been in favor due to positive fundamental trends at the industry
and/or company-specific level.
Investment process
Brandywine uses an approach that relies significantly on fundamental analysis. Brandywine builds a portfolio based on
quantitative screens and internal research. The firm has a broad definition of value, and Russell Investments believes it
considers a broader universe of stocks than most other dividend-oriented managers. The firm also looks for aboveaverage yields within industries and generally excludes companies that do not pay dividends at the time of purchase.
Dividend paying companies receive greater emphasis.
Rigorous fundamental analysis is conducted to identify those companies the firm believes have the best potential tobenefit the portfolio. Within the universe of undervalued securities, the firm seeks to identify the best combination ofvaluation characteristics, earnings growth, and quality. Conclusions are based on a company’s financial condition,competitive position in its industry, and quality of management. Close attention is paid to the cash flow statement in orderto evaluate the strength and security of the dividend. Brandywine also focuses on long-term macroeconomic conditions
and industry trends to identify and measure the risks associated with a company’s business.
Russell Investments’ manager analysis
Russell Investments believes Brandywine is small enough to allow for efficient communication andimplementation while having the critical mass to be well resourced and financially stable.
The firm’s strategy is expected to perform well when stocks that tend to have lower valuation ratios than theindex do well. The strategy is expected to struggle in a flight to quality scenario when the market begins
expecting recession-like, risk-off situations.

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Equity Income Fund

Russell Investment Management, LLC
Firm background

RIM oversees all investment advisory services to the Fund and manages assets not allocated to managers.

Russell Investment Management, LLC (RIM)
is the advisor to Russell Investment
Company (RIC) Funds. Russell Investments’ownership is composed of a majority stake
held by funds managed by TA Associates
Management, L.P. with minority stakes held
by funds managed by Reverence CapitalPartners, L.P., certain of Russell Investments’
employees, and Hamilton Lane Advisors,
LLC. Russell Investments provides asset
management and investment services toinstitutional and individual investors aroundthe world.

Manager and strategy oversight

Headquarters: Seattle, WA

RIM’s portfolio managers seek to ensure that Fund outcomes are consistent with Fund objectives. The portfolio manager
and analysts track the effectiveness of every money manager and strategy in the Fund. Occasionally, adjustments may
be necessary due to reasons such as a change in control at a money manager, the opportunity to select anothermanager or strategy the portfolio manager believes offers an investment proposition that would help improve the fund, orchanges in market dynamics.
Any significant Fund changes must be validated through an internal governance process to ensure all key considerations
were addressed by the portfolio manager. Money manager changes are also subject to approval by the Fund’s Board ofTrustees.
Investment management
RIM manages a portion of the Fund’s assets internally to seek to precisely manage the Fund’s exposures and achieve
the desired risk/return profile for the Fund. During the portfolio construction and management process, portfolio
managers may identify an investment need and seek to address that need with a positioning strategy.

Founded: 1936____________________________________

Positioning strategies are customized portfolios directly managed for use within the total portfolio. Portfolio managers use
positioning strategies, including tactical tilts, to seek excess return and manage portfolio risks by targeting specificexposures. These strategies are used in conjunction with allocations to third-party active managers to reflect Russell
Investments’ strategic and dynamic insights with integrated liquidity and risk management.

POSITIONING STRATEGIES & CASH
RESERVES

The positioning strategy used in this Fund is a dedicated portion of the Fund assets that can be rebalanced as needed by
the portfolio managers to keep the total portfolio aligned with Russell Investments’ strategic beliefs (e.g., value,
momentum, quality and volatility) as well as the Fund’s preferred positioning. This allows the portfolio managers to
express Russell Investments’ views across multiple factor and industry exposures simultaneously while regularly
adapting to changing markets and manager portfolios. The positioning strategy will focus on higher quality companies
with potential for an attractive yield and a track record of growing their dividends.

Asset class: U.S. equity
Number of holdings: 200-300
Capitalization level: Large cap

Managing the liquidity reserve
Every RIC mutual fund maintains cash reserves, which is cash awaiting investment or held to meet redemption requests
or to pay expenses. This Fund typically exposes all or a portion of its cash to the performance of appropriate markets bypurchasing equity securities and/or derivatives (also known as “equitization”), which typically includes index futurescontracts. The Fund invests any remaining cash in an unregistered cash management fund advised by RIM.

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For more information on Russell Investment Company Funds, contact
your investment professional or plan administrator for assistance.

IMPORTANT RISK DISCLOSURES
Mutual Fund investing involves risks, principal loss is possible.
Money managers listed are current as of January 1, 2024. Subject to the Fund's Board approval, Russell Investments has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the Securities
and Exchange Commission. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, including loss of income and principal invested and possible delays in payment of redemption proceeds.
The money managers do not guarantee the performance of any Fund or any particular rate of return.
Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, orsuch stock may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments.
The Fund may also invest in foreign securities, which may be more volatile than investments in U.S. securities and will be subject to fluctuation and sudden economic and political developments. The Fund may also invest in non-investment grade fixed-income
securities, which involve higher volatility and higher risk of default than investment grade bonds.
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk
and increase return could, at certain times, unintentionally reduce returns.

Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus
containing this, and other important information can be obtained by calling 800-787-7354 or by visiting russellinvestments.com. Please read aprospectus carefully before investing.
The investment styles employed by a Fund's money managers may not be complementary. This concentration may be beneficial or detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The
multi-manager approach could increase a Fund's portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities, higher brokerage commissions and other transaction costs.
Large capitalization (large cap) investments generally involve stocks of companies with a market capitalization based on the Russell 1000 Value Index. The value of securities will rise and fall in response to the activities of the company that issued them, generalmarket conditions and/or economic conditions.
The Russell 1000 Value Index measures the performance of those Russell 1000 Index securities with lower price-to-book ratios and lower forecasted growth values, representative of U.S. Securities exhibiting value characteristics.
Indexes are unmanaged and cannot be invested in directly.
Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality, (which may include lower financial leverage) and/or stable businessfundamentals.
Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.
Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates Management, L.P., with a significant minority stake held by funds managed by Reverence Capital Partners, L.P. Certain of Russell Investments' employees
and Hamilton Lane Advisors, LLC also hold minority, non-controlling, ownership stakes.
Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank
Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the “FTSE RUSSELL” brand.
Securities products and services offered through Russell Investments Financial Services, LLC member FINRA, part of Russell Investments.
Copyright © 2024 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without
warranty.
Date of First Use: February 2017. Revised: January 2024.
RIFIS-25666 (Exp. 09/24)
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