2040 STRATEGY FUND CLASS R5 (RXLVX) Exchange: NMFQS

DELISTED - The Fund is a “fund of funds” and invests only in the Shares of other Russell Investment Company (“RIC”) Funds (the “Underlying Funds”). The Fund is designed for investors who plan to retire close to 2040. The Fund seeks to achieve its investment objective by investing in Shares of the Underlying Funds which represent various asset classes. The allocation of the Fund’s assets to the Underlying Funds in which it invests will become more conservative over time until approximately 2040, at which time the allocation will remain fixed. The Fund’s approximate target allocation as of March 1, 2017 is 82.5% to equity Underlying Funds, 7% to fixed income Underlying Funds and 10.5% to alternative Underlying Funds. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds.  The following chart illustrates how the target asset allocation for the Fund becomes more conservative over time. The Fund intends to change its allocation to the Underlying Funds in which it invests once a year, typically near year end. At approximately 2040, the target allocation of the Fund to the Underlying Funds will be fixed. After that time the Fund may, depending on the facts and circumstances and contingent upon the Board of Trustees’ (“Board”) approval, continue to operate, be merged into the In Retirement Fund or another fund, or be liquidated.Russell Investment Management, LLC (“RIM”), the Fund’s investment adviser, may modify the target asset allocation for the Fund, including changes to Underlying Funds in which the Fund invests, from time to time. RIM’s allocation decisions are generally based on RIM’s outlook on the business and economic cycle, relative market valuations and market sentiment. In the future, the Fund may also invest in other RIC Underlying Funds. The Fund’s actual allocation may vary from the target strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 5% at the equity, fixed income or alternative category level based on RIM’s capital markets research, and/or (3) due to the implementation over a period of time of a change to the target strategic asset allocation including the addition of a new Underlying Fund. The Fund’s target strategic asset allocation, range of variance from the target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed from time to time without shareholder notice or approval. The Select U.S. Equity and Select International Equity Underlying Funds are managed directly by RIM. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying Funds are allocated to different unaffiliated money managers.A Fund whose stated target year is further away invests a greater portion of its assets in equity and alternative Underlying Funds which RIM believes provide a greater opportunity for capital appreciation over the long-term with a corresponding higher risk of a decline in the value of your investment. A Fund whose stated target year is closer invests a greater portion of its assets in fixed income Underlying Funds which RIM believes offers reduced risk and price volatility and, accordingly, lower expected returns. However, when a Fund reaches its target year, it will continue to have a substantial portion of its assets invested in equity and alternative Underlying Funds.Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.