MULTI-ASSET GROWTH STRATEGY FUND
Money Manager and Russell Investments Overview
Russell Investments’ approach

Russell Investments portfolio manager

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.
The Fund
The Multi-Asset Growth Strategy Fund seeks to provide long term total return withlower volatility than equity markets. In an effort to provide equity-like total return overa market cycle while mitigating downside risk and volatility relative to equities, Russell
Investments allocates the Fund’s assets across a broad range of instruments, asset
classes and strategies.

Rob Balkema, Senior Director, Head of Multi-Asset, North America has primary
responsibility for the management of the Fund. Mr. Balkema has managed theFund since March 2017.
The portfolio manager’s role
The Russell Investments portfolio manager is responsible for identifying andselecting the strategies and money managers included in the Fund anddetermining the weight for each assignment. The portfolio manager manages theFund 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 to be the best combination of managers and strategies.
Manager research and capital markets research are just some of the tools at theportfolio manager’s disposal to help identify opportunities and manage risk.

The Fund’s performance benchmark is the Multi-Asset Growth Strategy Composite
Index, which consists of 20% Bloomberg U.S. Aggregate Bond Index; 20% ICE BofA
Global High Yield Index; 55% MSCI ACWI Index; and 5% FTSE EPRA Nareit Global
Index§. The Multi-Asset Growth Strategy Composite Index provides a means tocompare the Fund’s average annual returns to a benchmark that is more
representative of the investment strategies pursued by 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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Multi-Asset Growth Strategy 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

Berenberg Asset Management LLC*

4.0%

Berenberg’s research driven process is based on pure,bottom-up fundamental stock selection.

EuropeanequityBerenberg focuses on high quality businesses, structural growth
drivers, single stock analysis and high conviction ideas. The emphasis
does not vary over time, since the fund follows a disciplined executionof their demonstrated investment approach.

Boston Partners Global Investors, Inc.

3.6%

Uses fundamental research to identify small cap
companies selling at attractive valuations with nearterm revenue-based catalysts.

U.S. small cap
equityBoston Partners pursues small cap companies they believe are on thecusp of positive change at attractive valuations. The team seeks to
exploit market anomalies through identifying what is believed to beunder-appreciated companies and has the ability to mitigate
opportunity cost by successfully identifying timely revenue-based
catalysts and managing position sizes accordingly.

Calamos Advisors LLC*

2.0%

Seeks to identify companies it expects will have highSmall cap
earnings and revenue growth in the near term,
growthexperience positive earnings surprises and revisions,and experience positive market sentiment (momentum).

Calamos brings dedicated earnings momentum and growth exposure
to the Fund.

Cohen & Steers Capital Management,
Inc.1*

4.7%

Seeks company mis-pricings relative to net asset value
and dividend discount model estimates.

Global realestatesecurities

Seeks company mis-pricings relative to net asset value and dividend
discount model estimates.

First Sentier Investors (Australia) IM
Ltd*

2.0%

Has a fundamental, bottom-up orientation. The firmuses a slight GARP (growth at a reasonable price)
approach and possesses a more concentrated portfolio
profile than many other global listed infrastructure
managers.

Global listed
infrastructureFirst Sentier’s strategy emphasizes bottom-up security selection, andthe portfolio strikes a balance between concentration and exposure to
the full range of infrastructure categories.

Hermes Investment Management
Limited

9.50%

Combines top-down analysis and bottom-up security
selection to identify sources of risk and opportunity inthe global high yield market. They seek to identify
relative value opportunities in capital structures withattractive credit risks.

High yield debt

Hermes strategy applies a global and flexible approach to seek relativevalue opportunities in the global high yield market. Unlike many global
high yield managers who have a home country bias, Hermes takes anunbiased approach in regional allocation and considers emerging
market investments as part of their investment opportunity set.

Intermede Investment Partners andIntermede Global Partners Inc.*

4.2%

Uses a growth-at-a-reasonable-price (GARP) strategy
that focuses on stock selection and emphasizes
attractively valued positions in high growth companies.

Global equity

Intermede focuses on stocks that are secular growers with some
aspect of new innovation that the market has yet to price in, and looks
for good top line growth and earnings growth, ideally with attractive
return on equity, further margin expansion potential and strong free
cash flow.

Kopernik Global Investors, LLC*

2.9%

Uses a bottom-up, deep fundamental analysis to gain athorough, forward-looking understanding of acompany's business and valuation.

Global equity

Kopernik is a long-term investment firm with differentiated insights thatbrings diverse sources of potential alpha from sectors and regions thatare not heavily invested in by other managers in the Fund.

1Cohen & Steers Capital Management, Inc. refers to Cohen & Steers Capital Management, Inc., Cohen & Steers UK Limited and Cohen & Steers Asia Limited.

*Indicated managers are non-discretionary managers. RIM manages these portions of the fund’s assets based upon model portfolios provided by the managers.
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Multi-Asset Growth Strategy 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

Man Investments Australia Limited*

3.7%

The team uses a combination of top down and bottom up Asia ex Japan
concentrated risk-taking with the stated objective of alphaor excess return through the economic cycle. Most of therisk relative to the MSCI AC Asia (ex-Japan) index andthe majority of returns is expected to be achieved
through idiosyncratic, stock specific risk-taking.

Man AU’s objective is to provide capital growth (net of fees) over the
medium to long-term (3 to 5 year rolling periods). The strategy is
unconstrained, flexible, and broadly style agnostic. Strategy’s lead
portfolio manager brings wealth of experience combining both macro
as well as bottom-up views to deliver alpha; This distinctive proposition
brings low correlations existing line-up of active managers.

Marathon Asset Management, L.P.

5.0%

Marathon provides an emerging market benchmark
aware product that seeks to generate excess returns
through off-index credit selection.

Emerging
market bondMarathon specializes in hard currency emerging market debt including
corporates, sovereigns and quasi-sovereign issues.

MFS Institutional Advisors Inc.*

4.4%

Has a diversified approach to value investing targeting
three types of value: out-of-favor compounders,turnarounds, and deep value.

Global equity

MFS’ investment strategy is a diversified approach to value investingtargeting three types of value: out-of-favor compounders, turnarounds,
and deep value. The strategy will hold a diverse set of contrarian value
opportunities including restructuring stories, out-of-favor compounders,and deep value cyclicals.

Oaktree Fund Advisors, LLC

10.0%

Oaktree brings a distinctive, niche high yield convertible
debt strategy with a “buy low, sell high” mentality—
seeking to identify convertible debt securities that are
trading below their investment value yet still offer
potential equity upside.

High Income

Oaktree brings a high yield convertibles strategy to the Fund with afocus on ‘busted convertibles’, which are issues that trade below par
because of a short-term headwind for the company or their market. The
strategy seeks to deliver excess returns relative to the high yield
markets, especially in down markets.

Oaktree Fund Advisors, LLC*

3.3%

Oaktree uses a bottom-up, research-based investing
approach for this mandate. The focus is on identifying
undervalued companies across the universe without apersistent bias to either quality companies or cyclicalturnaround stocks. A strong sense for market dynamics
provides an added element to the stock driven process.

Emerging
Markets

Oaktree’s emerging markets approach gives them flexibility to invest in
stocks that look attractive in a relative sense at any given point in themarket cycle, without being constrained by a stated investment style,bringing a market-oriented, emerging markets exposure to the Fund.

RWC Asset Advisors (US) LLC*

2.3%

Has a growth-seeking, valuation-sensitive strategy thatcombines both thematic top-down investment researchand strong bottom-up security selection.

Emerging
markets

RWC’s emerging markets strategy follows both a top-down and bottomup analysis process, allowing the team to identify broad themes thatare followed through with stock selection. RWC invests in quality
growth companies that it expects will benefit from a sustainable,
advantageous market positioning and strong balance sheets.

Sompo Asset Management Co., Ltd*

3.0%

Uses bottom-up fundamental analysis to seek to identify
and capture price anomalies created by a market that
often overreacts to short-term events.

Japan equity

Sompo’s valuation bias will give the Fund access to Japan equity—which Russell Investments believes is an inefficient area of the market
relative to other markets like U.S. large cap.

PineStone Asset Management Inc.*,2

4.4%

Focuses on identifying growth companies with highreturns and supportive intrinsic valuations seeking to
identify companies that have a strong and sustainable
competitive advantage in industries with high barriers toentry.

Global equity

PineStone’s quality bias will give the Fund access to stable growthequities with limited earnings variability and supportive intrinsic
valuations. Investments are based on company-specific research
insights, with an aim to invest in companies with minimal probability ofcapital impairment.

*Indicated managers are non-discretionary managers. RIM manages these portions of the fund’s assets based upon model portfolios provided by the managers.
2Formerly StonePine Asset Management Inc.

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Multi-Asset Growth Strategy 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 NAME
Russell Investment Management, LLC(RIM)**TARGET ALLOCATION
31.0%

INVESTMENT FOCUS

ROLE

The active positioning strategy in this Fund allows theRussell Investments Portfolio Manager 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 Manager.

Positioning
Strategies andCash Reserves

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

**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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Multi-Asset Growth Strategy Fund

Berenberg Asset Management LLC
Firm backgroundManager profile

Berenberg Asset Management LLC(Berenberg) is part of Berenberg Bank, theworld’s oldest merchant bank based in
Hamburg. Berenberg provides quantitative
investment strategies to institutional investors
like insurers, pension funds, banks andfoundations.

Berenberg Asset Management LLC was added to the Fund in June of 2020. The strategy is led by Matthias Born who is
the lead portfolio manager and decision-maker.

Headquarters: Hamburg, Germany
Founded: 1590
Lead manager: Matthias Born____________________________________
Asset class: European equity
Number of holdings: Approximately 50

As a non-discretionary manager to the Fund, Berenberg provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Berenberg’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by Berenberg, but generally intends toimplement the portfolio provided by Berenberg.

What this manager brings to the Fund
Berenberg brings a European all-cap equity strategy to the Fund. They believe that inefficiencies exist in our universeand can be exploited by concentrating on long term fundamental investing with a disciplined approach. Their strategy
follows a quality-growth approach predicated upon fundamentally selecting companies whose competitive advantages
are expected to allow them to compound growth for longer and at higher rates than average market participants expect.
They focus on quality companies with strong balance sheets and solid business models.
Investment process
Fundamental single stock selection ("bottom-up approach") is at the center of their investment process. Top-down trends
are considered when estimating the attractiveness of single stocks but are not a decision criterion by itself. Berenberg’s
management uses proprietary, independent research with close contact to top management and is independent from any
benchmark.
This historically results in a high active share. With a long-term investment horizon, the management aims to identify
structural and sustainable growth drivers. Berenberg believes that fundamental criteria explain stock returns significantly
better over a long-time horizon. Berenberg focuses on high-quality businesses, structural growth drivers, single stock
analysis and high conviction ideas. The emphasis does not vary over time, since the strategy follows a disciplined
execution of their demonstrated investment approach.
Russell Investments’ manager analysis
Russell Investments believes that Berenberg’s portfolio is impeccably crafted for up and down markets
because their investment mix is made not only of defensive businesses, but also quality cyclicals and highgrowers. The strategy takes a long-term investment horizon, remaining true to style ("Quality Growth")
throughout all market conditions. The strategy seeks to benefit from the long-term rewards of compounding,when growth firms reinvest their cash flows in their business at high returns.
Russell Investments views Matthias Born as an experienced investor with incredible knowledge and insights.
At Berenberg, he is the sole decision maker and possesses final say both on portfolio construction andresearch. The team has a well-established set of investment beliefs and a process that has demonstrated
efficacy.

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Multi-Asset Growth Strategy Fund

Boston Partners Global Investors, Inc.
Firm backgroundManager profile

Boston Partners Global Investors, Inc. is an
SEC-registered investment adviser consistingof three investment divisions: Boston
Partners, Weiss, Peck & Greer, andRedwood, each offering distinctive
investment capabilities.
Headquarters: Boston, MA

Boston Partners Global Investors, Inc. (Boston Partners) was added as a non-discretionary manager to the Fund in
December 2017. In this capacity, Boston Partners 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 Boston Partners for purposes ofminimizing transaction costs, but generally intends to implement the portfolio provided by Boston Partners. This strategy
is primarily led by Eric Gandhi, who is backed by a skilled investment team whose members have worked together since
2012.

Founded: 1995

What this manager brings to the Fund

Lead manager: Eric Gandhi, CFA____________________________________

Boston Partners pursues small cap companies they believe are on the cusp of positive change at attractive valuations.
The team seeks to exploit market anomalies through identifying what is believed to be under-appreciated companies.
Russell Investments believes Boston Partners has the ability to mitigate opportunity cost by successfully identifying
timely revenue-based catalysts and managing position sizes accordingly.

Asset class: U.S. equity

Investment process

Number of holdings: 80-120

Boston Partners focuses on finding undervalued, quality companies in value sectors. Boston Partners believes thathands-on, proprietary fundamental research can uncover undervalued companies in value sectors to seek to achieve
long-term returns. The team meets with 600+ companies each year to fully understand their business strategy, thestrength of leadership, and the company's products, markets and customers.
Boston Partners seeks companies that are experiencing above-average and increasing levels of return on invested
capital as well as those that are priced below normalized historical valuations. The team prefers to identify timely
revenue-based catalysts, but will invest early given conviction in long term prospects, valuation, and potential fordownside risk management. Idea generation is strong with a significant number of new ideas coming from company
meetings and the team's existing network of industry contacts.
Russell Investments’ manager analysis
Russell Investments believes a key driver of Boston Partners' success is attributable to the involvement of
portfolio manager Eric Gandhi, who has demonstrated skill in identifying fundamental catalysts to capture thebest ideas to drive stock selection in the portfolio. The Boston Partners team has cultivated an autonomousand performance-oriented culture that Russell Investments finds appealing.
Boston Partners’ strategy is a deep value approach to picking small cap securities. This tends to have acontrarian flavor so market environments that favor higher momentum and growth stocks will tend to be achallenge for this manager. Boston Partners is expected to perform better in market environments that favor
value stocks.

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Multi-Asset Growth Strategy FundCalamos Advisors LLC
Firm backgroundManager profileCalamos Advisors is a registered investment
adviser offering a broad mix of investment
strategies, including the Milwaukee-based
Timpani team which is focused exclusively onsmall to midcap cap growth investing.

Calamos Advisors LLC (Calamos) was added to the Fund in 2024. Brandon Nelson, co-founder of the predecessor firm
Timpani Capital Management LLC, leads the strategy used in the Fund.

Headquarters: Naperville, IL

As a non-discretionary manager to the Fund, Calamos provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Calamos’ investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Calamos, but generally intends to implement theportfolio provided by Calamos.

Founded: 1977

What this manager brings to the Fund

Lead manager: Brandon Nelson

Calamos has a differentiated small cap growth strategy and diverse approach, offering low correlation to other strategies
in the Fund. Russell Investments believes Calamos provides diversification in the form of a more dynamic, small cap
and momentum-based strategy.

____________________________________
Asset class: Small Cap Growth
Number of holdings: Approximately 100

Investment process
Calamos seeks to identify companies it expects will have high earnings and revenue growth in the near term, experience
positive earnings surprises and revisions, and experience positive market sentiment (momentum). The team seeks totake advantage of the behavioral inefficiencies created from overreactions by investors to changes in earnings. The
process favors stocks with positive revisions to earnings, sales, and operating margins, and strong cash flow and limited
debt to fund growth. We believe that the simplicity and objectivity of this approach is an advantage for Calamos. In
addition, Nelson has considerable experience executing the process, providing him with a strong understanding of thestrengths and weaknesses of high momentum investing.

Russell Investments’ manager analysis
Brandon Nelson managed a similar product at previous firms before his 2008 founding of Timpani, which was
acquired by Calamos in 2019. Russell Investments has followed Nelson since 2005. The team dynamics arevery collegial, and the entire team is committed to the investment philosophy and process, which is
exclusively focused on small to midcap growth investing. Russell Investments views these attributes as
highly conducive to investment team stability and a clear alignment of long-term performance incentives
between the investment professionals and clients.

Russell Investments believes Calamos provides reliable earnings momentum exposure and its strategy is
expected to benefit from environments rewarding high relative strength and forecasted growth. Calamos may
struggle in markets led by dividend yield.

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Multi-Asset Growth Strategy Fund

Cohen & Steers Capital Management, Inc.†
Firm backgroundManager profile

Founded by Martin Cohen and Robert Steers,
Cohen & Steers Capital Management, Inc.
was the first U.S. investment advisor to
specialize in listed real estate. Today, the firm
is an independent asset manager listed on
the New York Stock Exchange (ticker: CNS).
Cohen & Steers serves institutional andindividual clients around the world through abroad range of strategies and vehicles.

Cohen & Steers Capital Management, Inc. (Cohen & Steers) was added to the Fund at its launch in 2017. The mandate
for this Fund is managed by Jon Cheigh.

Headquarters: New York, NY
Founded: 1986
Lead manager: Jon Cheigh____________________________________
Asset class: Real estate securities
Number of holdings: 75-125

As a non-discretionary manager to the Fund, Cohen & Steers provides a model portfolio to Russell Investment
Management, LLC (RIM) representing Cohen & Steers’ investment recommendations, based upon which RIM purchases
and sells securities for the Fund. RIM may deviate from the model portfolio provided by Cohen & Steers, but generally
intends to implement the portfolio provided by Cohen & Steers.

What this manager brings to the Fund
Cohen & Steers performs sophisticated qualitative and quantitative stock valuation and cash flow forecasts which drive
stock selection decisions. This bottom-up stock selection is performed regionally and combined with top-down
country/regional allocation decisions.
Investment process
Cohen & Steers’ global strategy invests in a portfolio of companies the firm believes are mispriced relative to their net
asset value and dividend discount model estimates. When generating estimates, the firm utilizes standardized valuation
methodologies in order to compare valuations across sectors and markets on a relative basis. Russell Investments
believes the firm’s process can potentially result in attractive and consistent long-term returns.
Russell Investments’ manager analysis
Russell Investments believes Cohen & Steers can generate potential excess returns through a combinationof bottom-up stock selection in each region and top-down country/regional allocation decisions.
The breadth and depth of the investment staff at Cohen & Steers is a key element of Russell Investments
overall evaluation of the firm. Each analyst covers a relatively few number of companies and therefore is able
to perform sophisticated qualitative and quantitative assessments that are synthesized into the valuation andcash flow forecasts that are critical to the stock selection decision.

†Cohen & Steers Capital Management, Inc. refers to Cohen & Steers

Capital Management, Inc., Cohen & Steers UK Limited and Cohen &Steers Asia Limited.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 8

Multi-Asset Growth Strategy FundFirst Sentier Investors (Australia) IM Ltd.
Firm backgroundManager profile

First Sentier Investors (Australia) IM Ltd. (akaFirst Sentier) is a wholly owned subsidiary of
the Commonwealth Bank of Australia.

First Sentier Investors (Australia) IM Ltd. (aka First Sentier) was added to the Fund at its launch in 2017. The firm’s
infrastructure team was established in January 2007 with Peter Meany as Head of Global Listed Infrastructure. Andrew
Greenup joined as Portfolio Manager in April 2007.

Headquarters: Sydney, Australia

As a non-discretionary manager to the Fund, First Sentier provides a model portfolio to Russell Investment Management,
LLC (RIM) representing First Sentier’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by First Sentier, but generally intends toimplement the portfolio provided by First Sentier.

Founded: 1988. Parent company,
Commonwealth Bank of Australia, traces its
history to 1871.

Lead managers: Peter Meany and Andrew
Greenup____________________________________
Asset class: Listed infrastructure
Number of holdings: 30-70

What this manager brings to the Fund
Russell Investments believes the key differentiator for First Sentier’s strategy is the quality of the security selection
process. The First Sentier listed infrastructure strategy invests in opportunities across a wide range of sectors andgeographies. The strategy includes pure-play infrastructure sectors such as toll roads, airports, ports, energy, rail,
communications and utilities.
Investment process
First Sentier is a “pure-play” infrastructure manager with a slight GARP (growth at a reasonable price) approach, relative
to other managers in the Fund. ”Pure-play” refers to the firm’s preference for stocks that fit a strict definition of
infrastructure. These companies are expected to generate steady cash flows derived from long-lived assets with a highdegree of regulation or monopolistic positioning. The firm has a fundamental, bottom-up orientation.
The process overlays a fundamental relative value philosophy with an extensive qualitative risk evaluation component,
seeking to generate a portfolio of high-quality companies with attractive growth prospects. The process is foundedprimarily on bottom-up, fundamental company research.
Russell Investments’ manager analysis
The firm’s investment team has 10 dedicated professionals. Co-portfolio managers Peter Meany and Andrew
Greenup have over 50 years combined industry experience, and the team’s average investment experienceis more than 10 years. The team has complementary backgrounds, including consulting, direct property andinfrastructure, actuarial, regulatory, and global equities, in addition to buy and sell-side infrastructure
securities.
While the strategy has performed well in different market environments due to a balanced process featuring
quality, value, and growth considerations, Russell Investments believes it will fare best in periods in which
regulated utilities and transportation companies outperform mega-cap diversified utilities and higher-beta
energy companies. Russell Investments believes First Sentier’s strategy may underperform in environments
where value leads growth.

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Multi-Asset Growth Strategy Fund

Hermes Investment Management Limited
Firm backgroundManager profile

Hermes Investment Management Limited
offers actively managed public and private
markets solutions to investors across theworld—ranging from institutions to private
investors. They are owned by BT Pension
Scheme, one of UK’s largest corporate
pension schemes.

Hermes Investment Management Limited (Hermes) was added as a discretionary manager to the Fund at its launch in2017. The credit team at Hermes is co-headed by Fraser Lundie and Mitch Reznick. Fraser Lundie is the lead managerof the strategy, while Mitch Reznick heads up the credit research team.
What this manager brings to the FundFounded: 1983

Hermes’ strategy applies a global and flexible approach to seek relative value opportunities in the global high yield
market. Unlike many global high yield managers who have a home country bias, Hermes takes an unbiased approach inregional allocation and considers emerging market investments as part of their investment opportunity set. The strategy
has a large cap bias with an emphasis in liquidity which allows the strategy to reflect the team’s dynamic market view in atimely manner.

Lead manager: Fraser Lundie

Investment process____________________________________

Hermes constructs its strategy using a combination of top-down analysis and bottom-up security selection. Through their
top-down analysis, they seek to identify sources of risk and opportunity in the global high yield market. The result of thisanalysis is to come up with a risk appetite score and the return prospects for different regions and sectors. Their topdown analysis also helps establish thematic-based best ideas in geography, credit quality, sectors, credit curve, andinterest rate. The findings direct their bottom-up research of companies, in which they seek to identify relative value
opportunities in capital structures with attractive credit risks.

Headquarters: London, UK

Asset class: Fixed income
Number of holdings: 80-90

The team meets on a weekly basis to review their portfolio. When an analyst changes their fundamental view on acompany, it is addressed with Lundie, who takes action in a timely manner. Risk management is a pillar to the team’s
investment process with a focus on strong downside risk management.
Russell Investments’ manager analysis
Russell Investments believes Hermes’ small team and fairly small asset base allows for nimble decision
making. Lundie is considered to be an astute investor with a good sense of risk-adjusted return opportunities
in the global high yield market, without much bias, and is willing to take active risk when it is viewed to be
warranted.
Russell Investments believes their top-down approach bodes well with the increasingly macro-driven global
high yield market and is a differentiator from many traditional fundamentally-driven high yield managers. The
strategy takes a contrarian approach to seek to identify undervalued opportunities, while not chasing yield.
With this balanced approach and with tight risk management, Russell Investments expects the strategy to
produce incremental outperformance in both up and down markets. The strategy might lag in relative terms
in an environment when low quality, high yielding securities rally strongly.

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Multi-Asset Growth Strategy FundIntermede Investment Partners Limited and Intermede Global Partners Inc.
Firm backgroundManager profile

Intermede Investment Partners Limited andIntermede Global Partners Inc. is anindependently owned, global equity
investment management company. The firm
is majority owned by its founding partners.

Intermede Investment Partners Limited and Intermede Global Partners Inc. (Intermede) was added to the Fund in 2022.
Barry Dargan is the lead manager of the strategy.

Headquarters: London, UK

As a non-discretionary manager to the Fund, Intermede provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Intermede’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by Intermede, but generally intends toimplement the portfolio provided by Intermede.

Founded: 2013

What this manager brings to the Fund

Lead manager: Barry Dargan

Intermede focuses on stocks that are secular growers with some aspect of new innovation that the market has yet toprice in, and looks for good top line growth and earnings growth, ideally with attractive return on equity, further margin
expansion potential and strong free cash flow.

____________________________________
Asset class: Global equity
Number of holdings: 20-60

Investment process
Intermede focuses on stocks that are secular growers with some aspect of new innovation that the market has yet toprice in and looks for good top line growth and earnings growth, ideally with attractive return on equity, further margin
expansion potential and strong free cash flow. Intermede also demands a greater discount on cyclical stocks which
provides flexibility with an overall higher quality, lower volatility portfolio.
Russell Investments’ manager analysis
Russell Investments’ view is that Intermede is currently at an attractive point in their lifecycle, with low
assets, high quality ownership of the firm by the investment team and autonomy of its investment
professionals. Russell Investments has high confidence in lead portfolio manager, Barry Dargan, and theteam of sophisticated investment analysts. The strategy is expected to perform well when growth is being
rewarded and be challenged in periods where higher risk stocks are rewarded or when value factors are
rewarded.

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Multi-Asset Growth Strategy Fund

Kopernik Global Investors, LLC
Firm backgroundManager profile

Kopernik Global Investors LLC is an
employee-owned global equity investment
management firm.

Kopernik Global Investors LLC (Kopernik) was added to the Fund at its launch in 2017. The strategy is led by David Iben,
founder and Chief Investment Officer of Kopernik.

Headquarters: Tampa, FL
Founded: 2013
Lead manager: David Iben, CFA____________________________________
Asset class: Global equity
Number of holdings: 50-90

As a non-discretionary manager to the Fund, Kopernik provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Kopernik’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Kopernik, but generally intends to implement theportfolio provided by Kopernik.

What this manager brings to the Fund
Kopernik is a long-term investment firm with differentiated insights that brings diverse sources of potential alpha fromsectors and regions that are not heavily invested in by existing managers in the fund (e.g., materials, Canada, Russia).
Investment process
The Global Equity strategy at Kopernik is an all-cap, deep-value strategy that aims to add value by identifying securities
that are trading at a discount to net asset value.
Kopernik’s investment philosophy is centered on the belief that market inefficiencies present numerous opportunities to
identify quality businesses at attractive prices. The firm utilizes bottom-up, deep fundamental analysis to gain a thorough,forward-looking understanding of a company's business and valuation. Kopernik’s intensive research process includes
proprietary screens, site visits, analysis of financial statements and competitor analysis.
The strategy primarily invests in equities (domestic common, foreign ordinary and depositary receipts) of companies
located around the globe and of all market capitalizations.
Russell Investments’ manager analysis
Kopernik’s investment team is led by Dave Iben, a talented investor who has had success throughout
multiple investment cycles and is an adherent follower of his deep-value investment style. Prior to founding
Kopernik, Iben worked at another investment firm where Russell Investments became familiar with his
process. His absolute return philosophy has not changed and his application of economic principles as partof his process remains a compelling component of his investment ability.
Kopernik’s deep-value strategy is expected to perform best during periods that favor low price-to-book andlow price-to-earnings securities. The strategy will tend to struggle in low growth, inflationary environments.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 12

Multi-Asset Growth Strategy FundMan Investments Australia Limited
Firm backgroundManager profile

Man Investments Australia Limited (Man AU),
founded in 1995 and acquired by Man Group
in 2010, is a discretionary Fund manager thatis active across alternative and long-only
strategies, equity and credit.

Man Investments Australia Limited (Man AU) was added to the Fund in 2021. Andrew Swan, Head of Asia (ex-Japan)
Equities at Man AU, manages the Fund and is supported by a team of four dedicated analysts.

Headquarters: Sydney, Australia

As a non-discretionary manager to the Fund, Man AU provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Man AU’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Man AU, but generally intends to implement theportfolio provided by Man AU.

Founded: 1995

What this manager brings to the Fund

Lead manager: Andrew Swan

Swan and his team believe that one of their key competitive strengths is that they assume risk based on their views offuture earnings revisions potential and those views are based on both historical data and more discretionary forwardlooking analysis. They are aiming to capture the turning points in earnings revisions where there has historically been thepotential to generate significant alpha. The investment team also benefits from being part of Man AU’s deep equity
platform and the collaborative culture that sets the business apart. The teams are able to collaborate with a diverse groupof highly experienced portfolio managers and sector specialists to develop investment ideas.

____________________________________
Asset class: Equity
Number of holdings: 30-45

Investment process
At the core of the team's approach to investing is relative earnings revisions. The key driver of beta in Asia (ex- Japan)
over time has been earnings and markets in the region have consistently traded in-line with forward EPS. Alpha, on theother hand, tends to be driven by high cross-sectional single stock dispersion and relative earnings revisions. As such,the team's core focus is to capture turning points in companies that have high EPS revision potential.

Russell Investments’ manager analysis

Our favorable view is supported by a strong conviction in portfolio manager, Andrew Swan, an experienced
and insightful Asian equity portfolio manager who has consistently implemented this dynamic growthphilosophy throughout his career. We believe he displays both objectivity and pragmatism to continue
implementing this approach. Swan's dynamic approach while incorporating top down factors is differentiatedand further allows him to better capture inflection points in value and sentiment.
Man AU’s investment style is flexible by design and will be driven by where improvement in earnings is
expected from the bottom up. While this flexibility introduces complexity in terms of its repeatability, we
believe the manager exhibits skill and objectivity in its implementation. The combination of comprehensive
fundamental research, rigorous idea testing, and conviction-based portfolio construction make this acompelling offering. The strategy is supported by a small team of four dedicated analysts. We have a positive
opinion of Alethea Leung and Anand Agarwal who worked under Swan at Blackrock and are aligned with theprocess. The others are new hires and while experienced, are still familiarizing themselves with the process
and thus remain untested. Swan is a player coach remaining involved in generating ideas as well as guiding
the analysts. Swan has the flexibility to manage the strategy on his own terms and there is direct alignment
with the team's P&L which should ensure the team remains motivated and energized.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 13

Multi-Asset Growth Strategy Fund

Marathon Asset Management, L.P.
Firm backgroundManager profile

Marathon Asset Management, L.P.
opportunistically invests in global corporate,
emerging markets and structured credit
markets for institutional clients. The firm ismajority owned by the Partners of the Firm.

Marathon Asset Management (“Marathon”) was added to the Fund in 2022. Gabriel “Gaby” Szpigiel, the Head ofEmerging Markets, manages the emerging markets team. Andrew Szmulewicz is the lead portfolio manager for the
emerging market bond mandate.
What this manager brings to the Fund

Headquarters: New York, NY

Marathon provides an actively managed beta strategy that mirrors the characteristics of the hard currency emerging
market debt index, while seeking to generate excess return.

Founded: 1998

Investment process

Lead manager: Andrew Szmulewicz____________________________________

Marathon’s innovative portfolio construction combines close beta replication with mitigation of unwanted risks bymatching duration, country allocation, and average credit ratings.

Asset class: Emerging Market Debt
Number of holdings: approx. 100-125

The firm’s investment approach seeks to generate alpha through a few sources. Relative value opportunities arereviewed to ensure the portfolio is ideally positioned across index members viewed as “cheap” relative to peers. Bottomup credit selection contributes with positioning in both on- and off-index securities. Russell Investments believes that
Marathon’s comprehensive understanding of index technicals and market themes allow for optimal index arbitrage.
Finally, Marathon’s deep franchise and extensive capital market relationships is expected to enable optimal sourcing of
securities through the primary market.
Russell Investments’ manager analysis
Russell Investments sees Marathon’s extensive experience in fundamental research, focus on credit
dislocations and familiarity with the EMD indexing environment as strengths relative to peers.
Marathon’s Emerging Market Bond fund is an index aware product that is managed with a beta of close to 1.
Marathon’s excess returns are driven by the off-index securities and therefore, excess returns are expected
to be highly correlated to those off-index sectors.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 14

Multi-Asset Growth Strategy FundMFS Institutional Advisors Inc.
Firm backgroundManager profile

The sole purpose of MFS Institutional
Advisors Inc. is to create long-term value
responsibly. It offers fixed income, equity andquantitative solutions to financial advisors,intermediaries and institutional clients aroundthe world.

MFS Institutional Advisors Inc. (MFS) was added to the Fund in 2022. A.C. Farstad and Zahid Kassam are the co-leadmanagers of the strategy.

Headquarters: Boston, MA

What this manager brings to the FundFounded: 1924
Lead managers: A.C. Farstad and Zahid
KassamMFS’ investment strategy is a diversified approach to value investing targeting three types of value: out-of-favorcompounders, turnarounds, and deep value. The strategy will hold a diverse set of contrarian value opportunities
including restructuring stories, out-of-favor compounders, and deep value cyclicals.

____________________________________

Investment process

Asset class: Equity

The team executes a contrarian value philosophy that is supported by capital markets efficiency. The product design isappropriate to help maximize return while retaining diversification. We believe it targets multiple types of value including
out-of-favor compounders, turnarounds and deep value. Valuation methods employed are appropriate to the type ofopportunity, and MFS is disciplined in applying an asymmetric reward-risk ratio.

Number of holdings: approximately 40

As a non-discretionary manager to the Fund, MFS provides a model portfolio to Russell Investment Management, LLC(RIM) representing MFS’s investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by MFS, but generally intends to implement the portfolio
provided by MFS.

Russell Investments’ manager analysis
Russell Investments believes Farstad is highly engaged and passionate about investing and considers her awell-rounded portfolio manager. In addition, Kassam’s experience is credible and relevant for the strategy,
and he demonstrates good alignment with Farstad’s philosophy.

There is some flexibility in how value opportunities are found, and which ones are favored, but we believe
Farstad conveys compelling clarity of thought around her process which should benefit execution. She andKassam demonstrate strong emphasis on risk/reward asymmetry due to stock analysis, which drives bothpurchase and sale decisions. Though the portfolio is bottom-up, they are also cognizant of market trends andhave rotated the portfolio to take advantage of attractive entry points. Today, the strategy is balanced
between the three buckets of restructurings, deep value, and controversial quality compounders.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 15

Multi-Asset Growth Strategy Fund

Oaktree Fund Advisors, LLC – High income convertibles strategy
Firm backgroundManager profile

Oaktree Fund Advisors, LLC is a global
investment management corporation, whose
mission is to provide management with a
primary emphasis on seeking risk control in alimited number of sophisticated investment
specialties. Oaktree specializes in lessefficient markets and alternative investments.
Oaktree serves clients through offices locatedin 17 cities and 12 countries.

Oaktree Fund Advisors, LLC (Oaktree) was added to the Fund as a manager for the high income convertibles strategy inJune 2017. Craig Borcherding is the portfolio manager of the strategy.

Headquarters: Los Angeles, CA•

Yields that are equivalent to that of non-convertible debt

Founded: 1995•

Equity upside

Lead manager: Craig Borcherding____________________________________

Investment process

Asset class: Fixed income
Number of holdings: Approximately 100

What this manager brings to the Fund
Oaktree brings a niche high yield convertibles strategy to the Fund with a focus on “busted convertibles”, which areissues that trade below par because of a short-term headwind for the company or their market. The strategy seeks todeliver excess returns relative to the high yield markets, especially in down markets.
The busted convertible market can offer potential for:Oaktree applies a “buy low, sell high” mentality—seeking to identify convertible debt securities that are trading below
their investment value yet still offer potential equity upside. They also seek convertible securities that have high credit
sensitivity and yield characteristics with low sensitivity to equity markets.

Oaktree also offers a strong sell discipline. They focus on holding securities during the time whereby they offer value andseek to exit positions when they become more sensitive to equities.

Russell Investments’ manager analysis
Russell Investments believes Oaktree offers a dynamic high yield convertibles strategy with a nimble
approach and willingness to exit positions quickly if they believe the downside risk is material. The strategy is
considered a “niche within a niche” which provides the potential for attractive returns by going where othermanagers in the marketplace do not. Oaktree’s credit risk emphasis, combined with their quick sell discipline,
may help the portfolio minimize credit losses. The strategy expected to perform well in spread-widening
environments but might lag in periods of high yield rally and when duration rallies as the strategy maintains afairly short duration.
Craig Borcherding joined Oaktree Fund Advisors in 2007 and has been the day-to-day portfolio manager on
the high income convertibles strategy since 2018. Although the dedicated investment professionals for the
strategy are limited, the team leverages Oaktree's broader resources, including the extended convertibles
team, which Russell Investments believes is additive to the strategy.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 16

Multi-Asset Growth Strategy Fund

Oaktree Fund Advisors, LLC – Emerging markets strategy
Firm backgroundManager profile

Oaktree Fund Advisors, LLC is a global
investment management corporation, whose
mission is to provide management with a
primary emphasis on seeking risk control in alimited number of sophisticated investment
specialties. Oaktree specializes in lessefficient markets and alternative investments.
Oaktree serves clients through offices locatedin 17 cities and 12 countries.

In March 2022, Oaktree Fund Advisors, LLC (Oaktree) was added as a non-discretionary manager for the Emerging
Markets strategy. Frank Carroll and Janet Wang are the lead portfolio managers of the strategy, and have worked
together at Oaktree since 2002.

Headquarters: Los Angeles
Founded: 1995
Lead managers: Frank Carroll and Janet
Wang____________________________________
Asset class: Emerging market equity

Number of holdings: Approximately 65

As a non-discretionary manager to the Fund, Oaktree provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Oaktree’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Oaktree, but generally intends to implement theportfolio provided by Oaktree.
What this manager brings to the Fund
Oaktree uses a bottom-up, research-based investing approach. The investment horizon is long-term and is not tied toany specific market cycle. The investment team focuses on stock selection and, although its process includes valuation,
Oaktree focuses primarily on companies with sustainable growth opportunities. Oaktree believes that the long-term
investment opportunities in emerging markets are favorable compared to those available in more developed markets.
Investment process
Oaktree regularly monitors the countries in which the strategy’s investments are located for signals of what lies ahead. It
uses a combination of government releases, independent economic data releases and its own company analysis todetermine country allocations. The firm’s method of sourcing and processing information is distinguished by its system ofconcentrated research, which involves eight analysts closely following about 400 emerging markets companies.
Oaktree recommends what it determines to be the most undervalued stocks within broad industry and country exposure
parameters it identifies. The portfolio is then monitored and frequently reevaluated to seek to capture what Oaktree
believes to be the best investment ideas. The strategy’s investment style is opportunistic, fundamentally-driven stock
selection. The firm is always in search of value, whether it is found in fast growing, high P/E stocks, or in low growth,
cyclical stocks that trade at levels below market prices. The team conducts its own in-depth fundamental research andcombines it with research provided by brokers and independent sources of information.
Russell Investments’ manager analysis
The firm has an experienced team of portfolio managers, analysts, traders and operations staff. Oaktree has
a consistent, long standing track record investing in emerging markets.
Oaktree’s performance is generally expected to be driven by the success of individual stock picks rather thanby persistent style biases since the firm invests across a broad range of stocks. Oaktree aims to avoid lessliquid names and could underperform if a lot of money is going into this area of the market. The portfolio is
typically broadly diversified across countries and sectors so could underperform in a period of narrow market
leadership or markets driven by fundamentals.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 17

Multi-Asset Growth Strategy FundRWC Asset Advisors (US) LLC
Firm backgroundManager profile

RWC Asset Advisors (US) LLC is anindependent investment manager providing
services primarily to institutional clients. It
launches and manages equity, fixed income,and hedge funds for its clients.

RWC Asset Advisors (US) LLC (RWC) was added to the Fund in 2022. John Malloy is the lead manager of the strategy.

Headquarters: Miami, FL

What this manager brings to the FundFounded: 2000

RWC’s emerging markets strategy follows both a top-down and bottom-up analysis process, allowing the team to identify
broad themes that are followed through with stock selection. RWC invests in quality growth companies that it expects will
benefit from a sustainable, advantageous market positioning and strong balance sheets.

Lead manager: John Malloy____________________________________As a non-discretionary manager to the Fund, RWC provides a model portfolio to Russell Investment Management, LLC(RIM) representing RWC’s investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by RWC, but generally intends to implement the portfolio
provided by RWC.

Investment process
Asset class: Emerging markets equity
Number of holdings: 60-80

RWC applies strong, bottom-up research capabilities focused on identifying companies that trade at attractive valuations
but with solid growth prospects and all within their thematic framework. RWC is an early lifecycle manager that
opportunistically pursues capital appreciation across a global investment spectrum and exploits secular and cyclicaltrends, growth opportunities, valuation inefficiencies and themes that are misunderstood or otherwise out of favor in
emerging and frontier markets. RWC’s stock selection reflects the team’s macro economic views, which Russell
Investments believes are solid and differentiated versus peer managers.
Russell Investments’ manager analysis
Russell Investments has a high regard for the investment professionals at RWC whom Russell Investments
believes to be of above average quality relative to their peers. Russell Investments has a particularly highopinion of John Malloy and James Johnstone who are the key members of the team and are responsible forall decision making.
The process is such that it combines both a top-down and bottom-up analysis allowing the team to identify
broad themes that are followed through with stock selection. The team has demonstrated good insight andskill in implementing such an approach. The team has worked together for a long time due to their time
together at a previous firm, and are highly motivated given recent organization changes, which have allowed
them to be more aligned with the profitability of the business.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 18

Multi-Asset Growth Strategy Fund

Sompo Asset Management Co., Ltd.
Firm backgroundManager profile

Sompo Asset Management Co., Ltd. is aleading intrinsic value asset manager ofJapanese assets and is part of Sompo
Holdings Group.

Sompo Asset Management Co., Ltd. (Sompo) was added to the Fund in September 2018. Kenji Ueno is the leadmanager for Sompo’s Japan equity strategy.

Founded: 1986

As a non-discretionary manager to the Fund, Sompo provides a model portfolio to Russell Investment Management, LLC(RIM) representing Sompo’s investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by Sompo, but generally intends to implement the portfolio
provided by Sompo.

Lead manager: Kenji Ueno

What this manager brings to the Fund____________________________________

Sompo provides the Fund with exposure to the Japan equity market—specifically within the value space.

Headquarters: Tokyo, Japan

Investment process
Asset class: Japan equity
Number of holdings: 60-80

Sompo uses bottom-up fundamental analysis to seek to identify undervalued stocks that are trading at a discount to theirintrinsic value from some short-term events or one-off causes. A stock’s intrinsic value is calculated through Sompo’s
dividend discount model. They believe that every stock has an intrinsic value which the market price tends towards overtime. They seek to create value by exploiting this tendency with a disciplined approach that seeks to purchaseundervalued stocks and liquidate overvalued stocks. Their model allows them to incorporate their views on risks such assustainability and credit.
Russell Investments’ manager analysis
Russell Investments believes Sompo’s valuation bias will give the Fund access to an inefficient area of themarket relative to other markets like U.S. large cap. Russell Investments has high conviction in Sompo’s
active management approach that looks to identify and capture price anomalies created by a market that
often overreacts to short-term events.
Russell Investments believes Sompo’s strategy will perform well when the value factor is in favor and may
struggle in growth-driven markets.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 19

Multi-Asset Growth Strategy Fund

PineStone Asset Management Inc.2
Firm backgroundManager profile

PineStone Asset Management Inc. is anindependent investment manager focused onproviding long-only equity strategies toinstitutional clients.

PineStone Asset Management Inc. (PineStone) was added to the Fund in March 2023. Nadim Rizk is the CEO, CIO, andlead manager for PineStone Asset Management Inc.

Headquarters: Montreal, Quebec, Canada
Founded: 2021
Lead manager: Nadim Rizk____________________________________
Asset class: Global equity
Number of holdings: 25–35

As a non-discretionary manager to the Fund, PineStone provides a model portfolio to Russell Investment Management,
LLC (RIM) representing PineStone’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by PineStone, but generally intends toimplement the portfolio provided by PineStone.
What this manager brings to the Fund
PineStone provides the Fund with exposure to quality, growth-oriented equities with high return potential and supportive
intrinsic valuations. The manager seeks to identify companies that have a strong and sustainable competitive advantage inindustries with high barriers to entry. Investments are based on company-specific research insights, with an aim to invest
in companies with minimal probability of capital impairment.
Investment process

2Formerly StonePine Asset Management Inc.

PineStone uses a fundamental, bottom-up research approach when it comes to identifying companies with attractive
growth and value propositions. Although the portfolios trade at a premium relative to the market, PineStone believes—from an enterprise value lens—the premium gap is smaller as their companies generally have less leverage than themarket. PineStone maintains a wish list of 20 stocks, with 15–20 new ideas per year with a target of 50/50 non-U.S./U.S.
exposure. During the internal investment research process, PineStone uses a “bad-cop” approach when pitching a
potential stock for product inclusion to the team. Similar to a “devil’s advocate” approach, an analyst is assigned to comeup with substantial counter-arguments based on a deep-dive analysis of the company in question in order to bring certain
overlooked aspects of the business to light during discussions. Russell Investments believes this role adds rigor anddepth to the research process.
Russell Investments’ manager analysis
Russell Investments has a high regard for Nadim Rizk and the investment team and believes that theorganizational environment is attractive for motivating and retaining talent. Russell Investments moderates its
expectations around organizational stability out of an abundance of caution, as the manager recently
transitioned out from under the Fiera Capital Corporation; the new company is currently operationallyseparate.
PineStone’s “bad-cop” process adds sophistication to their internal discussions, and Russell Investments
believes the manager’s research depth is a strength of their investment process. Performance has beenstrong relative to peers and respective benchmarks. Russell Investments expects the product to perform
strongly when differentials in fundamental company performance is recognized by the market andenvironments where companies with strong operating and financial performance is preferred. The productwill do less well in rising markets but is expected to perform well in down markets.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 20

Multi-Asset Growth Strategy 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
Founded: 1936____________________________________POSITIONING STRATEGIES & CASH
RESERVES
Number of holdings: 350

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. 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 specific exposures. These
strategies are used in conjunction with allocations to third-party active managers to reflect Russell Investments’ strategicand dynamic insights with integrated liquidity and risk management. Physical securities or derivative-based strategies
such as options, currency forwards, and futures may be used to help eliminate unintended risks and gain concentrated
exposures when desired. These positioning strategies allow the Russell Investments Portfolio Managers to gain
exposure to high-conviction investment opportunities or manage downside risk in a timely manner. Positioning strategies
may change at any time as market conditions and needs of the Fund change. Some of the specific positioning strategies
that will be used in the Fund include:
1. Currency: The currency overlay utilizes currency forward contracts to take long and short positions in global foreignexchange markets, which may result in gains or losses for the fund based on the movements of relative exchange
rates. Russell Investments believes that a currency overlay strategy serves as a diversifier and another potential
source of return in multi-asset portfolios, especially in periods where the medium-term return outlook is morechallenging for credit, duration and equity returns than it has been in the past;
2. Small cap: RIM will implement a strategy using the Russell 1000® Index and Russell 2000® Index futures to manage
small cap exposure in the Fund;
3. Duration: RIM expects, from time to time, to manage duration in the portfolio to diversify the Fund through the use ofinterest rate futures;
4. Commodities Backwardation: This strategy follows a rules-based quantitative approach that selects and assigns
weights to individual commodities using a methodology that is designed to evaluate commodities’ forward looking
return prospects;
5. Global Adjusted Real Yield (“GARY”): RIM believes that bonds issued by sovereign countries with higher real yields
have a greater likelihood of outperforming those with low real yields. Using futures, RIM will take long positions inhigh quality government bonds whose yield, net of forward-looking inflation, are relatively high and short interest raterisk where that real, net-of-inflation yield is expected to be relatively low. This strategy has historically low
correlations to credit risk;

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 21

Multi-Asset Growth Strategy Fund

Russell Investment Management, LLC (continued)
6. Completion Portfolio & Tactical Trading Account: RIM will manage a portfolio of global equity securities designed tocomplement the portfolios of the equity money managers and result in a total equity portfolio that targets Russell
Investment’s preferred positioning within desired risk parameters.
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. The Fund may expose all or a portion of its cash to the performance of certain markets bypurchasing equity securities, fixed income securities and/or derivatives (also known as “equitization”), which typically
include index futures contracts or fixed income futures contracts. With respect to cash that is not equitized, RIM may sellequity index put options to seek gains from premiums (cash) received from their sale. RIM invests any remaining cash in(1) short-term investments, including the U.S. Cash Management Fund, an unregistered fund advised by RIM whose
investment objective is to seek to preserve principal and provide liquidity and current income, and (2) fixed income
securities with a typical average portfolio duration of one year and individual effective maturities of up to five years, which
may include U.S. and non-U.S. corporate debt securities, asset-backed securities (which may include, among others,
credit card and automobile loan receivables) and money market securities similar to those invested in by the U.S. CashManagement Fund.

Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 22

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 May 22, 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.
Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. NonU.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatileof the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.
Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risk to real estate
investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.
Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield(“junk”) bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which
may increase a Fund’s exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with foreign countries. Emerging markets debt
has higher default and repayment risk than traditional bond markets.

The Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund’s losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involverisks different from, or possibly greater than, the risks associated with other investments. The Fund’s use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund’s total
investment exposure exceeding the value of its portfolio.
Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure related companies are subject to various risks including governmental
regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.
Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.
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.
Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overallmarket movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity & international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity
for increased return, but also creates the possibility for a greater loss.
The Fund invests directly, or indirectly through a wholly-owned subsidiary, in commodity-linked securities that provide exposure to the performance of the collateralized commodity futures market, and in other debt instruments.
Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.
§Indexes are unmanaged and cannot be invested in directly. The benchmark shown represents the Fund's performance benchmark, which may be different from the Fund's regulatory benchmark included in the Fund's Prospectus and Annual Reports.

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The Bloomberg U.S. Aggregate Bond Index is an index, with income reinvested, generally representative of intermediate-term government bonds, investment-grade corporate debt securities and mortgage-backed securities.

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The ICE BofA Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or Eurobond markets.

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The MSCI AC World Index captures large and mid cap representation across 23 Developed Markets and 24 Emerging Markets countries.

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The FTSE EPRA Nareit Global Index is designed to track the performance of listed real estate companies and REITS in both developed and emerging 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: March 2017. Revised: May 2024.

RIFIS-25922 (Exp. 3/25)
Russell Investments / Multi-Asset Growth Strategy FundMay 2024 / 23