SUSTAINABLE EQUITY 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.

Megan Roach, Senior Director, Co-Head of Equity Portfolio Management, and Nick
Haupt, Portfolio Manager, Equity, have primary responsibility for the management of
the Fund. Ms. Roach has managed the Fund since February 2017 and Mr. Haupt has
managed the Fund since March 2021.

The Fund
The Sustainable Equity Fund seeks to provide long term capital growth. The Fundinvests principally in common stocks of large and medium capitalization U.S.
companies. It pursues a “sustainable” investment strategy, which seeks to tilt theportfolio toward companies that are expected to contribute to, and benefit from, atransition to a low carbon emission producing economy and away from companies
with the greatest exposure to potential negative impacts of such a transition. The
Fund’s sustainability goals are combined in Russell Investments’ proprietary portfolio
construction process, which identifies the combination of securities that best achieves
the sustainability goals while minimizing transaction costs and deviation from themoney managers’ security selection.

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.

The Fund’s performance benchmark is the Russell 1000® Index*.
Fund mosaic
Applying sustainability and ESG criteria to the investment process may cause the Fund to forgo some market
opportunities available to funds that do not use sustainability criteria. The Fund’s performance may at times be better orworse than the performance of funds that do not use sustainability criteria. Investors may differ in their view of whether
a particular investment fits within the sustainability criteria, and as a result, the Fund may invest in issuers that do notreflect the beliefs and/or values of any particular investor.
*Indexes are unmanaged and cannot be invested in directly. The benchmark shown represents the Fund's performancebenchmark, which may be different from the Fund's regulatory benchmark included in the Fund's Prospectus andAnnual Reports. The Russell 1000®Index is an index of 1,000 issues representative of the U.S. large capitalization
securities market.
This mosaic depicts, at a specific point in time, the approximate relative weighting of the managers and strategies
within the Fund plotted on the basis of cap size and style against fund benchmark (▲). Positions on this mosaic
change over time as allocations and holdings 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 thedesired 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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Sustainable Equity 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

Coho Partners, Ltd.*

17%

Uses a fundamental process, specializing in defensive
stocks seeking an asymmetric return payoff from large
and mid-cap stocks. Coho also describes ESG as a“natural extension” of their investment philosophy asthese companies tend to have high levels ofawareness and engagement in sustainable social andenvironment practices as well as strong corporate
governance.

Marketoriented

Coho's investment discipline emphasizes companies whose earningsand dividends tend to grow regardless of the economic environment.
These companies tend to have low earnings variability and moderate
historical growth rates compared to the broad market. Coho will alsopurchase some moderately cyclical stocks when they have attractive
valuations and reasonable earnings visibility.

Jacobs Levy Equity Management, Inc.

30%

Uses a proprietary multidimensional investment
Marketapproach to evaluate a broad universe of U.S. equities, oriented
including factors focused on corporate governance andmanagement quality.

Jacobs Levy selects securities based on intensive modeling, financial
research and behavioral theory, and quantitative and statisticalmethods in order to identify and potentially benefit from market
inefficiencies. The process seeks to disentangle reliable predictors of
future stock price behavior and then build a limited long/shortportfolio for this Fund that is expected to benefit from the future
outperformance of those factors.

Mar Vista Investment Partners, LLC*

19%

Uses bottom-up fundamental research to seek to
identify companies that generate economic value forshareholders, exhibit what they believe to be widecompetitive advantages, and trade at significant
discounts to Mar Vista’s estimate of long-term intrinsic
value.

Marketoriented

Mar Vista brings a concentrated, high quality stock strategy to theFund with a goal of capital appreciation, while seeking to retain
capital during market declines. They seek companies with positive
free cash flow, manageable debt levels and demonstrated
management teams that work for the benefit of shareholders.
Companies that Mar Vista believes offer the largest margin of safety
and trade at a discount to their intrinsic value are selected for the
strategy.

Sustainable Growth Advisers, LP*

14%

Seeks to invest in companies that can sustain highrates of growth for multiple years.

GrowthThe firm seeks to identify those few businesses that it believes havepredictable, sustainable earnings growth. SGA emphasizes
companies that have pricing power, repeat revenues, and global
reach.

Russell Investment Management, LLC(RIM)**

20%

Directly manages an active, model-based positioning
strategy to manage the Fund’s overall exposures toseek to maintain the Fund’s preferred positioning andto seek to achieve the Fund’s ESG-related
sustainability goals.

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.

*This manager is a non-discretionary manager. Russell Investments manages this portion of the Fund’s assets based upon a model portfolio provided by the money manager.
**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’s liquidity
reserve to manage overall Fund exposures.

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Sustainable Equity Fund

Coho Partners, Ltd.
Firm backgroundManager profile

Coho Partners, Ltd. is an independent,
employee-owned registered investment
advisor serving institutional clients,
endowments, foundations, corporations, highnet worth individuals, trusts, and estates.

Coho Partners, Ltd. (Coho) was added to the Sustainable Equity Fund in 2015 and is a non-discretionary manager in theFund. Peter Thompson, the founder of the firm, leads the team managing the strategy for this Fund.
What this manager brings to the Fund

Lead manager: Peter Thompson

Coho is a concentrated, fundamental manager that specializes in stocks seeking an asymmetric return payoff from large
and mid-cap stocks. Coho's investment discipline emphasizes defensive companies whose dividends and earnings tend
to grow regardless of the economic environment. These companies tend to have low earnings variability and moderate
historical growth rates compared to the broad market. Coho will also purchase some moderately cyclical stocks when
they have attractive valuations and reasonable earnings visibility.

____________________________________

Investment process

Headquarters: Berwyn, PA
Founded: 1999

Asset class: U.S. equity
Number of holdings: 25-30
Capitalization level: Large and mid-cap

Coho seeks to invest in stocks with stable earnings growth prospects, strong balance sheets, robust free cash flow
generation, capable management and defensible business models. It also looks to invest in these opportunities at
attractive valuation levels in order to strive to benefit from multiple expansion and help offset declines. Coho also prefers
stocks that have a consistent dividend paying policy. In addition, Coho describes ESG as a “natural extension” of theirinvestment philosophy as these companies tend to have high levels of awareness and engagement in sustainable socialand environment practices as well as strong corporate governance.
Russell Investments’ manager analysis
Russell Investments believes that Coho possesses several competitive advantages that are expected to leadto positive returns over a full market cycle. These include a capable investment team that draws on theexperience and perspective of investment leader Peter Thompson, a disciplined stock selection process andrelatively robust new idea generation effort, and a strong research effort that emphasizes detailed
fundamental research.
Coho’s strategy is expected to outperform in periods when earnings growth is slow or slowing and investors
seek higher quality and more consistent earnings sources. The strategy is also expected to outperform its
benchmark in periods of high defensiveness or flights to quality.
The strategy is expected to struggle in markets led by deeper cyclical companies or in periods wheninvestors seek higher levels of risk due to increasing confidence in the macro-economic environment.

The highly concentrated nature of this product is expected to lead to more accentuated periods ofoutperformance and underperformance, despite the strategy's higher quality, more defensive emphasis.

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Sustainable Equity Fund

Jacobs Levy Equity Management, Inc.
Firm backgroundManager profile

Jacobs Levy Equity Management, Inc. is anindependent quantitative equity manager
focused exclusively on U.S. equity portfolios.

Russell Investments added Jacobs Levy Equity Management Inc. (Jacobs Levy) to the Sustainable Equity Fund in 2012.
Bruce Jacobs, Ph.D. and Ken Levy, CFA are responsible for the firm’s investment process. They are supported by ateam of experienced research professionals who are continually pursuing areas of potential enhancement to the process.

Headquarters: Florham Park, NJ

What this manager brings to the FundFounded: 1986

Jacobs Levy selects securities based on intensive modeling, financial research and behavioral theory, and quantitativeand statistical methods in order to identify and potentially benefit from market inefficiencies. The process seeks todisentangle reliable predictors of future stock price behavior and then build a limited long/short portfolio for this Fund thatis expected to benefit from the future performance of those factors.

Lead managers: Bruce Jacobs, Ph. D. and
Ken Levy, CFA____________________________________
Asset class: U.S. equity
Number of holdings: Approximately 200(100 long and 100 short)
Capitalization level: Large cap

Investment process
Jacobs Levy uses a proprietary multidimensional investment approach to evaluate a broad universe of U.S. equities,
including the stocks in the Russell 1000® Index benchmark. The ability to short up to 30% of the portfolio with the 130/30
strategy permits more meaningful security underweights in the strategy. This is expected to add value relative to a longonly assignment. The 130/30 strategy has a broader selection universe than the Russell 1000® Index, which canincrease breadth of security selection while also allowing Jacobs Levy to short unattractive names that are more
dynamic.

Jacobs Levy’s investment approach is based on the belief that the market is a complex system and that intensivemodeling, combined with human insight and intuition, finance and behavioral theory, and quantitative and statisticalmethods can be used to identify and potentially benefit from market inefficiencies. A key component of thismultidimensional approach is the proprietary process of “disentangling” return-predictor relationships. Disentangling
evaluates market inefficiencies, stock attributes, and industry affiliations simultaneously, in a unified framework,
separating each potential source of return from the background noise created by other factors. Jacobs Levy believes thatthe resulting additive “pure” effects can provide more reliable predictions of future stock price behavior than the “naïve”
effects from simple factors. The firm’s security evaluation process entails sophisticated modeling of large numbers ofstocks and proprietary factors using financial statements, security analyst forecasts, corporate management signals,
economic releases, and security prices. Jacobs Levy believes that modeling based on reasonable, intuitive relationships
between both fundamental and behavioral factors and stock prices results in a multidimensional security selection
process that can offer deep analysis across a wide breadth of securities. The process is designed to be dynamic andforward-looking, which can help the process adjust to the equity market’s changing environments and opportunities.
Russell Investments’ manager analysis
Russell Investments has been following Jacobs Levy since 1989. Jacobs Levy has a strong commitment toongoing research and innovation, which is motivated by the team’s belief that continual processenhancement is critical for long-term success. Based on Russell Investments’ analysis, Jacobs Levy’s
defensive strategy is expected to perform best, relative to the broad market, during market environments
where quantitative signals used to predict future returns are rewarded. The strategy is expected tounderperform when the market is not rewarding valuation or measures of fundamental improvement.

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Sustainable Equity FundMar Vista Investment Partners, LLC
Firm backgroundManager profile

Mar Vista Investment Partners, LLC is an
employee-owned investment management
firm focused on managing publicly traded
equity portfolios.

Mar Vista Investment Partners, LLC (Mar Vista) was added to the Sustainable Equity Fund in 2016 and is a nondiscretionary manager in the Fund. Co-founders of the firm, Silas Myers and Brian Massey, serve as portfolio managers
for the strategy used in this Fund.

Headquarters: Los Angeles, CA
Lead managers: Brian Massey, CFA andSilas Myers, CFA

Mar Vista brings a concentrated, high quality stock strategy to the Fund with a goal of capital appreciation. They seek
companies with positive free cash flow, manageable debt levels and demonstrated management teams that work for the
benefit of shareholders. Companies that Mar Vista believes offer the largest margin of safety and trade at a discount totheir intrinsic value are selected for the strategy.

____________________________________

Investment process

Asset class: U.S. equity
Number of holdings: 30-50

Mar Vista’s security selection process emphasizes bottom-up fundamental research to seek to identify companies thatgenerate economic value for shareholders, exhibit what they believe are wide competitive advantages, and trade atsignificant discounts to Mar Vista’s estimate of long-term intrinsic value. This research is done on approximately 150
stocks that meet the following security selection criteria:

Capitalization level: Large cap•

Greater than $4 billion in market capitalization•

Durable franchise that they believe can generate returns on capital above cost of capital well into the future•

Have strong pricing power and ability to expand or maintain margins•

Possess what they believe are competitive advantages in cost, scale, regulatory, intellectual or network•

Management team that allocates capital to the maximum potential benefit of shareholders•

Stocks that are mispriced relative to expectations

Founded: 2008

What this manager brings to the FundThis process involves Mar Vista analysts’ review of databases, annual reports, conferences, Wall Street research, aswell as conversations with company management teams and industry contacts. Once an analyst has a thoroughunderstanding of a company, they construct a long-term, discounted cash flow model and determine a probability
weighted fair market price for the stock. This process emphasizes a scenario analysis, where a company’s earnings
power is stressed among various scenarios to help frame the downside and upside valuation of a particular stock. Eachstock researched is ranked to come up with an investable list of 30-50 stocks.
Russell Investments’ manager analysis
Russell Investments believes that Mar Vista is differentiated from peers due to their understanding of thedrivers of a company’s business model, earnings and cash flow beyond the near-term and in its
consideration of the forward-looking expectations that are priced into a stock’s price. Additionally, Russell
Investments believes Mar Vista’s research and organizational environment are above average and has
conviction in the entire investment team’s analytical capabilities.
Mar Vista’s strategy is most likely to generate positive excess returns when stocks of high-quality companies
outperform. The strategy may underperform the broad market in more speculative markets or those led bycyclical stocks.

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Sustainable Equity Fund

Sustainable Growth Advisers, LP
Firm backgroundManager profile

Sustainable Growth Advisers, LP is aboutique equity manager, focusing on
providing U.S. and global mandates toinstitutional and individual clients, private
investment companies and mutual funds.

Sustainable Growth Advisers, LP (SGA) was added to the Sustainable Equity Fund in 2021 and is a non-discretionary
manager in the Fund. Principals of the firm, Rob Rohn, Hrishikesh (HK) Gupta, and Kishore Rao, serve as portfolio
managers for the strategy used in this Fund.

Headquarters: Stamford, CT
Founded: 2003

Lead managers: Rob Rohn, Hrishikesh (HK)Gupta, and Kishore Rao____________________________________
Asset class: U.S. equity
Number of holdings: 20-30
Capitalization level: Large cap

What this manager brings to the Fund
SGA emphasizes stock selection based on first-hand analysis of the quality of each business, its financial dynamics andits growth potential. The firm tests the investment concept through regular contact with management, by monitoring
competitors and by tapping into industry information sources.
Investment process
SGA emphasizes investments in companies that it believes will consistently have good profit margins and high returns on
invested capital. This is often associated with a strong franchise, a proprietary position, a low-cost position or a powerfulbrand. SGA also looks for companies whose products and services are used frequently and need to be replaced
regularly. It believes that it is easier for a company to grow if it begins each year with a core constituency of loyal
customers already in the habit of buying its products and services. SGA believes these companies are more predictable
and less vulnerable to fluctuations in economic activity, and many have demonstrated an ability to grow earnings throughvarious phases of the economic cycle. Finally, companies with a global reach that are not limited to one particular region
for growth, are also desirable to SGA. The firm believes these global companies have the ability to expand operations
across borders because the products and services they provide have few inherent geographic or cultural limitations. SGA
believes the long-term growth prospects are more sustainable for these companies because of the global scope of themarket opportunity.
Russell Investments’ manager analysis
Russell Investments believes that SGA's focus on high quality companies with growing end markets helps
them select stocks with prospects for consistent, higher-than-average earnings growth. Russell Investments’views SGA’s stock selection process, investment team, organizational environment, and research favorablyand believes that SGA’s higher than average earnings growth with lower volatility will enable SGA to deliver
above average excess returns over a full market cycle. That said, SGA is likely to struggle in markets
favoring stocks with high growth and high momentum. Periods favoring highly cyclical stocks, such as deep
value rallies, are also likely to challenging. Russell Investments has also analyzed SGA’s addition to thisFund in light of the Fund’s “sustainability” investment strategy, which takes into account ESG considerations.
Russell Investments’ assessment is that SGA’s security selection philosophy and process should result inholdings that, overall, contribute positively to certain ESG-related tilts the Fund seeks to achieve.

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Sustainable Equity 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
Asset class: U.S. equity
Number of holdings: 200-400
Capitalization level: Large cap

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 by RIM for use within the total portfolio. Portfolio
managers use positioning strategies 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’strategic and dynamic insights with integrated liquidity and risk management.
The positioning strategy used in this Fund is a dedicated portion of the Fund assets that can be rebalanced as needed by
the portfolio manager 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 manager toexpress Russell Investments’ views across multiple factor and industry exposures simultaneously while regularly
adapting to changing markets and manager portfolios. In addition, the Fund’s sustainability goals are combined in RIM’s
proprietary portfolio construction process, which identifies the combination of securities that best achieves thesustainability goals while minimizing transaction costs and deviation from the money managers’ security selection.
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.
Market-oriented investments are generally subject to risks similar to that of both growth and value style investing.
In a limited long/short strategy, although the Fund potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to thecost of replacing the borrowed security. The Fund will realize a gain if the security declines in price between those dates. The making of short sales exposes the Fund to the risk of liability for the market value of the security that is sold (the amount of which liability
increases as the market value of the underlying security increases), in addition to the costs associated with establishing, maintaining and closing out the short position.
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® Index. The value of securities will rise and fall in response to the activities of the company that issued them, general market
conditions and/or economic conditions.
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: March 2019. Updated January 2024.
RIFIS-25847 (Exp. 01/25)
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