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Memo Manager Changes Effective: June 8, 2021

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Memo Manager Changes Effective: June 8, 2021 Fund updates The value of active management Effective June 8, 2021, changes to the lineup and weights of money managers have been made to the following Russell Investment Company (RIC) Funds: - U.S. Small Cap Equity Fund - Emerging Markets Fund - Tax-Managed U.S. Mid & Small Cap Fund - Unconstrained Total Return Fund - Short Duration Bond Fund - Multi-Strategy Income Fund - Multi-Asset Growth Strategy Fund U.S. SMALL CAP EQUITY FUND Hired manager - BAMCO, Inc. Manager moved to “funded status” with mandate addition - DePrince, Race & Zollo, Inc. Manager moved to a “held but not funded” status - Penn Capital Management Company, Inc. Change rationale Based on a recommendation from Russell Investments Management, LLC (“RIM” or “Russell Investments”), the Fund Board has approved the hire of BAMCO, Inc. (“Baron”). In addition, DePrince, Race & Zollo (“DRZ”) will be moved to “funded” status and will have an additional mandate. In addition, there will be allocation changes to the money managers. Baron will run a specialized mandate focused on stocks within the biotechnology industry. Baron’s addition to the Fund will increase the portion of active risk from stock selection while also mitigating industry risk. Given substantial growth in the opportunity set of public, small cap biotechnology companies over the past decade, Russell Investments believes that the Fund has the potential to benefit from skilled stock selection of a money manager with expertise in the biotechnology industry. Additionally, Russell Investments will reallocate assets to DRZ’s Small Cap Value portfolio (previously “held but not funded”) as well as to its Micro Cap Value strategy (a new mandate) via a blended mandate. This allocation is aligned with Russell Investments’ preferred positioning to maintain exposure to skilled stock selection in the most inefficient segments of the Fund’s opportunity set (microcaps) as well as to stocks trading at less NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE Russell Investments / Fund updates – The value of active management / 1 expensive valuation multiples given expected improving sentiment toward value stocks in 2021. Last, while Penn Capital Management Company, Inc. (“Penn”) remains a high conviction manager, its portfolio has generated substantial excess return during the small cap market recovery over the past year and Russell Investments believes that the Fund would be best served by realizing the gains from that strategy and allocating those assets to Baron and DePrince. Therefore, Penn will be moved to a “held but not funded” status. Russell Investments research view – BAMCO, Inc. (Baron) Location: New York, NY Founded: 1982 Portfolio managers: Neal Kaufman and Josh Reigelhaupt Strategy: U.S. Small Cap Biotechnology Baron utilizes a fundamental approach to constructing a 40-50 stock portfolio of companies within the U.S. small cap biotechnology industry with a focus on those with above benchmark sales growth and revenue revisions as well as below benchmark balance sheet leverage and price volatility. Investments are typically made with a three- year horizon, resulting in moderate annualized turnover of 35-45%. Baron’s focus on growing companies with better quality characteristics is intended to help mitigate downside risk versus the benchmark. The team adheres to a thoughtful positioning sizing methodology with larger weights focused on later stage companies, diversification by investment themes/stages of clinical trials, and limited exposure to early stage/single drug companies. Russell Investments Research View – DePrince, Race & Zollo Location: Winter Park, FL Founded: 1995 Portfolio manager: Greg Ramsby Strategy: Micro and Small Cap Value DRZ seeks to add value by identifying highly discounted securities with above average dividend yield it believes are poised to experience positive fundamental change. We believe the team’s attention to downside risk (measured by the current level of valuation ratios relative to their long-term averages) and the strong emphasis on dividend yield are differentiated from peers. The team's confidence-weighted methodology keeps the portfolio positioned in the stocks it perceives to have the highest probability of near-term appreciation. Details on a “held but not funded” status Some money managers’ status is listed as “held but not funded” (i.e. have an asset allocation of zero). While a money manager moved to a “held but not funded” status is still considered a high conviction strategy by Russell Investments, given current market conditions and the manager’s role in the portfolio, greater excess return may be achieved by assigning allocations to other managers in the lineup. Creating this structure allows our Portfolio Managers to adjust the Fund’s exposure in a more dynamic way, providing flexibility and reduced timing risk normally associated with a more concentrated manager lineup. Money managers moved to a “held but not funded” status remain under contract with RIM. Russell Investments / Fund updates – The value of active management / 2 New manager weights in the U.S. Small Cap Equity Fund The percentages below represent the target allocation of the Funds’ assets to each money managers’ strategy and RIM’s strategy. Actual allocations may vary. This does not include liquidity reserves managed directly by RIM, which may constitute 5% or more of fund assets at any given time. RIM may change a Fund's asset allocation at any time, including not allocating Fund assets to one or more money manager strategies. PREVIOUS FUND CURRENT FUND MANAGER ROLE WEIGHTS (%) WEIGHTS (%) (as of 6/8/21) Ancora Advisors LLC* Market- 19.0% 11.0% Oriented BAMCO, Inc.* Growth 0.0% 7.0% Boston Partners Global Investors, Value 20.5% 12.5% Inc.* Calamos Advisors LLC* Growth 0.0% 0.0% Copeland Capital Management, Market- 0.0% 0.0% LLC* Oriented DePrince, Race & Zollo, Inc.* Value 0.0% 12.5% Jacobs Levy Equity Management, Market- 15.0% 15.5% Inc. Oriented Penn Capital Management Market- 5.0% 0.0% Company, Inc.* Oriented Ranger Investment Management, Growth 20.5% 20.5% L.P.* Russell Investment Management, Positioning 20.0% 21.0% LLC (RIM)** strategies *Indicated managers are non-discretionary managers. RIM manages these portions of the Fund’s assets based upon model portfolio provided by the managers. **RIM manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures. EMERGING MARKETS FUND Hired manager - Oaktree Fund Advisors, LLC Terminated manager - Oaktree Capital Management, L.P. Change rationale Oaktree has requested that RIM change the contracting entity for its assignments from Oaktree Capital Management, L.P. to Oaktree Fund Advisors. Allocations to money manager strategies and RIM are not changing as a result of this change. Russell Investments / Fund updates – The value of active management / 3 TAX-MANAGED U.S. MID & SMALL CAP FUND Hired manager - Easterly Investment Partners, LLC Terminated manager - Snow Capital Management, L.P. Change rationale Based on a recommendation from Russell Investments Management, LLC (“RIM” or “Russell Investments”), the Fund Board has approved the hire of Easterly Investment Partners, LLC (“Easterly”) and the termination of Snow Capital Management, L.P. (“Snow”). On or about July 1, 2021, Easterly Investment Partners LLC will replace Snow Capital Management, L.P. as a money manager for the Fund. In May 2021, Snow informed RIM that it had entered into an agreement whereby Snow will transfer its clients, accounts, and certain personnel to Easterly. The investment team from Snow will continue to provide the investment management services for these clients and accounts. Snow's entire investment team will move to Easterly and RIM does not expect there to be any change to the current investment philosophy or process. This will result in a change to the money manager providing services to the Fund for this mandate. Therefore, RIM recommended that the Board terminate the Fund’s non-discretionary agreement with Snow and replace Snow with Easterly as a money manager for this Fund. Allocations to money manager strategies and RIM are not changing as a result of this change. Russell Investments research view – Easterly Investment Partners, LLC (as of July 1, 2021) Easterly Investment Partners, LLC Location: New York, NY Founded: 2009 Portfolio manager: Josh Schachter Strategy: Small/Mid Cap Value Easterly seeks to invest in companies that it believes are undervalued due to depressed earnings and poor market sentiment. From this universe, Easterly selects companies within structurally sound industries with reasonable balance sheets that it expects to benefit from multiple expansion as well as earnings normalization over the next 18-24 months. In order to succeed, lead portfolio manager Josh Schachter and the team of analysts must (1) accurately identify companies where prior fundamental weakness is temporary versus permanent to avoid value traps and (2) purchase stocks close to their inflection points in fundamentals and investor sentiment to avoid opportunity costs. Russell Investments / Fund updates – The value of active management / 4 New manager weights in the Tax-Managed U.S. Mid & Small Cap Equity Fund The percentages below represent the target allocation of the Funds’ assets to each money managers’ strategy and RIM’s strategy. Actual allocations may vary. This does not include
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