2019 ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

31 March 2019

Russell Investment Company plcan umbrella fund with segregated liability between sub-funds

Russell Investments Continental European Equity FundRussell Investments Emerging Markets Equity FundRussell Investments Global Bond FundRussell Investments Global Credit FundRussell Investments Global High Yield FundRussell Investments Japan Equity FundRussell Investments Multi-Asset Growth Strategy Euro FundRussell Investments Asia Pacifi c Ex Japan FundRussell Investments Sterling Bond FundRussell Investments U.K. Equity FundRussell Investments U.K. Index Linked Fund*Russell Investments U.K. Long Dated Gilt Fund*Russell Investments U.S. Bond FundRussell Investments U.S. Equity FundRussell Investments U.S. Small Cap Equity FundRussell Investments World Equity Fund IIRussell Investments Unconstrained Bond FundRussell Investments Multi-Asset Conservative Strategy FundRussell Investments Emerging Market Debt FundOld Mutual African Frontiers FundOld Mutual Value Global Equity FundCopper Rock Global All Cap Equity Fund*Old Mutual Global REIT FundOld Mutual Global Aggregate Bond FundOld Mutual Global Currency FundOld Mutual MSCI Africa ex-South Africa Index Fund*Old Mutual FTSE RAFI® All World Index FundOld Mutual MSCI World ESG Leaders Index Fund**Old Mutual Global Balanced Fund

* Ceased trading during the fi nancial year ended 31 March 2018** Formerly known as Old Mutual MSCI World ESG Index Fund

Old Mutual Emerging Market Local Currency Debt Fund*Old Mutual Global Defensive FundOld Mutual Multi-Style Global Equity FundOld Mutual Opportunities Global Equity Fund*Old Mutual Emulated Opportunities Global Equity Fund*Old Mutual MSCI Emerging Markets ESG Leaders Index Fund***Old Mutual Blended Global Equity Fund*Old Mutual Global Macro Equity FundOld Mutual Global Islamic Equity FundOld Mutual Global Managed Volatility FundOld Mutual Quality Global Equity FundOld Mutual Growth Global Equity FundOld Mutual Global Emerging Opportunities FundOld Mutual Titan Global Equity FundOld Mutual Global Managed Alpha FundAcadian European Equity UCITSAcadian Global Equity UCITSAcadian Emerging Markets Equity UCITSAcadian Global Managed Volatility Equity UCITSAcadian Sustainable Global Equity UCITSAcadian Emerging Markets Managed Volatility Equity UCITSAcadian Emerging Markets Equity UCITS IIAcadian Global Leveraged Market Neutral Equity UCITSAcadian Diversifi ed Alpha UCITSAcadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITSAcadian Multi-Asset Absolute Return UCITSAcadian Japan Equity UCITSAcadian China A Equity UCITSAcadian Sustainable Global Managed Volatility Equity UCITS

*** Formerly known as Old Mutual MSCI Emerging Markets ESG Index Fund

Russell Investment Company plc Contents

Contents

Administration of the Company ........................................................................................................................... 4 Background to the Company ............................................................................................................................... 10 Directors’ Report .................................................................................................................................................. 12 Depositary Report ................................................................................................................................................ 15 Independent Auditors’ Report .............................................................................................................................. 16 Combined Financial Statements ......................................................................................................................... 19 Russell Investments Continental European Equity Fund .................................................................................... 22 Russell Investments Emerging Markets Equity Fund .......................................................................................... 38 Russell Investments Global Bond Fund .............................................................................................................. 61 Russell Investments Global Credit Fund ............................................................................................................. 126 Russell Investments Global High Yield Fund ...................................................................................................... 188 Russell Investments Japan Equity Fund ............................................................................................................. 220 Russell Investments Multi-Asset Growth Strategy Euro Fund ............................................................................ 234 Russell Investments Asia Pacific Ex Japan Fund ............................................................................................... 256 Russell Investments Sterling Bond Fund ............................................................................................................ 274 Russell Investments U.K. Equity Fund ................................................................................................................ 288 Russell Investments U.K. Index Linked Fund* .................................................................................................... 301 Russell Investments U.K. Long Dated Gilt Fund* ............................................................................................... 304 Russell Investments U.S. Bond Fund .................................................................................................................. 307 Russell Investments U.S. Equity Fund ................................................................................................................ 326 Russell Investments U.S. Small Cap Equity Fund .............................................................................................. 340 Russell Investments World Equity Fund II ........................................................................................................... 361 Russell Investments Unconstrained Bond Fund ................................................................................................. 393 Russell Investments Multi-Asset Conservative Strategy Fund** ......................................................................... 434 Russell Investments Emerging Market Debt Fund .............................................................................................. 441 Old Mutual African Frontiers Fund ...................................................................................................................... 454 Old Mutual Value Global Equity Fund ................................................................................................................. 464 Copper Rock Global All Cap Equity Fund* .......................................................................................................... 471

Russell Investment Company plc Contents - continued

Contents

Old Mutual Global REIT Fund** .......................................................................................................................... 474 Old Mutual Global Aggregate Bond Fund ........................................................................................................... 479 Old Mutual Global Currency Fund ....................................................................................................................... 493 Old Mutual MSCI Africa ex-South Africa Index Fund* ......................................................................................... 502 Old Mutual FTSE RAFI® All World Index Fund ................................................................................................... 505 Old Mutual MSCI World ESG Leaders Index Fund*** ......................................................................................... 535 Old Mutual Global Balanced Fund ...................................................................................................................... 554 Old Mutual Emerging Market Local Currency Debt Fund* .................................................................................. 561 Old Mutual Global Defensive Fund ..................................................................................................................... 564 Old Mutual Multi-Style Global Equity Fund .......................................................................................................... 571 Old Mutual Opportunities Global Equity Fund* .................................................................................................... 602 Old Mutual Emulated Opportunities Global Equity Fund* ................................................................................... 604 Old Mutual MSCI Emerging Markets ESG Leaders Index Fund**** ................................................................... 608 Old Mutual Blended Global Equity Fund* ............................................................................................................ 623 Old Mutual Global Macro Equity Fund ................................................................................................................ 626 Old Mutual Global Islamic Equity Fund ............................................................................................................... 660 Old Mutual Global Managed Volatility Fund ........................................................................................................ 667 Old Mutual Quality Global Equity Fund ............................................................................................................... 676 Old Mutual Growth Global Equity Fund ............................................................................................................... 683 Old Mutual Global Emerging Opportunities Fund** ............................................................................................. 691 Old Mutual Titan Global Equity Fund .................................................................................................................. 696 Old Mutual Global Managed Alpha Fund ............................................................................................................ 704 Acadian European Equity UCITS ........................................................................................................................ 713 Acadian Global Equity UCITS ............................................................................................................................. 728 Acadian Emerging Markets Equity UCITS .......................................................................................................... 743 Acadian Global Managed Volatility Equity UCITS ............................................................................................... 756 Acadian Sustainable Global Equity UCITS ......................................................................................................... 774 Acadian Emerging Markets Managed Volatility Equity UCITS ............................................................................ 788

Russell Investment Company plc Contents - continued

Contents

Acadian Emerging Markets Equity UCITS II ....................................................................................................... 802 Acadian Global Leveraged Market Neutral Equity UCITS .................................................................................. 818 Acadian Diversified Alpha UCITS ........................................................................................................................ 832 Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS .............................................................. 843 Acadian Multi-Asset Absolute Return UCITS ...................................................................................................... 853 Acadian Japan Equity UCITS***** ....................................................................................................................... 877 Acadian China A Equity UCITS****** .................................................................................................................. 887 Acadian Sustainable Global Managed Volatility Equity UCITS******* ................................................................. 893 Notes to the Financial Statements ...................................................................................................................... 903 Appendix I - Securities Finance Transactions (unaudited) .................................................................................. 1021

Appendix II - Remuneration (unaudited) ............................................................................................................. 1026 * Ceased trading during the financial year ended 31 March 2018. ** Ceased trading during the financial year ended 31 March 2019. *** Formerly known as Old Mutual MSCI Emerging Markets ESG Index Fund. **** Formerly known as Old Mutual MSCI World ESG Index Fund. ***** The Fund launched on 13 April 2018. ****** The Fund launched on 10 December 2018. ******* The Fund launched on 6 December 2018.

Russell Investment Company plc Administration of the Company

4 Administration of the Company

Board of Directors of the Company* Global Sub-Custodian Mr. James Firn (Chairman) State Street Bank and Trust Company Mr. James Beveridge Copley Place Mr. Peter Gonella 100 Huntington Avenue Mr. Neil Jenkins Boston, MA 02116 Mr. John McMurray United States of America Mr. Tom Murray Mr. William Roberts Company SecretaryMr. David Shubotham MFD Secretaries Limited Mr. Joseph Linhares (appointed 24 January 2019) 32 Molesworth Street Dublin 2 Members of the Manager’s Audit Committee Ireland Mr. David Shubotham (Chairman) Mr. Tom Murray Adviser and Promoter** Mr. William Roberts Russell Investments Limited Rex House Registered Office 10 Regent Street, St James’s 78 Sir John Rogerson’s Quay London, SW1Y 4PE Dublin 2 England Ireland Money Manager for Russell Investments Continental Manager European Equity Fund Russell Investments Ireland Limited Numeric Investors, LLC 78 Sir John Rogerson’s Quay 470 Atlantic Avenue 6th floor Dublin 2 Boston, MA 02210 Ireland United States of America Independent Auditors Money Managers for Russell Investments Emerging PricewaterhouseCoopers Markets Equity Fund Chartered Accountants and Statutory Audit Firm Harding Loevner, L.P. One Spencer Dock 400 Crossing Blvd North Wall Quay 4th Floor Dublin 1 Bridgewater, NJ 08807 Ireland United States of America Legal Advisers Numeric Investors, LLC Maples and Calder 470 Atlantic Avenue 6th floor 75 St. Stephen’s Green Boston, MA 02210 Dublin 2 United States of America Ireland Oaktree Capital Management, L.P. Administrator 333 South Grand Ave., 28th Floor State Street Fund Services (Ireland) Limited Los Angeles, CA 90071 78 Sir John Rogerson’s Quay United States of America Dublin 2 Ireland Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland * As of 31 March 2019. ** Also acts as Distributor and U.K. Facilities Agent for all Funds with prefix Russell Investments (the "Russell Investments Funds") and all

Funds with prefix Acadian (the "Acadian Funds") and Investment Manager for the Russell Investments Asia Pacific Ex Japan Fund, Russell Investments Continental European Equity Fund, Russell Investments Global Bond Fund, Russell Investments Global Credit Fund, Russell Investments Global High Yield Fund, Russell Investments Multi-Asset Growth Strategy Euro Fund, Russell Investments Unconstrained Bond Fund, Russell Investments Sterling Bond Fund, Russell Investments U.K. Equity Fund, Russell Investments U.S. Bond Fund, Russell Investments World Equity Fund II and Old Mutual Global Macro Equity Fund.

All Funds with the prefix “Old Mutual” and the Copper Rock Global All Cap Equity Fund are referred to collectively as the Old Mutual Funds.

Russell Investment Company plc Administration of the Company - continued

Administration of the Company 5

Somerset Capital Management, LLP T. Rowe Price 22 Carlisle Place 100 East Pratt Street London SW1P 1JA Baltimore, Maryland 21202 England United States of America Westwood Management Corp. Money Managers for Russell Investments Global High 200 Crescent Court, Suite 1200 Yield FundDallas, TX 75201 Barings LLC United States of America Independence Wharf 470 Atlantic Avenue Money Managers for Russell Investments Global Bond Boston, MA 02210 Fund United States of America BlueBay Asset Management LLP 77 Grosvenor Street DDJ Capital Management, LLC London W1K 3JR 130 Turner Street England Building 3, Suite 600 Waltham, MA 02453 Colchester Global Investors Limited United States of America Heathcoat House 20 Savile Row Hermes Investment Management London W1S 3PR 150 Cheapside England London, EC2V 6ET England Insight Investment Management Limited 160 Queen Victoria Street Pacific Investment Management Company, LLC (PIMCO) London, EC4V 4LA 650 Newport Center Drive England Newport Beach, CA 92660 United States of America Pacific Investment Management Company, LLC (PIMCO) 650 Newport Centre Drive Money Managers for Russell Investments Japan Equity Newport Beach, CA 92660 FundUnited States of America Asset Management One Co. Ltd Tekko Building Schroder Investment Management Inc. 1-8-2 Marunouchi 7 Bryant Park Chiyoda-Ku, 100-0005 New York, NY 10018-3706 Japan United States of America Coupland Cardiff Asset Management, LLP Money Managers for Russell Investments Global Credit 31-32 St. James’s Street Fund London SW1A 1HD Bluebay Asset Management, LLP England 77 Grosvenor Street London, W1K 3JR Money Managers for Russell Investments Asia Pacific ExEngland Japan Fund BlackRock International Limited Columbia Management Investment Advisers, LLC 1 Semple Street 225 Franklin Street Exchange Place One Boston, MA 02110 Edinburgh, EH3 8BL United States of America Scotland Kempen Capital Management Numeric Investors, LLC Beethovenstraat 300 470 Atlantic Avenue 6th Floor 1077 WZ Amsterdam Boston, MA 02210 P.O. Box 75666 United States of America 1070 AR Amsterdam Netherlands Money Manager for Russell Investments Sterling Bond Fund FIL Investments International Pacific Investment Management Company, LLC (PIMCO) Beech Gate 650 Newport Center Drive Millfield Lane Newport Beach, CA 92660 Lower Kingswood United States of America Tadworth, KT20 6RP England

Russell Investment Company plc Administration of the Company - continued

6 Administration of the Company

Money Managers for Russell Investments U.S. Bond Fund Post Advisory Group, LLC Logan Circle Partners, L.P. 1620 26th Street 1717 Arch Street, Suite 1500 Suite 6500 Philadelphia, PA 19103 Santa Monica, CA 90404 United States of America United States of America Reams Asset Management Company, LLC Putnam Investments Limited 227 Washington Street 57-59 St James's Street Columbus, IN 47202-0727 London, SW1A 1LD United States of America England Money Manager for Russell Investments U.S. Equity Fund Money Managers for Russell Investments Emerging and Russell Investments U.S. Small Cap Equity Fund Market Debt FundJacobs Levy Equity Management DuPont Capital Management 100 Campus Drive One Righter Parkway, Suite 3200 P.O. Box 650 Wilmington, DE 19803 Florham Park, NJ 07932-0650 United States of America United States of America Edmond De Rothschild Asset Management Money Managers for Russell Investments World Equity 47 rue du Faubourg Saint Honoré Fund II 75401 Paris Cedex 08 Fiera Capital Corp France 1501 McGill College Avenue Suite 800 Money Manager for Old Mutual African Frontiers Fund,Montréal, QC H3A 3M8 Old Mutual FTSE RAFI® All World Index Fund,Canada Old Mutual MSCI World ESG Leaders Index Fund, Old Mutual, Global Balanced Fund, Old Mutual GlobalJanus Henderson Group Plc Defensive Fund, Old Mutual MSCI Emerging Markets 151 Detroit Street ESG Leaders Index Fund, Old Mutual Global IslamicDenver, CO 80206 Equity Fund, Old Mutual Titan Global Equity Fund,United States of America Old Mutual Global Managed Alpha Fund, Old Mutual Global Macro Equity Fund and Distributor for all Old Numeric Investors, LLC Mutual Funds470 Atlantic Avenue 6th Floor Old Mutual Investment Group (Pty) Limited Boston, MA 02210 Mutual Park United States of America Jan Smuts Drive Pinelands 7405 Sanders Capital, LLC South Africa 390 Park Avenue, Suite 17 New York, NY 10022-4608 Money Manager for Old Mutual Quality Global United States of America Equity Fund Fiera Capital Corp Wellington Management Company, LLP 1501 McGill College Avenue 280 Congress Street Suite 800 Boston, MA 02210 Montréal, QC H3A 3M8 United States of America Canada Money Managers for Russell Investments Unconstrained Money Manager for Old Mutual Growth Global Bond Fund Equity FundH2O Asset Management, LLP Baillie Gifford 10 Old Burlington Street Calton Square London W1S 3AG 1 Greenside Row England Edinburgh, EH1 3AN Scotland Hermes Investment Management 150 Cheapside Money Manager for Old Mutual Value Global Equity FundLondon, EC2V 6ET Barrow, Hanley, Mewhinney & Strauss, LLC. England JP Morgan Chase Tower 2200 Ross Avenue, 31st Floor Dallas, TX 75201 United States of America

Russell Investment Company plc Administration of the Company - continued

Administration of the Company 7

Money Manager for Old Mutual Global Aggregate Bond Investment Manager for Russell Investments Emerging Fund and Old Mutual Global Currency Fund Markets Equity Fund, Russell Investments Rogge Global Partners Plc Japan Equity, Russell Investments U.S. Equity Fund, Sion Hall, 56 Victoria Embankment Russell Investments U.S. Small Cap Equity Fund, RussellLondon EC4Y 0DZ Investments World Equity Fund II and England Russell Investments Emerging Market Debt Fund Russell Investment Management, LLC Money Managers for Old Mutual Multi-Style Global 1301 Second Avenue, 18th Floor Equity Fund Seattle, WA 98101 Acadian Asset Management, LLC United States of America 260 Franklin Street Boston, MA 02110 Investment Managers for Russell Investments Global Bond United States of America Fund, Russell Investments Global High Yield Fund, Russell Investments Sterling Bond Fund, Russell Investments U.S. Baillie Gifford Bond Fund and Russell Investments Unconstrained Bond Calton Square Fund 1 Greenside Row Russell Investments Limited Edinburgh, EH1 3AN Rex House Scotland 10 Regent Street, St James’s London, SW1Y 4PE Barrow, Hanley, Mewhinney & Strauss, LLC England JP Morgan Chase Tower 2200 Ross Avenue, 31th Floor Russell Investment Management, LLC Dallas, TX 75201 1301 Second Avenue, 18th Floor United States of America Seattle, WA 98101 United States of America Fiera Capital Corp 1501 McGill College Avenue Investment Manager for Russell Investments Asia Pacific Suite 800 Ex Japan Fund Montréal, QC H3A 3M8 Russell Investments Management Limited Canada GPO Box 3279 Sydney, NSW 2001 Old Mutual Investment Group (Pty) Limited Australia Mutualpark Jan Smuts Drive Investment Adviser for Russell Investments Pinelands, 7405 Asia Pacific Ex Japan South Africa Robeco Institutional Asset Management B.V. Augustine House Money Manager for all Acadian Funds 6A Austin Friars Acadian Asset Management, LLC London, EC2N 2HA 260 Franklin Street England Boston, MA 02110 United States of America Investment Adviser for Russell Investments Continental European EquityInvestment Manager for Russell Investments Continental INVESCO Asset Management Limited European Equity Fund, Russell Investments Global Credit 43-45 Portman Square Fund, Russell Investments Multi- Asset Conservative London / 6th Floor Strategy Fund, Russell Investments Multi-Asset Growth 125 London Wall Strategy Euro Fund, Russell Investments U.K. Equity Fund,London Russell Investments World Equity Fund II and Russell England Investments Multi-Asset Conservative Strategy Fund Equity Fund Liontrust Investment Partners LLP Russell Investments Limited 2 Savoy Court Rex House London WC2R 0EZ 10 Regent Street, St James’s England London, SW1Y 4PE England Pzena Investment Management, LLC 69 Old Broad Street London EC2M 1QS England

Russell Investment Company plc Administration of the Company - continued

8 Administration of the Company

S.W. Mitchell Capital LLP TT International Princes House 38 Jermyn Street 62 Threadneedle Street London SW1Y 6DN London EC2R 8HP England England Investment Adviser for Russell Investments Emerging Investment Adviser for Russell Investments U.S. Small Cap Markets Equity EquityAllianceBernstein L.P. Ancora Advisors LLC 50 Berkeley Street 6060 Parkland Blvd Ste 200 London W1J 8HA Cleveland, OH 44124 United States of America Neuberger Berman Investment Advisers LLC Lansdowne House Boston Partners Global Investors, Inc 57 Berkeley Square 1 Beacon St Ste 30 London, W1J 6ER Boston, MA 02108 England United States of America RWC Asset Advisors (US) LLC Copeland Capital Management, LLC 2640 South Bayshore Drive 62 Walnut St Ste 3 Suite 201 Wellesley, MA 02481 Miami FL 33133 United States of America United States of America DePrince, Race & Zollo, Inc Investment Adviser for Russell Investments Japan Equity 250 S Park Ave Ste 250 & Camui Capital Co., Ltd. Winter Park No.29 Kowa Bldg. Annex, 2-11-24 FL 32789 Tsukiji, Chuo-ku United States of America Tokyo Japan Falcon Point Capital, LLC 2 Embarcadero Ctr Ste 420 Sompo Japan NipponKoa Asset Management Co., Ltd San Francisco, CA 94111 6 Devonshire Square United States of America London EC2M 4YE England PENN Capital Management Company, Inc. 1200 Intrepid Avenue SPARX Asset Management Co., Ltd. Philadelphia, PA 19112 360 Madison Ave United States of America New York, NY 10017 United States of America Timpani Capital Management, LLC 10850 W Park Pl Ste 1020 Investment Adviser for Russell Investments U.K. Equity Milwaukee, WI 53224 Baillie Gifford & Co United States of America Grimaldi House 28 St. James's Square Investment Adviser for Russell Investments U.S. EquityLondon SW1Y 4JH Brandywine Global Investment Management, LLC England Level 17 110 Bishopsgate London EC2N 4AY Investec Asset Management Limited England 25 Basinghall Street London EC2V 5HA HS Management Partners, LLC England 640 5th Ave 18th Fl New York, NY 10019 J O Hambro Capital Management Limited United States of America Ryder Court 14 Ryder Street Jackson Square Partners, LLC London SW1Y 6QB 101 California St Ste 3750 England San Francisco, CA 94111 United States of America Liontrust Investment Partners LLP 2 Savoy Court London WC2R 0EZ England

Russell Investment Company plc Administration of the Company - continued

Administration of the Company 9

Investment Adviser for Russell Investments Representative in ItalyWorld Equity II BNP Paribas Securities, Milan branch J O Hambro Capital Management Limited Via Ansperto 5 Ryder Court 20123 Milan 14 Ryder Street Italy London SW1Y 6QB England Paying Agent in Italy SGSS S.p.A. RWC Asset Advisors (US) LLC Via Benigno Crespi, 19/A - MAC 2 2640 South Bayshore Drive 20159 Milan Suite 201 Italy Miami FL 33133 United States of America Information Agent and Representative in The Netherlands Deutsche Bank AG Tiburon Partners LLP Amsterdam branch 2-4 King Street Herengracht 450 - 454 London SW1Y 6QL 1017 CA Amsterdam England The Netherlands Paying and Information Agent in Austria Paying Agent in Switzerland** UniCredit Bank Austria AG Banque Cantonale de Genève Schottengasse 6-8 17, quai de l’Ile 1010 Vienna 1204 Geneva Austria Switzerland Information Agent in Germany* Representative in Switzerland** Russell Investments Limited Carnegie Fund Services S.A. Zweigniederlassung Frankfurt am Main 11, rue du Général-Dufour OpernTurm 1204 Geneva Bockenheimer Landstraße 2-4 Switzerland 60306 Frankfurt am Main Germany * The Company’s Memorandum and Articles of Association, the Prospectuses, the Key Investor Information Documents, the unaudited semi-

annual reports, as well as the audited annual reports can be obtained free of charge from the office of the information agent via regular mail or per e-mail. The net asset value of each of the relevant Funds and the subscription and redemption prices of the shares of the Funds are published jointly and daily on “www.fundinfo.com” for information purposes only and do not constitute an invitation to subscribe for or repurchase the Company’s shares at those prices.

** ADDITIONAL INFORMATION FOR QUALIFIED INVESTORS IN SWITZERLAND

Only the Acadian European Equity UCITS, Acadian Global Equity UCITS, Acadian Emerging Markets Equity UCITS, Acadian Global Managed Volatility Equity UCITS, Acadian Sustainable Global Equity UCITS, Acadian Emerging Markets Managed Volatility Equity UCITS, Acadian Emerging Markets Equity UCITS II, Acadian Global Leveraged Market Neutral Equity UCITS, Acadian Diversified Alpha UCITS, Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS, Acadian Multi-Asset Absolute Return UCITS, Acadian Japan Equity UCITS, Old Mutual Value Global Equity Fund, Old Mutual Global Emerging Opportunities Fund and Old Mutual Global African Frontiers Fund of The Russell Investment Company Plc (the "Funds") are compliant with Swiss law for distribution to qualified investors in Switzerland.

The Company and the Funds mentioned above are compliant with Swiss law for distribution to qualified investors in Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland. The Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva, Switzerland. Investors in Switzerland can obtain the documents of the Company, such as the Prospectus, the Articles of Association, the Key Investor Information Documents (KIIDs), and the financial reports free of charge from the Swiss representative. This document may only be issued, circulated or distributed so as not to constitute an offering to the general public in Switzerland. Recipients of the document in Switzerland should not pass it on to anyone without first consulting their legal or other appropriate professional adviser, or the Swiss representative.

Each time performance data is published, it should be noted that the past performance is no indication of current or future performance, and that it does not take account of the commissions and costs incurred on the issue and redemption of shares.

The list of the purchases and sales and further information can be obtained free of charge from the representative in Switzerland. For the shares of the Fund distributed to qualified investors in Switzerland, the place of jurisdiction is Geneva.

Russell Investment Company plc Background to the Company

10 Background to the Company

Russell Investment Company plc (the “Company”), was incorporated in Ireland as a public limited company on 31 March 1994. The Company operates under the Companies Act, 2014 (the "Companies Act"), incorporated in Ireland with registration number 215496 and has been authorised since 11 April 1994 by the Central Bank of Ireland (the “Central Bank”) under registration number C20594. The Company is an open-ended investment company with variable capital and is authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and under the Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities)) Regulations 2015, as amended (the “Central Bank UCITS Regulations”). The Company is organised in the form of an umbrella fund with segregated liability between sub-funds and as at 31 March 2019 had fifty one constituent sub-funds available for investment (each a “Fund”, collectively the “Funds”). Russell Investments Eurozone Aggressive Equity Fund, Russell Investments Global Real Estate Securities Fund and Acadian European Alpha Plus UCITS remained unfunded as at 31 March 2019. The Adviser, the Manager and their affiliated group companies are referred to collectively as “Russell Investments” in these financial statements. The net assets under management for the Company at 31 March 2019 amounted to USD 21,510,950,683 (as at 31 March 2018: USD 23,662,881,582) and are broken down as follows:

Fund Funded during the year ended

Functional Currency

Net Assets 31 March 2019

‘000

Net Assets 31 March 2018

‘000Russell Investments Continental European Equity Fund 31 March 1998 EUR 496,787 524,693Russell Investments Emerging Markets Equity Fund 31 March 1995 USD 2,860,236 3,349,195Russell Investments Global Bond Fund 31 March 1995 USD 2,104,060 1,872,688Russell Investments Global Credit Fund 24 March 2010 USD 2,953,397 3,957,487Russell Investments Global High Yield Fund 31 March 2012 EUR 538,612 586,866Russell Investments Japan Equity Fund 31 March 1996 JPY 45,876,946 53,514,822Russell Investments Multi-Asset Growth Strategy Euro Fund 31 March 2013 EUR 216,664 371,130Russell Investments Asia Pacific Ex Japan Fund 31 March 1996 USD 84,713 125,035Russell Investments Sterling Bond Fund 31 March 1999 GBP 106,397 114,864Russell Investments U.K. Equity Fund 31 March 1998 GBP 165,997 122,449Russell Investments U.S. Bond Fund 31 March 2002 USD 98,067 102,258Russell Investments U.S. Equity Fund 31 March 1998 USD 690,527 766,116Russell Investments U.S. Small Cap Equity Fund 31 March 1998 USD 90,715 118,860Russell Investments World Equity Fund II 31 March 2007 USD 827,543 935,603Russell Investments Unconstrained Bond Fund 31 March 2014 USD 641,919 572,363Russell Investments Multi-Asset Conservative Strategy Fund† 31 March 2015 EUR - 7,490Russell Investments Emerging Market Debt Fund 31 March 2016 USD 59,371 63,740Old Mutual African Frontiers Fund 31 March 2011 USD 275,904 276,411Old Mutual Value Global Equity Fund 31 March 2003 USD 283,272 261,468Old Mutual Global REIT Fund†† 31 March 2011 USD - 78,528Old Mutual Global Aggregate Bond Fund 31 March 2003 USD 135,561 142,831Old Mutual Global Currency Fund 31 March 2005 USD 144,002 195,524Old Mutual FTSE RAFI® All World Index Fund 31 March 2012 USD 429,475 558,276Old Mutual MSCI World ESG Leaders Index Fund 31 March 2014 USD 384,437 412,072Old Mutual Global Balanced Fund 31 March 2018 USD 125,910 136,062Old Mutual Global Defensive Fund 31 March 2018 USD 10,418 10,413Old Mutual Multi-Style Global Equity Fund 31 March 2013 USD 511,263 578,845Old Mutual MSCI Emerging Markets ESG Leaders Index Fund 31 March 2015 USD 162,078 63,789Old Mutual Global Macro Equity Fund 31 March 2017 USD 480,530 508,628Old Mutual Global Islamic Equity Fund 31 March 2017 USD 98,273 77,378Old Mutual Global Managed Volatility Fund 31 March 2018 USD 30,198 36,663Old Mutual Quality Global Equity Fund 31 March 2018 USD 127,904 138,039

Russell Investment Company plc Background to the Company - continued

Background to the Company 11

Fund Funded during the year ended

Functional Currency

Net Assets 31 March 2019

‘000

Net Assets 31 March 2018

‘000Old Mutual Growth Global Equity Fund 31 March 2018 USD 79,974 93,363Old Mutual Global Emerging Opportunities Fund††† 31 March 2018 USD - 102,721Old Mutual Titan Global Equity Fund 31 March 2018 USD 104,293 106,250Old Mutual Global Managed Alpha Fund 31 March 2018 USD 50,818 51,214Acadian European Equity UCITS 24 March 2010 EUR 982,838 262,795Acadian Global Equity UCITS 31 March 2012 EUR 292,006 285,450Acadian Emerging Markets Equity UCITS 31 March 2006 GBP 231,647 222,777Acadian Global Managed Volatility Equity UCITS 31 March 2012 EUR 1,155,553 1,048,837Acadian Sustainable Global Equity UCITS 31 March 2013 EUR 281,939 343,701Acadian Emerging Markets Managed Volatility Equity UCITS 31 March 2015 USD 320,353 323,496Acadian Emerging Markets Equity UCITS II 31 March 2015 USD 1,804,497 2,276,840Acadian Global Leveraged Market Neutral Equity UCITS 31 March 2015 USD 28,502 98,697Acadian Diversified Alpha UCITS 31 March 2016 USD 106,228 118,486Acadian Sustainable Emerging Markets Equity Ex-Fossil Fuel UCITS 31 March 2017 USD 56,340 124,893Acadian Multi-Asset Absolute Return UCITS 31 March 2018 USD 15,086 14,906Acadian Japan Equity UCITS* 31 March 2019 JPY 4,857,055 -Acadian China A Equity UCITS** 31 March 2019 USD 6,247 -Acadian Sustainable Global Managed Volatility Equity UCITS*** 31 March 2019 USD 34,302 - * The Fund launched on 13 April 2018. † The Fund ceased trading on 23 February 2019. ** The Fund launched on 10 December 2018. †† The Fund ceased trading on 12 February 2019. *** The Fund launched on 6 December 2018. ††† The Fund ceased trading on 27 March 2019. All shares in Russell Investments Sterling Corporate Bond Fund, Russell Investments U.K. Index Linked Fund, Russell Investments U.K. Long Dated Gilt Fund, Russell Investments Multi-Asset Conservative Strategy Fund, Old Mutual Pan African Fund, Old Mutual Global Bond Fund, Copper Rock Global All Cap Equity Fund, Old Mutual U.S. Core-Bond Fund, Old Mutual MSCI Africa ex-South Africa Index Fund, Old Mutual Emerging Market Local Currency Debt Fund, Old Mutual Opportunities Global Equity Fund, Old Mutual Emulated Opportunities Global Equity Fund, Old Mutual Blended Global Equity Fund and Acadian Emerging Markets Small-Cap UCITS have been redeemed and the Funds have been closed and are no longer available for investment. The Company intends to apply to the Central Bank to revoke the Fund's approval following final disbursement of assets in the Fund. Each of the Funds may issue income class shares, accumulation class shares, hybrid accumulation class shares or roll-up class shares. All share classes are accumulated class shares unless otherwise indicated in the name of the share class. All references to “net assets” throughout this document refer to net assets attributable to holders of redeemable participating shares unless otherwise stated. U.K. Reporting Fund Status The Company conducts its affairs so as to enable U.K. reporting fund status to be obtained under the United Kingdom Income and Corporation Taxes Act, 1988 for the purposes of U.K. taxation for each applicable Fund.

Russell Investment Company plc Directors’ Report

12 Directors’ Report

The Directors submit their report together with the audited financial statements for the financial year ended 31 March 2019. Directors’ responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland (“Irish GAAP”) including the accounting standards issued by the Financial Reporting Council (“FRC”). Irish company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the assets, liabilities and financial position for Russell Investment Company plc (the “Company”) and of the profit or loss of the Company for that financial year. In preparing the financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will

continue in business. The Directors confirm that they believe that they have complied with the above requirements in preparing the financial statements. The Directors are responsible for the maintenance and integrity of the corporate and financial information relating to the Company which may be included on the Adviser’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In carrying out the above requirements, the Directors have appointed Russell Investments Ireland Limited as manager (the “Manager”) and the Manager has appointed State Street Fund Services (Ireland) Limited to act as administrator (the “Administrator”) of the Company. Transactions involving Directors In respect of the 2019 financial year, the Directors are not aware of any contracts or arrangements of any significance in relation to the business of the Company in which the Directors or their connected persons had any interest as defined by the Companies Act, other than those disclosed in Note 6, “Transactions with related parties”. Accounting Records The Directors are responsible for maintaining adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors’ Report comply with the Companies Act and enable the financial statements to be audited. They are also responsible for ensuring that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the Companies Act and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Directors are also responsible for safeguarding the assets of the Company. In this regard they have appointed State Street Custodial Services (Ireland) Limited (the “Depositary”) as Depositary to the Company pursuant to the terms of a depositary agreement. The Directors have a responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The Directors believe that they have complied with the requirements of the Companies Act, with regard to accounting records by employing an experienced administrator with appropriate expertise and by providing adequate resources to the financial function. The accounting records of the Company are maintained by the Administrator at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. Distributions Please refer to Note 9 to the financial statements for details of the distribution policy of each of the Funds.

Russell Investment Company plc Directors’ Report - continued

Directors’ Report 13

Connected person’s transactions Regulation 41 of the Central Bank UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”. As required under Central Bank UCITS Regulation 78.4, the Directors, as responsible persons are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected person; and all transactions with a connected person that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1). Review of performance of the business, principal activities and future developments of the business As of reporting date, the Directors have no reason to believe that the Company is not able to continue as a going concern. A detailed performance review of the business and its principal activities is included in the Manager’s Report for each Fund. Principal risks and uncertainties A detailed analysis of the risks facing each Fund and the use of financial instruments is included in Note 12 and Note 13 of the financial statements. Throughout the financial year, the Company maintained the aim of spreading investment risk in accordance with the Companies Act. Results and dividends The results for the financial year are set out in the Profit and Loss Account for each Fund. Dividends were declared during the financial year as detailed in Note 9 of the financial statements. Significant events during the financial year Significant events during the financial year are disclosed in Note 17 of the financial statements. Significant events since the financial year end Significant events since the financial year end are disclosed in Note 18 of the financial statements. Voluntary adoption of the Corporate Governance Code The Irish Funds Industry Association (“Irish Funds”) in association with the Central Bank has published a corporate governance code (the “Irish Funds Code”) that may be adopted on a voluntary basis by Irish authorised collective investment schemes. The Board of Directors voluntarily adopted the Irish Funds Code as the Company’s corporate governance code effective from 31 December 2012. The Company has been in compliance with the Irish Funds Code since its adoption. Directors The name and nationality of persons who were Directors at any time during the financial year ended 31 March 2019 are set out below. All Directors are non-executive directors. Except where indicated, all acted as Directors for the entire financial year. Mr. James Firn (American and British) (Chairman) Mr. James Beveridge (British) Mr. Peter Gonella (British) Mr. Neil Jenkins (British) Mr. John McMurray (American) Mr. Tom Murray (Irish) Mr. William Roberts (British and Irish resident) Mr. David Shubotham (Irish) Mr. Kenneth Willman (American and British) (resigned 4 January 2019) Mr. Joseph Linhares (American) (appointed 24 January 2019)

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Combine

Total March 2019

SD ‘000

21,567,719

276,02996,803

327,716138,733

44,36453,371

95922,505,694

(154,811)

(22,972)-

(681,980)(87,504)(15,461)(12,980)(15,097)

(57)(642)

(1,046)(700)(888)(308)(297)

(994,743)

21,510,951

Murray

financial state

ed Balance Sh

Total31 March

USD ‘00

23,5

21

3

24,4

(12

(3(

(46(9(1(

(1

(

((77

23,6

ements.

heet 19

l 2018 00

69,842

253,11968,645

15,99725,525 44,40263,4111,491

442,432

25,366)

39,098)(8,426)69,369)96,539)13,505)(6,612)15,807)

(57)(466)

(1,354)(749)(974)(225)

(1,003)79,550)

662,882

Russell Investment Company plc Combined Profit and Loss Account For the financial year ended 31 March 2019

The accompanying notes are an integral part of the financial statements. 20 Combined Profit and Loss Account

Total 2019

USD ‘000

Total 2018

USD ‘000 Income

Dividends ................................................................................................................... 409,456 371,599Interest income ........................................................................................................... 234,162 225,002Securities lending income .......................................................................................... 236 310

643,854 596,911 Net gain (loss) on investment activities ......................................................................... (1,190,602) 2,251,054 Total investment income (expense) ............................................................................ (546,748) 2,847,965 Expenses

Management fees ....................................................................................................... (180,281) (184,869)Management fees reimbursement .............................................................................. 2,939 4,185Performance fees ........................................................................................................ - (1)Depositary fees ........................................................................................................... (4,221) (2,741)Sub-custodian fees ..................................................................................................... (6,895) (8,425)Administration and transfer agency fees .................................................................... (6,519) (7,272)Audit fees ................................................................................................................... (898) (1,041)Professional fees ........................................................................................................ (509) (1,187)Income purification .................................................................................................... (268) (207)Other fees ................................................................................................................... (1,876) (2,291)

Total operating expenses ............................................................................................. (198,528) (203,849) Net income (expense) ................................................................................................... (745,276) 2,644,116

Finance costs

Distributions ............................................................................................................... (434,816) (394,680)Profit (loss) for the financial year before taxation .................................................... (1,180,092) 2,249,436

Taxation

Capital gains tax ......................................................................................................... (13,679) (15,589)Withholding tax ......................................................................................................... (57,163) (50,192)

Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... (1,250,934) 2,183,655 With the exception of those Funds which ceased trading, as noted in the Background to the Company, all amounts in respect of the financial year ended 31 March 2019 arose solely from continuing operations. There are no recognised gains or losses other than those dealt with in the Profit and Loss Account.

Russell Investment Company plc Combined Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the financial year ended 31 March 2019

The accompanying notes are an integral part of the financial statements.

Combined Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 21

Total 2019

USD ‘000

Total 2018

USD ‘000 Net increase (decrease) in net assets attributable to redeemable participating shareholders resulting from operations ..................................................................... (1,250,934) 2,183,655 Share transactions

Reinvestment of deemed distributions on accumulation shares and hybrid accumulation shares ................................................................................................... 390,705 354,935Net increase (decrease) in net assets resulting from redeemable participating share transactions ................................................................................................................ (831,827) 375,227

Total net increase (decrease) in net assets attributable to redeemable participating shareholders .......................................................................................... (1,692,056) 2,913,817 Foreign currency translation (Note 2) ............................................................................ (459,875) 595,892 Net assets attributable to redeemable participating shareholders

Beginning of financial year ........................................................................................ 23,662,882 20,153,173 End of financial year .................................................................................................. 21,510,951 23,662,882

Russell Investment Company plc Russell Investments Continental European Equity Fund Manager’s Report

22 Russell Investments Continental European Equity Fund

Investment Adviser as at 31 March 2019 Invesco Asset Management Limited Liontrust Investment Partners LLP Pzena Investment Management, LLC S.W. Mitchell Capital LLP Money Manager as at 31 March 2019 Numeric Investors, LLC Investment Manager as at 31 March 2019 Russell Investments Limited Investment Objective Russell Investments Continental European Equity Fund (the “Fund”) seeks to achieve capital appreciation by investing primarily in equity securities, including common stock, convertibles, American depository receipts, global depository receipts and warrants, listed on regulated markets in Europe (excluding the U.K.). Fund Performance During the financial year ended 31 March 2019, the Fund (Class A) returned 0.9 per cent on a gross-of-fee basis (0.0 per cent on a net-of-fee basis), while the benchmark* returned 4.0 per cent. Market Comment Strong April performance drove the benchmark 2.3 per cent higher over the second quarter of 2018. Positive corporate earnings growth supported investor confidence. The European Central Bank’s (ECB) “dovish tapering” signals and political uncertainty weighed on investor sentiment during the period. The ECB signalled that rates will remain at all-time lows “at least through to the summer of 2019”, but that quantitative easing will be reduced from $30 billion to $15 billion by September 2018 and then terminated altogether by the end of the year. Meanwhile, after weeks of discussions and an initial veto by President Mattarella, a Eurosceptic coalition government was formed in Italy. In Spain, the opposition Socialist party won a motion of no confidence against Prime Minister Rajoy, with Pedro Sanchez assuming the role. Elsewhere, migration concerns, a hot topic in Germany and peripheral European nations including Italy and Greece, were partially addressed at the June European Council meeting, with proposals for “more effective control of the European Union’s (EU) borders”. However, wider geo-political tensions remained. The U.S. removed exceptions for the EU from its 25 per cent steel and 10 per cent aluminium tariffs, while the EU enacted previously planned €2.8 billion of tariffs on U.S. imports. In economic data, euro zone inflation increased over the quarter, hitting 2.0 per cent year-on-year (YoY) in the advance June reading. Core consumer price inflation (CPI) slipped down to 1.0 per cent YoY. First quarter euro zone gross domestic product (GDP) growth came in at 0.4 per cent quarter-on-quarter (QoQ) (2.5 per cent YoY), slower than upwardly revised growth of 0.7 per cent (2.8 per cent YoY) recorded in the previous quarter. Meanwhile, euro zone retail sales growth slowed, reading 1.7 per cent YoY as expected in April. However, both the euro zone composite and services Purchasing Managers Indices (PMIs) unexpectedly increased in the preliminary June reading, to 54.8 and 55.0 respectively. The manufacturing PMI remained flat at 55.0. The euro weakened against sterling but strengthened against the U.S. dollar. The benchmark edged 2.3 per cent higher in the third quarter. International trade war rhetoric, Italian political developments and volatility among Emerging Market currencies engendered a mixed environment for equities. As expected, the ECB left its current monetary policy in place but also reaffirmed its plans to halve monthly net quantitative easing asset purchases to €15 billion per month from October - with a view to winding up the program altogether by year-end. Meanwhile, speculation of a no-deal Brexit remained elevated. UK Prime Minister Theresa May’s Chequers plan was deemed unworkable by Donald Tusk, the President of the European Council. A sell off late in the period came as the much-anticipated Italian Budget planned for a larger-than-expected fiscal expansion. Euro zone second-quarter GDP growth read 0.4 per cent QoQ (2.2 per cent YoY) in a revised reading, easing fears over a slowdown in the single currency bloc. The upward revision was mainly supported by stronger growth in Germany, which grew a surprise 0.5 per cent QoQ. Euro zone inflation unexpectedly slowed to 2.0 per cent YoY in August. Meanwhile, euro zone unemployment remained at 8.2 per cent in July – the lowest since November 2008.

Russell Investment Company plc Russell Investments Continental European Equity Fund Manager’s Report - continued

Russell Investments Continental European Equity Fund 23

The benchmark slumped 11.7 per cent in a tumultuous environment. Sustained trade tensions between the U.S. and China, concerns of slowing economic growth and a higher rates environment engendered increased market volatility. Domestic political developments were broadly positive. EU leaders signed off the Brexit withdrawal agreement. However, UK Prime Minister Theresa May proposed new negotiations as a vote on the deal in the UK Parliament was postponed due to a lack of support. May survived a party vote of no confidence in her leadership. Elsewhere, Italian Prime Minister Giuseppe Conte offered to cut the country’s budget deficit to 2.04 per cent for 2019 (from the initial 2.4 per cent target) to fend off European Commission disciplinary measures. Meanwhile, French President Emmanuel Macron agreed to a range of economic concessions to protesters following the violent “gilet jaunes” outbursts. Economic data pointed towards a growth slowdown. This came as the ECB kept interest rates unchanged as expected and ended its quantitative easing programme at the end of December. The benchmark rebounded from a tumultuous final quarter of 2018 with a 12.4 per cent increase. The market shrugged off political uncertainty in Spain and the UK, downgraded growth expectations and underwhelming economic data, particularly in Germany. The ECB unexpectedly unveiled a fresh round of stimulus in a dovish monthly policy statement. The latest targeted longer-term refinancing operations will provide cheap loans to banks from September until March 2021. The central bank also signalled that interest rates would not rise until next year at the earliest. Growth and inflation forecasts were downgraded to 1.1 per cent from 1.7 per cent for 2019 and its inflation expectation to 1.2 per cent from 1.6 per cent. In political developments, Spanish Prime Minister Pedro Sanchez called an April snap election after his minority government’s budget was voted down. In the UK, Prime Minister Theresa May suffered symbolic Parliamentary Brexit defeats. Consequently, the European Council reluctantly accepted May’s request for a Brexit delay from the original March 29th exit date. Economic data was underwhelming. The final eurozone fourth quarter GDP growth reading was revised 0.1 per cent lower to 1.1 per cent YoY. Preliminary March PMI readings were broadly below consensus. The eurozone composite PMI unexpectedly declined to 51.3 from 51.9. The France composite PMI notably moved into contraction territory at 48.7 from 50.4 and the German measure also weakened to 51.5 from 52.8. The eurozone manufacturing measure disappointed (47.6), with the German measure contracting to 44.7 – its worst in six-and-a-half years – amid trade hostilities. German factory orders and industrial production continued to contract, while German GDP growth was also flat in the fourth quarter, with the country narrowly avoiding a recession. General Comment on Money Managers/Performance The Fund outperformed the benchmark during the second quarter of 2018, as our tilt towards small-mid cap stocks was positive. An overweight to energy - the strongest-performing sector - was a key contributor. Liontrust’s selection of high momentum growth names was rewarded, while our positioning strategy benefited from an underweight to financials. Metropole and Invesco suffered from their value tilt. Early in the period we took the opportunity to tactically reduce the Fund’s overweight to value slightly. Notably, it was an unfavorable environment for value stocks later in the quarter. Overall, we retain our preference for the factor and for domestic cyclicals. The Fund returned some of its early-year outperformance in the third quarter of 2018. It was an unfavourable environment for our value, pro-cyclical positioning. Large caps outperformed stocks lower down the cap scale which also weighed on relative returns. Metropole suffered from its selection of peripheral European banking names. In contrast, Invesco benefited from effective stock selection within the consumer staples and health care sectors. Our positioning strategy also suited the market environment. We continue to take advantage of the recent weakness in value and domestic cyclicals, building back our overweight tilt towards these areas. The Fund underperformed in a volatile fourth quarter for equity markets. Large-cap defensive stocks continued to outperform small-cap dynamic stocks which did not suit our Fund positioning. Negative stock selection also weighed on relative returns. However, our tilt towards value was rewarded as the factor outperformed growth for the first time this year. Liontrust returned its early-year outperformance this period, suffering from its selection of energy and materials names. In contrast, our positioning strategy providing defensive, income generating exposure suited the market environment and mitigated additional underperformance. The Fund lagged the healthy benchmark return during the first quarter of 2019. An underweight to and unrewarded stock picking within the consumer staples sector was a key detractor. An overweight to the communication services sector also weighed on relative returns. However, effective selection within the financials and information technology sectors limited additional underperformance. During the quarter, we converted the Fund into an enhanced portfolio implementation (EPI) approach. We fired Metropole and added Pzena and SW Mitchell. We also evolved the Russell Investments Positioning Strategy to incorporate a low volatility return source. Past performance is no indication of present or future performance. * Benchmark source: MSCI Europe ex UK Net Russell Investments Ireland Limited April 2019

Russell Investment Company plc Russell Investments Continental European Equity Fund Balance Sheet As at 31 March 2019

The accompanying notes are an integral part of the financial statements. 24 Russell Investments Continental European Equity Fund

31 March 2019

EUR ‘000 31 March 2018

EUR ‘000 Assets Financial assets at fair value through profit or loss (Note 2) ......................................... 484,480 519,029

Cash at bank (Note 3) .................................................................................................... 2,288 3,777Cash held with brokers and counterparties for open financial derivative instruments (Note 3) .......................................................................................................................... 736 2,170

Debtors:

Receivable for investments sold ................................................................................. 1,180 4,919Receivable on fund shares issued ............................................................................... 8,944 55Dividends receivable .................................................................................................. 1,923 1,560

499,551 531,510Liabilities Financial liabilities at fair value through profit or loss (Note 2) .................................... (250) (514)

Creditors – amounts falling due within one financial year:

Payable for investments purchased ............................................................................ (1,646) (4,864)Payable on fund shares redeemed .............................................................................. (293) (809)Distributions payable on income share classes ........................................................... (43) (99)Management fees payable .......................................................................................... (452) (459)Depositary fees payable .............................................................................................. (12) (10)Sub-custodian fees payable ........................................................................................ (28) (29)Administration fees payable ...........................