# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0000351601-25-000016
**Filing Date:** 2025-12
**Character Count:** 474436
**Document Hash:** a8f3dc866c3a8d47ab29fe3811e8708a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000351601-25-000016.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000351601-25-000016

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RUSSELL INVESTMENT CO
- **CENTRAL INDEX KEY:** 0000351601

**ORGANIZATION NAME:**
- **EIN:** 911151059
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03153
- **FILM NUMBER:** 251596517

**BUSINESS ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **BUSINESS PHONE:** 800-787-7354

**MAIL ADDRESS:**
- **STREET 1:** 401 UNION STREET
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RUSSELL FRANK INVESTMENT CO
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Aggressive Strategy Fund (Series ID: S000001575)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004250 | Class A      | RALAX           |
| C000004251 | Class C      | RALCX           |
| C000004253 | Class S      | RALSX           |
| C000027574 | Class R1     | RALRX           |
| C000137231 | Class R5     | RALVX           |

### Balanced Strategy Fund (Series ID: S000001576)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004255 | Class A      | RBLAX           |
| C000004256 | Class C      | RBLCX           |
| C000004258 | Class S      | RBLSX           |
| C000027576 | Class R1     | RBLRX           |
| C000137233 | Class R5     | RBLVX           |

### Moderate Strategy Fund (Series ID: S000001577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004260 | Class A      | RMLAX           |
| C000004261 | Class C      | RMLCX           |
| C000004263 | Class S      | RMLSX           |
| C000027578 | Class R1     | RMLRX           |
| C000137235 | Class R5     | RMLVX           |

### Conservative Strategy Fund (Series ID: S000001578)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004265 | Class A      | RCLAX           |
| C000004266 | Class C      | RCLCX           |
| C000004268 | Class S      | RCLSX           |
| C000027580 | Class R1     | RCLRX           |
| C000137237 | Class R5     | RCLVX           |

### Equity Aggressive Strategy Fund (Series ID: S000001580)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004273 | Class A      | REAAX           |
| C000004274 | Class C      | RELCX           |
| C000004276 | Class S      | RELSX           |
| C000027582 | Class R1     | RELRX           |
| C000137239 | Class R5     | RELVX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number: 811-03153</span></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </span></pre>
```

**Russell Investment Company**

(Exact name of registrant as specified in charter)

**401 Union Street, 18<sup>th</sup> Floor, Seattle Washington 98101**

(Address of principal executive offices) (Zip code)

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Mary Beth Albaneze, Secretary and Chief Legal Officer</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">401 Union Street </span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">18<sup>th</sup> Floor</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">Seattle, Washington 98101</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><span style="font-size: 11.0pt;font-family: "Times New Roman",serif;display: inline;">206-505-4846</span></b></pre>
```

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Courier New";text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><span style="display: inline;">______________________________________________</span></pre>
```

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-787-7354

Date of fiscal year end:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 31**

Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; **November 1, 2024 to October 31, 2025**

**EXPLANATORY NOTE**

The Registrant is filing this Certified Shareholder Report on Form N-CSR in three (3) separate submissions due to file size limitations on EDGAR submissions. This initial submission provides the information required by Item 1 for a limited number of the Registrant's reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). The two companion submissions (the "first companion submission" and the "second companion submission") to this Certified Shareholder Report on Form N-CSR will follow immediately and will provide the information required by Item 1 for the other reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). Apart from Item 1, the companion submissions will be identical in all material respects to this initial submission, including with respect to Items 6 and 7, which cover all of the Registrant's reports submitted with this submission, the first companion submission and the second companion submission.

**Item 1. Reports to Stockholders**

#### Conservative Strategy Fund

#### Class A

#### RCLAX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $56 | 0.54% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7b948853595dc35fcd59fd9d.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **Bloomberg U.S. Universal Index** |
| **2015** | 9425 | 10000 |
| **2016** | 9799 | 10507 |
| **2017** | 10285 | 10692 |
| **2018** | 10095 | 10484 |
| **2019** | 10849 | 11674 |
| **2020** | 10931 | 12370 |
| **2021** | 11921 | 12429 |
| **2022** | 9919 | 10467 |
| **2023** | 10104 | 10592 |
| **2024** | 11556 | 11778 |
| **2025** | 12468 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 1.68% | 1.45% | 2.23% |
| Class A - no sales charge | 7.90% | 2.67% | 2.84% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $59610 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $(104) |
| Portfolio Turnover Rate | 22% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6c26ff0108c665a251caa99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.6% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Conservative Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class A

Annual Shareholder Report

RCLAX

October 31, 2025

#### Class C

#### RCLCX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $134 | 1.29% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](icc7a328d7782aedf11343069.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10322 | 10507 |
| **2017** | 10747 | 10692 |
| **2018** | 10472 | 10484 |
| **2019** | 11172 | 11674 |
| **2020** | 11171 | 12370 |
| **2021** | 12094 | 12429 |
| **2022** | 9998 | 10467 |
| **2023** | 10107 | 10592 |
| **2024** | 11473 | 11778 |
| **2025** | 12285 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 7.07% | 1.92% | 2.08% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $59610 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $(104) |
| Portfolio Turnover Rate | 22% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6c26ff0108c665a251caa99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.6% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Conservative Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class C

Annual Shareholder Report

RCLCX

October 31, 2025

#### Class R1

#### RCLRX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $23 | 0.22% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i03ddeb4cfd07f3b512c3a0ae.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R1** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10435 | 10507 |
| **2017** | 10992 | 10692 |
| **2018** | 10832 | 10484 |
| **2019** | 11684 | 11674 |
| **2020** | 11804 | 12370 |
| **2021** | 12908 | 12429 |
| **2022** | 10778 | 10467 |
| **2023** | 11007 | 10592 |
| **2024** | 12628 | 11778 |
| **2025** | 13676 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R1 | 8.30% | 2.99% | 3.18% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $59610 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $(104) |
| Portfolio Turnover Rate | 22% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6c26ff0108c665a251caa99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.6% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Conservative Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R1

Annual Shareholder Report

RCLRX

October 31, 2025

#### Class R5

#### RCLVX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $75 | 0.72% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i892f2630d459d7a03f885f09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10388 | 10507 |
| **2017** | 10886 | 10692 |
| **2018** | 10672 | 10484 |
| **2019** | 11454 | 11674 |
| **2020** | 11515 | 12370 |
| **2021** | 12540 | 12429 |
| **2022** | 10419 | 10467 |
| **2023** | 10590 | 10592 |
| **2024** | 12090 | 11778 |
| **2025** | 13023 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R5 | 7.72% | 2.49% | 2.68% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $59610 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $(104) |
| Portfolio Turnover Rate | 22% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6c26ff0108c665a251caa99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.6% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Conservative Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R5

Annual Shareholder Report

RCLVX

October 31, 2025

#### Class S

#### RCLSX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $36 | 0.35% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i044815cb2b1b785ef6b6f3dc.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10420 | 10507 |
| **2017** | 10962 | 10692 |
| **2018** | 10780 | 10484 |
| **2019** | 11613 | 11674 |
| **2020** | 11723 | 12370 |
| **2021** | 12804 | 12429 |
| **2022** | 10680 | 10467 |
| **2023** | 10894 | 10592 |
| **2024** | 12486 | 11778 |
| **2025** | 13494 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.07% | 2.85% | 3.04% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $59610 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $(104) |
| Portfolio Turnover Rate | 22% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6c26ff0108c665a251caa99e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.6% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Conservative Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class S

Annual Shareholder Report

RCLSX

October 31, 2025

#### Moderate Strategy Fund

#### Class A

#### RMLAX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $53 | 0.50% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie368a2c96a9c79a03d790217.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **Bloomberg U.S. Universal Index** |
| **2015** | 9422 | 10000 |
| **2016** | 9920 | 10507 |
| **2017** | 10762 | 10692 |
| **2018** | 10422 | 10484 |
| **2019** | 11286 | 11674 |
| **2020** | 10817 | 12370 |
| **2021** | 12676 | 12429 |
| **2022** | 10521 | 10467 |
| **2023** | 10871 | 10592 |
| **2024** | 12902 | 11778 |
| **2025** | 14299 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 4.49% | 4.48% | 3.64% |
| Class A - no sales charge | 10.83% | 5.74% | 4.26% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $125674 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $(82) |
| Portfolio Turnover Rate | 21% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic708ef2edfdba2a80d16e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 54.1% |
| International Equities | 24.0% |
| Domestic Equities | 12.0% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class A

Annual Shareholder Report

RMLAX

October 31, 2025

#### Class C

#### RMLCX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $131 | 1.25% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i2b6cf5e16635b5be2088706c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10453 | 10507 |
| **2017** | 11260 | 10692 |
| **2018** | 10813 | 10484 |
| **2019** | 11633 | 11674 |
| **2020** | 11067 | 12370 |
| **2021** | 12867 | 12429 |
| **2022** | 10603 | 10467 |
| **2023** | 10871 | 10592 |
| **2024** | 12800 | 11778 |
| **2025** | 14090 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 10.08% | 4.95% | 3.49% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $125674 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $(82) |
| Portfolio Turnover Rate | 21% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic708ef2edfdba2a80d16e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 54.1% |
| International Equities | 24.0% |
| Domestic Equities | 12.0% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class C

Annual Shareholder Report

RMLCX

October 31, 2025

#### Class R1

#### RMLRX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $26 | 0.25% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iea58be9599a738aec9ae2d04.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R1** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10560 | 10507 |
| **2017** | 11484 | 10692 |
| **2018** | 11144 | 10484 |
| **2019** | 12118 | 11674 |
| **2020** | 11639 | 12370 |
| **2021** | 13661 | 12429 |
| **2022** | 11379 | 10467 |
| **2023** | 11778 | 10592 |
| **2024** | 14016 | 11778 |
| **2025** | 15585 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R1 | 11.19% | 6.01% | 4.54% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $125674 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $(82) |
| Portfolio Turnover Rate | 21% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic708ef2edfdba2a80d16e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 54.1% |
| International Equities | 24.0% |
| Domestic Equities | 12.0% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R1

Annual Shareholder Report

RMLRX

October 31, 2025

#### Class R5

#### RMLVX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $79 | 0.75% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iba8ec159f27a823d00631397.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10506 | 10507 |
| **2017** | 11368 | 10692 |
| **2018** | 10979 | 10484 |
| **2019** | 11876 | 11674 |
| **2020** | 11350 | 12370 |
| **2021** | 13260 | 12429 |
| **2022** | 10988 | 10467 |
| **2023** | 11315 | 10592 |
| **2024** | 13397 | 11778 |
| **2025** | 14814 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R5 | 10.58% | 5.47% | 4.01% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $125674 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $(82) |
| Portfolio Turnover Rate | 21% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic708ef2edfdba2a80d16e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 54.1% |
| International Equities | 24.0% |
| Domestic Equities | 12.0% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R5

Annual Shareholder Report

RMLVX

October 31, 2025

#### Class S

#### RMLSX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $35 | 0.33% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i3f88a203a24f754229a0e12a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Bloomberg U.S. Universal Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10543 | 10507 |
| **2017** | 11459 | 10692 |
| **2018** | 11124 | 10484 |
| **2019** | 12070 | 11674 |
| **2020** | 11590 | 12370 |
| **2021** | 13593 | 12429 |
| **2022** | 11308 | 10467 |
| **2023** | 11697 | 10592 |
| **2024** | 13905 | 11778 |
| **2025** | 15443 | 12544 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 11.06% | 5.91% | 4.44% |
| Bloomberg U.S. Universal Index | 6.51% | 0.28% | 2.29% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $125674 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $(82) |
| Portfolio Turnover Rate | 21% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idae17a08980b9285d048bb73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ic708ef2edfdba2a80d16e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 54.1% |
| International Equities | 24.0% |
| Domestic Equities | 12.0% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Moderate Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class S

Annual Shareholder Report

RMLSX

October 31, 2025

#### Balanced Strategy Fund

#### Class A

#### RBLAX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $59 | 0.55% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's ("RIM") target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i9cf6783fd7b54c9524daae42.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index (Net)** |
| **2015** | 9422 | 10000 |
| **2016** | 9852 | 10205 |
| **2017** | 11039 | 12573 |
| **2018** | 10650 | 12508 |
| **2019** | 11564 | 14082 |
| **2020** | 10859 | 14771 |
| **2021** | 13826 | 20277 |
| **2022** | 11427 | 16230 |
| **2023** | 12022 | 17935 |
| **2024** | 14767 | 23816 |
| **2025** | 16783 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 7.15% | 7.81% | 5.31% |
| Class A - no sales charge | 13.65% | 9.10% | 5.94% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617912 |
| Total Number of Portfolio Holdings | 13 |
| Total Advisory Fees Paid (thousands) | $689 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i751f8d19559b4be0dd876151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.2% |
| Fixed Income | 32.9% |
| Domestic Equities | 15.1% |
| Multi-Asset | 8.0% |
| Alternative | 3.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until May 31, 2025, Russell Investment Management, LLC ("RIM") contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class A

Annual Shareholder Report

RBLAX

October 31, 2025

#### Class C

#### RBLCX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $138 | 1.30% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's ("RIM") target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7bcd8c5fd93480f3d037ce74.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10380 | 10205 |
| **2017** | 11535 | 12573 |
| **2018** | 11044 | 12508 |
| **2019** | 11913 | 14082 |
| **2020** | 11094 | 14771 |
| **2021** | 14032 | 20277 |
| **2022** | 11502 | 16230 |
| **2023** | 12013 | 17935 |
| **2024** | 14651 | 23816 |
| **2025** | 16522 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 12.78% | 8.29% | 5.15% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617912 |
| Total Number of Portfolio Holdings | 13 |
| Total Advisory Fees Paid (thousands) | $689 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i751f8d19559b4be0dd876151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.2% |
| Fixed Income | 32.9% |
| Domestic Equities | 15.1% |
| Multi-Asset | 8.0% |
| Alternative | 3.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until May 31, 2025, Russell Investment Management, LLC ("RIM") contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class C

Annual Shareholder Report

RBLCX

October 31, 2025

#### Class R1

#### RBLRX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $36 | 0.34% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's ("RIM") target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i9e51cc450efc5fb9da7dd1a0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R1** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10470 | 10205 |
| **2017** | 11752 | 12573 |
| **2018** | 11361 | 12508 |
| **2019** | 12362 | 14082 |
| **2020** | 11635 | 14771 |
| **2021** | 14845 | 20277 |
| **2022** | 12289 | 16230 |
| **2023** | 12962 | 17935 |
| **2024** | 15962 | 23816 |
| **2025** | 18171 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R1 | 13.84% | 9.33% | 6.15% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617912 |
| Total Number of Portfolio Holdings | 13 |
| Total Advisory Fees Paid (thousands) | $689 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i751f8d19559b4be0dd876151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.2% |
| Fixed Income | 32.9% |
| Domestic Equities | 15.1% |
| Multi-Asset | 8.0% |
| Alternative | 3.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until May 31, 2025, Russell Investment Management, LLC ("RIM") contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R1

Annual Shareholder Report

RBLRX

October 31, 2025

#### Class R5

#### RBLVX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $90 | 0.84% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's ("RIM") target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iadacf57bead60be5c146e299.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10418 | 10205 |
| **2017** | 11635 | 12573 |
| **2018** | 11191 | 12508 |
| **2019** | 12126 | 14082 |
| **2020** | 11337 | 14771 |
| **2021** | 14405 | 20277 |
| **2022** | 11864 | 16230 |
| **2023** | 12453 | 17935 |
| **2024** | 15252 | 23816 |
| **2025** | 17275 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R5 | 13.26% | 8.79% | 5.62% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617912 |
| Total Number of Portfolio Holdings | 13 |
| Total Advisory Fees Paid (thousands) | $689 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i751f8d19559b4be0dd876151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.2% |
| Fixed Income | 32.9% |
| Domestic Equities | 15.1% |
| Multi-Asset | 8.0% |
| Alternative | 3.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until May 31, 2025, Russell Investment Management, LLC ("RIM") contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R5

Annual Shareholder Report

RBLVX

October 31, 2025

#### Class S

#### RBLSX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $43 | 0.40% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's ("RIM") target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i53b043439ac1f0ce482624d4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10473 | 10205 |
| **2017** | 11741 | 12573 |
| **2018** | 11346 | 12508 |
| **2019** | 12344 | 14082 |
| **2020** | 11608 | 14771 |
| **2021** | 14806 | 20277 |
| **2022** | 12249 | 16230 |
| **2023** | 12915 | 17935 |
| **2024** | 15888 | 23816 |
| **2025** | 18068 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 13.72% | 9.25% | 6.09% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617912 |
| Total Number of Portfolio Holdings | 13 |
| Total Advisory Fees Paid (thousands) | $689 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i751f8d19559b4be0dd876151.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.2% |
| Fixed Income | 32.9% |
| Domestic Equities | 15.1% |
| Multi-Asset | 8.0% |
| Alternative | 3.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until May 31, 2025, Russell Investment Management, LLC ("RIM") contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Balanced Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class S

Annual Shareholder Report

RBLSX

October 31, 2025

#### Aggressive Strategy Fund

#### Class A

#### RALAX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $63 | 0.58% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i65b7dbf31fe1fd26de22fdd1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index (Net)** |
| **2015** | 9427 | 10000 |
| **2016** | 9757 | 10205 |
| **2017** | 11317 | 12573 |
| **2018** | 10999 | 12508 |
| **2019** | 11888 | 14082 |
| **2020** | 11093 | 14771 |
| **2021** | 15051 | 20277 |
| **2022** | 12413 | 16230 |
| **2023** | 13263 | 17935 |
| **2024** | 16789 | 23816 |
| **2025** | 19506 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 9.49% | 10.63% | 6.91% |
| Class A - no sales charge | 16.19% | 11.95% | 7.54% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617237 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $239 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](id7404962ebb1b713b9f8a47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.6% |
| Domestic Equities | 26.2% |
| Fixed Income | 14.4% |
| Multi-Asset | 8.0% |
| Alternative | 4.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class A

Annual Shareholder Report

RALAX

October 31, 2025

#### Class C

#### RALCX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $143 | 1.33% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7bf857bf0e4bdb289ab97ac4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10278 | 10205 |
| **2017** | 11833 | 12573 |
| **2018** | 11413 | 12508 |
| **2019** | 12242 | 14082 |
| **2020** | 11345 | 14771 |
| **2021** | 15281 | 20277 |
| **2022** | 12498 | 16230 |
| **2023** | 13265 | 17935 |
| **2024** | 16646 | 23816 |
| **2025** | 19207 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 15.39% | 11.10% | 6.74% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617237 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $239 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](id7404962ebb1b713b9f8a47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.6% |
| Domestic Equities | 26.2% |
| Fixed Income | 14.4% |
| Multi-Asset | 8.0% |
| Alternative | 4.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class C

Annual Shareholder Report

RALCX

October 31, 2025

#### Class R1

#### RALRX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $30 | 0.28% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ic49f36ae269e74fb6d910482.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R1** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10377 | 10205 |
| **2017** | 12071 | 12573 |
| **2018** | 11772 | 12508 |
| **2019** | 12762 | 14082 |
| **2020** | 11941 | 14771 |
| **2021** | 16253 | 20277 |
| **2022** | 13443 | 16230 |
| **2023** | 14413 | 17935 |
| **2024** | 18284 | 23816 |
| **2025** | 21312 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R1 | 16.56% | 12.28% | 7.86% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617237 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $239 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](id7404962ebb1b713b9f8a47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.6% |
| Domestic Equities | 26.2% |
| Fixed Income | 14.4% |
| Multi-Asset | 8.0% |
| Alternative | 4.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R1

Annual Shareholder Report

RALRX

October 31, 2025

#### Class R5

#### RALVX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $84 | 0.78% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i56784c4fe65d5a96597a811c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10337 | 10205 |
| **2017** | 11960 | 12573 |
| **2018** | 11606 | 12508 |
| **2019** | 12514 | 14082 |
| **2020** | 11656 | 14771 |
| **2021** | 15787 | 20277 |
| **2022** | 12992 | 16230 |
| **2023** | 13853 | 17935 |
| **2024** | 17499 | 23816 |
| **2025** | 20284 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R5 | 15.91% | 11.72% | 7.33% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617237 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $239 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](id7404962ebb1b713b9f8a47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.6% |
| Domestic Equities | 26.2% |
| Fixed Income | 14.4% |
| Multi-Asset | 8.0% |
| Alternative | 4.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R5

Annual Shareholder Report

RALVX

October 31, 2025

#### Class S

#### RALSX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $36 | 0.33% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie9523314ea481f3e329a52e4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10372 | 10205 |
| **2017** | 12062 | 12573 |
| **2018** | 11751 | 12508 |
| **2019** | 12737 | 14082 |
| **2020** | 11912 | 14771 |
| **2021** | 16212 | 20277 |
| **2022** | 13402 | 16230 |
| **2023** | 14353 | 17935 |
| **2024** | 18211 | 23816 |
| **2025** | 21211 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 16.47% | 12.23% | 7.81% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $617237 |
| Total Number of Portfolio Holdings | 12 |
| Total Advisory Fees Paid (thousands) | $239 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](id7404962ebb1b713b9f8a47b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.6% |
| Domestic Equities | 26.2% |
| Fixed Income | 14.4% |
| Multi-Asset | 8.0% |
| Alternative | 4.9% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class S

Annual Shareholder Report

RALSX

October 31, 2025

#### Equity Aggressive Strategy Fund

#### Class A

#### REAAX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $63 | 0.58% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i5b5d68cbd411b90b2cb57c81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **MSCI ACWI Index (Net)** |
| **2015** | 9423 | 10000 |
| **2016** | 9758 | 10205 |
| **2017** | 11620 | 12573 |
| **2018** | 11261 | 12508 |
| **2019** | 12190 | 14082 |
| **2020** | 11185 | 14771 |
| **2021** | 15568 | 20277 |
| **2022** | 12799 | 16230 |
| **2023** | 13763 | 17935 |
| **2024** | 17692 | 23816 |
| **2025** | 20775 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 10.66% | 11.86% | 7.59% |
| Class A - no sales charge | 17.43% | 13.18% | 8.23% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $321700 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $42 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i82fd37c2b8f75089c1f8e9de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.6% |
| Domestic Equities | 32.2% |
| Multi-Asset | 7.0% |
| Fixed Income | 5.9% |
| Alternative | 5.4% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Equity Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class A

Annual Shareholder Report

REAAX

October 31, 2025

#### Class C

#### RELCX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $144 | 1.33% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i2ec928c5eb4da30316d73366.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10272 | 10205 |
| **2017** | 12145 | 12573 |
| **2018** | 11682 | 12508 |
| **2019** | 12560 | 14082 |
| **2020** | 11438 | 14771 |
| **2021** | 15787 | 20277 |
| **2022** | 12883 | 16230 |
| **2023** | 13752 | 17935 |
| **2024** | 17550 | 23816 |
| **2025** | 20442 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 16.48% | 12.31% | 7.41% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $321700 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $42 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i82fd37c2b8f75089c1f8e9de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.6% |
| Domestic Equities | 32.2% |
| Multi-Asset | 7.0% |
| Fixed Income | 5.9% |
| Alternative | 5.4% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Equity Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class C

Annual Shareholder Report

RELCX

October 31, 2025

#### Class R1

#### RELRX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $27 | 0.25% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ibf79b2582bf96f54f5d0853e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R1** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10388 | 10205 |
| **2017** | 12416 | 12573 |
| **2018** | 12065 | 12508 |
| **2019** | 13103 | 14082 |
| **2020** | 12067 | 14771 |
| **2021** | 16840 | 20277 |
| **2022** | 13882 | 16230 |
| **2023** | 14991 | 17935 |
| **2024** | 19337 | 23816 |
| **2025** | 22764 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R1 | 17.72% | 13.53% | 8.57% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $321700 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $42 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i82fd37c2b8f75089c1f8e9de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.6% |
| Domestic Equities | 32.2% |
| Multi-Asset | 7.0% |
| Fixed Income | 5.9% |
| Alternative | 5.4% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Equity Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R1

Annual Shareholder Report

RELRX

October 31, 2025

#### Class R5

#### RELVX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $81 | 0.75% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i51c07eab0062413fdf23ea81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10340 | 10205 |
| **2017** | 12290 | 12573 |
| **2018** | 11888 | 12508 |
| **2019** | 12848 | 14082 |
| **2020** | 11771 | 14771 |
| **2021** | 16354 | 20277 |
| **2022** | 13414 | 16230 |
| **2023** | 14417 | 17935 |
| **2024** | 18490 | 23816 |
| **2025** | 21672 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R5 | 17.21% | 12.98% | 8.04% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $321700 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $42 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i82fd37c2b8f75089c1f8e9de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.6% |
| Domestic Equities | 32.2% |
| Multi-Asset | 7.0% |
| Fixed Income | 5.9% |
| Alternative | 5.4% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Equity Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class R5

Annual Shareholder Report

RELVX

October 31, 2025

#### Class S

#### RELSX
![Image](i56fb888b20967042945f4c19.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](ifa987b420e62b212814c5ff3.jpg)

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354** or by sending an e-mail to: service@russellinvestments.com.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $36 | 0.33% |

---

# How did the Fund perform last year and what affected its performance?
The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC's target strategic asset allocation. The Fund's performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

# How did the Fund perform over the last 10 years?\*
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i082b7823b9f2ae75f917ed1f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **MSCI ACWI Index (Net)** |
| **2015** | 10000 | 10000 |
| **2016** | 10381 | 10205 |
| **2017** | 12396 | 12573 |
| **2018** | 12040 | 12508 |
| **2019** | 13066 | 14082 |
| **2020** | 12017 | 14771 |
| **2021** | 16757 | 20277 |
| **2022** | 13813 | 16230 |
| **2023** | 14902 | 17935 |
| **2024** | 19194 | 23816 |
| **2025** | 22586 | 29208 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 17.67% | 13.45% | 8.49% |
| MSCI ACWI Index (Net) | 22.64% | 14.61% | 11.31% |

---

**\*The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $321700 |
| Total Number of Portfolio Holdings | 11 |
| Total Advisory Fees Paid (thousands) | $42 |
| Portfolio Turnover Rate | 26% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib1835ca6044a383ab635361e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Investments in Affiliated Funds | 100.1% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i82fd37c2b8f75089c1f8e9de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.6% |
| Domestic Equities | 32.2% |
| Multi-Asset | 7.0% |
| Fixed Income | 5.9% |
| Alternative | 5.4% |
| Other | (0.1)% |

---

# Material Fund Changes
Until February 28, 2025, the Fund's name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at **https://connect.rightprospectus.com/russellinvestments**or upon request at **1-800-787-7354**.

#### Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit **https://connect.rightprospectus.com/russellinvestments**.

# Householding
To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

![Image](i887dc0a2d8607a98ce7b3473.jpg)

#### Equity Aggressive Strategy Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](ia86518429a1493990707c494.jpg)

Class S

Annual Shareholder Report

RELSX

October 31, 2025

**Item 2. Code of Ethics.** 

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer ("Code"). There have been no amendments to, or waivers in connection with, the Code during the period covered by this Report. The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

**Item 3. Audit Committee Financial Expert.** 

Registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be "independent" for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

**Audit Fees**

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2024 $1,404,849

2025 $1,461,046

**Audit-Related Fees**

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $469,963&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Services performed in connection with the Audit

2025 $488,768&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Services performed in connection with the Audit

**Tax Fees**

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $419,548&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services

2025 $434,048&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services

**All Other Fees**

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

<u>Fees</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nature of Services</u> 

2024 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 $0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) (1) Registrant's audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant's accountants:

**Russell Investment Company**

**Russell Investment Funds**

**Russell Investments Exchange Traded Funds**

**Russell Investments New Economy Infrastructure Fund**

**Russell Investments Strategic Credit Fund**

**(each an "Investment Company")**

**Audit and Non-Audit Services Pre-Approval Policy**

**Effective Date: April 1, 2025**

**I.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose.**

This Audit and Non-Audit Services Pre-Approval Policy ("Policy") has been adopted by the Audit Committee (the "Audit Committee") of each Investment Company to apply to any and all engagements of the independent auditor with: (1) an Investment Company for audit and permissible non-audit services and (2) the Investment Company's adviser or its control affiliates (collectively, "Adviser Entities") for permissible non-audit services that relate directly to the Investment Company's operations or financial reporting ("fund-related services") <sup>1</sup>. The term "Funds" shall collectively refer to each series of an Investment Company that is a series company and to each Investment Company that is not a series company. The term "Investment Adviser" shall refer to the Funds' adviser, Russell Investment Management, LLC ("RIM"). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds' independent auditor.

**II.&nbsp;&nbsp;&nbsp;&nbsp; Statement of Principles.** 

Under the Sarbanes-Oxley Act of 2002 (the "Act") and rules adopted by the United States Securities and Exchange Commission (the "SEC"), the Audit Committee of the Funds' Board of Trustees (the "Audit Committee") is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds. As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services ("non-audit services"), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds. In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered. In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

(a) Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

(b) Results in the auditor acting as management or an employee of the audit client;

(c) Places the auditor in the position of auditing its own work; or

(d) Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds' policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee's responsibilities to management ("general pre-approval"), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis ("specific pre-approval").

The Funds' Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds' independent auditor. The Funds' Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee. <sup>2</sup> As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

**III.&nbsp;&nbsp;&nbsp;&nbsp; Delegation.**

As provided in the Act and in the SEC's rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Audit Services.**

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds' systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor's report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds' SEC registration statement on Form N-1A or Form N-2, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds' securities offerings.

The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

**V.&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Services.**

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC's rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. "Audit-related services" include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including reports required to be filed with the SEC pursuant to applicable requirements.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

**VI.&nbsp;&nbsp;&nbsp;&nbsp; Tax Services.**

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor's independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC's rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds' investments outside the United States. The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds' tax planning and reporting positions are consistent with this policy.

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

**VII.&nbsp;&nbsp;&nbsp;&nbsp; All Other Services.**

The Audit Committee believes, based on the SEC's rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as "all other" services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC's rules on auditor independence.

The Audit Committee has pre-approved the permissible "all other services" set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule. Permissible "all other services" not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

A list of the SEC's prohibited non-audit services are as follows:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(c) Appraisal or valuation services, fairness opinions or contribution-in-kind reports

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

The SEC's rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

**VIII.&nbsp;&nbsp;&nbsp;&nbsp; De Minimis Waiver.**

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid the Investment Company to the independent auditor during the fiscal year in which the services were provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp; Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp; Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by the Investment Company and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

**IX.&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval Fee Levels or Budgeted Amounts.**

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as "all other services" for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

**X.&nbsp;&nbsp;&nbsp;&nbsp; Procedures**

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the "Investment Company Clearance Committee" (the "Clearance Committee") (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC's rules governing auditor independence.

Russell Investments' associates and the officers of the Investment Company will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of the Investment Company.

**XI.&nbsp;&nbsp;&nbsp;&nbsp; Additional Requirements.** 

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor's continuing independence from the Funds and their affiliates. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and the Investment Company, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor's independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

*Footnotes*

1 &nbsp;&nbsp;&nbsp;&nbsp; Adviser Entities include the Funds' investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2 &nbsp;&nbsp;&nbsp;&nbsp; As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

**Audit Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Audit-Related Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**Tax Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

**All Other Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0**%

(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

2024 $0

2025 $0

(h) The registrant's audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable, as the registrant has not been identified by the SEC as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) Not applicable, as the registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable.

**Item 6. Schedules of Investments** 

(a) The registrant's Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

2025

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

LifePoints®

Funds

OCTOBER

31,

2025

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R5,

S

Aggressive

Strategy

Fund

(formerly,

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Equity

Aggressive

Strategy

Fund

(formerly,

Equity

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

(Form

N-CSR

Item

7)

............................................

Moderate

Strategy

Fund

(Form

N-CSR

Item

7)

................................................

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

.................................................

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

..............................................

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

..................................

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

........................................

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

.......................................

Report

of

Independent

Registered

Public

Accounting

Firm

..............................

Tax

Information

.................................................................................................

Basis

for

Approval

of

Investment

Advisory

Agreements

(Form

N-CSR

Item

11)

..................................................................

Adviser

and

Service

Providers

...........................................................................

Russell

Investment

Company

LifePoints®

Funds

Annual

Financial

Statements

and

Other

Information

October

31,

2025

Table

of

Contents

Russell

Investment

Company

-

LifePoints®

Funds.

Copyright©

Russell

Investments

2025. All

rights

reserved.

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.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA

and

part

of

Russell

Investments.

Indices

and

benchmarks

are

unmanaged

and

cannot

be

invested

in

directly.

Returns

represent

past

performance,

are

not

a

guarantee

of

future

performance,

and

are

not

indicative

of

any

specific

investment.

Index

return

information

is

provided

by

vendors

and

although

deemed

reliable,

is

not

guaranteed

by

Russell

Investments

or

its

affiliates.

S&P®

is

a

registered

trademark

of

Standard

&

Poor's

Financial

Services

LLC. Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Current

to

the

most

recent

month-end

performance

for

Russell

Investment

Company

mutual

funds

is

available

by

visiting

https://russellinvestments.com/us/fund-center/performance-pricing.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

39,421

1,191

Domestic

Equities

-

10.5%

Multifactor

U.S.

Equity

Fund

Class

Y

289,457

5,074

U.S.

Small

Cap

Equity

Fund

Class

Y

44,622

1,192

6,266

Fixed

Income

-

75.6%

Investment

Grade

Bond

Fund

Class

Y

544,396

10,148

Long

Duration

Bond

Fund

Class

Y

518,405

4,178

Opportunistic

Credit

Fund

Class

Y

680,639

5,969

Short

Duration

Bond

Fund

Class

Y

265,788

5,074

Strategic

Bond

Fund

Class

Y

2,145,764

19,698

45,067

International

Equities

-

4.0%

Emerging

Markets

Fund

Class

Y

56,180

1,194

Multifactor

International

Equity

Fund

Class

Y

95,582

1,194

2,388

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

470,473

4,775

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$55,134)

59,687

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$55,134)

59,687

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(77) #### Net

#### Assets

#### -

#### 100.0%
59,610

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

55,134

Investments,

at

fair

value(>)

........................................................................................................................................................

59,687

Receivables:

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

affiliates

..................................................................................................................................................................

Total

assets

...............................................................................................................................................................

59,926

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

59,610

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(2,378)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

61,922

#### Net

#### Assets

#### ...............................................................................................................................................................
$

59,610

(>)

Investments

in

affiliated

funds

$

59,687

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.14 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

9.70 Class

A

—

Net

assets

...........................................................................................................................................................

$

29,892,210

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

3,270,639

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.84 Class

C

—

Net

assets

...........................................................................................................................................................

$

21,938,906

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,481,835

Net

asset

value

per

share:

Class

R1

(#)

........................................................................................................................................

$

9.30 Class

R1

—

Net

assets

.........................................................................................................................................................

$

471,374

Class

R1

—

Shares

outstanding

($.01

par

value)

................................................................................................................

50,696

Net

asset

value

per

share:

Class

R5

(#)

........................................................................................................................................

$

9.24 Class

R5

—

Net

assets

.........................................................................................................................................................

$

2,429,943

Class

R5

—

Shares

outstanding

($.01

par

value)

................................................................................................................

262,985

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.28 Class

S

—

Net

assets

............................................................................................................................................................

$

4,877,175

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

525,437

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

...................................................................................................................................

$

3,079

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Distribution

fees

-

Class

R5

.............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

R1

.........................................................................................................................................

Transfer

agent

fees

-

Class

R5

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Shareholder

servicing

fees

-

Class

R5

.............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

791

Expense

reductions

..........................................................................................................................................................

(265) Net

expenses

................................................................................................................................................................................

526

Net

investment

income

(loss)

.......................................................................................................................................................

2,553

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

(346) Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

1,707

Net

realized

gain

(loss)

................................................................................................................................................................

1,361

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

608

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

608

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

1,969

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

4,522

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

2,553

$

2,227

Net

realized

gain

(loss)

................................................................................................................

1,361

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

608

8,219

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

4,522

10,494

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,312)

(1,078)

Class

C

.....................................................................................................................................

(881) (779) Class

R1

...................................................................................................................................

(19) (11) Class

R4

(1) ...............................................................................................................................

—

(55) Class

R5

...................................................................................................................................

(111) (93) Class

S

......................................................................................................................................

(233) (206) Net

decrease

in

net

assets

from

distributions

.....................................................................................

(2,556)

(2,222)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(14,316)

(14,930)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(12,350)

(6,658)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

71,960

78,618

End

of

period

......................................................................................................................................

$

59,610

$

71,960

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2025

and

October

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,934

$

2,982

Proceeds

from

reinvestment

of

distributions

1,305

1,073

Payments

for

shares

redeemed

(1,043)

(9,195)

(778) (6,742)

Net

increase

(decrease)

(677) (5,956)

(31

7)

(2,687)

Class

C

Proceeds

from

shares

sold

2,195

1,264

Proceeds

from

reinvestment

of

distributions

881

776

Payments

for

shares

redeemed

(1,069)

(9,175)

(1,205)

(10,183)

Net

increase

(decrease)

(711) (6,099)

(965) (8,143)

Class

R1

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(14) (120) (16) (138) Net

increase

(decrease)

(8) (70) Class

R4(1)

Proceeds

from

shares

sold

—\*\*

—\*\*\*

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(5) (48) (328) (2,876)

Net

increase

(decrease)

(5) (48) (30

6)

(2,6

90)

Class

R5

Proceeds

from

shares

sold

1,822

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(291) (2,626)

(104) (912) Net

increase

(decrease)

(77) (693) (59) (523) Class

S

Proceeds

from

shares

sold

1,129

1,069

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(335) (3,012)

(239) (2,091)

Net

increase

(decrease)

(184) (1,650)

(97) (817) Total

increase

(decrease)

(1,640)

$

(14,316)

(1,752)

$

(14,9

30)

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

r

eclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

\*\*\*

Less

than

$500.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.83 7.96 8.00 10.32 9.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.38

.27

.19

.28

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.87

(.04)

(1.88)

.72

$

Total

from

Investment

Operations

.68

1.14 .15

(1.60)

.87

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.37)

(.27)

(.19)

(.26)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

(.01)

—

$

Total

Distributions

(.37)

(.27)

(.19)

(.72)

(.20)

$

Net

Asset

Value,

End

of

Period

9.14 8.83 7.96 8.00 10.32 %

Total

Return

(±)

7.90 14.37 1.86 (16.58)

9.05 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 29,892

34,866

33,933

36,149

50,481

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.95

.93

.91

.86

.84

%

Expenses,

Net

(Ƃ)(≠)

.54

.52

.49

.49

.49

%

Net

Investment

Income

(‡)(Ƃ)

4.24 3.11 2.33 3.14 1.50 %

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.56 7.73 7.78 10.07 9.47 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.29

.20

.13

.22

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.84

(.04)

(1.85)

.70

$

Total

from

Investment

Operations

.59

1.04 .09

(1.63)

.78

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.21)

(.14)

(.20)

(.14)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

(.01)

—

$

Total

Distributions

(.31)

(.21)

(.14)

(.66)

(.18)

$

Net

Asset

Value,

End

of

Period

8.84 8.56 7.73 7.78 10.07 %

Total

Return

7.07 13.52 1.09 (17.21)

8.25 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 21,939

27,330

32,126

39,763

61,402

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.70 1.68 1.66 1.61 1.59 %

Expenses,

Net

(Ƃ)(≠)

1.29 1.27 1.24 1.24 1.24 %

Net

Investment

Income

(‡)(Ƃ)

3.40 2.39 1.65 2.48 .78

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.97 8.08 8.12 10.45 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.38

.31

.23

.40

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

.34

.87

(.05)

(1.99)

.69

$

Total

from

Investment

Operations

.72

1.18 .18

(1.59)

.90

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.39)

(.29)

(.22)

(.27)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

(.02)

—

$

Total

Distributions

(.39)

(.29)

(.22)

(.74)

(.20)

$

Net

Asset

Value,

End

of

Period

9.30 8.97 8.08 8.12 10.45 %

Total

Return

8.30 14.72 2.13 (16.26)

9.36 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 472

1,994

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.70

.68

.66

.60

.59

%

Expenses,

Net

(Ƃ)(≠)

.22

.20

.17

.17

.17

%

Net

Investment

Income

(‡)(Ƃ)

4.25 3.48 2.76 4.21 2.05 %

Portfolio

Turnover

Rate

#### Class

#### R5

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.92 8.04 8.08 10.42 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.36

.26

.20

.28

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

.31

.87

(.06)

(1.92)

.72

$

Total

from

Investment

Operations

.67

1.13 .14

(1.64)

.86

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.35)

(.25)

(.18)

(.24)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

(.01)

—

$

Total

Distributions

(.35)

(.25)

(.18)

(.70)

(.19)

$

Net

Asset

Value,

End

of

Period

9.24 8.92 8.04 8.08 10.42 %

Total

Return

7.72 14.16 1.65 (16.73)

8.90 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,430

3,030

3,206

4,231

6,087

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.20 1.18 1.16 1.11 1.09 %

Expenses,

Net

(Ƃ)(≠)

.72

.70

.67

.67

.67

%

Net

Investment

Income

(‡)(Ƃ)

3.97 2.93 2.33 3.10 1.38 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.96 8.07 8.11 10.44 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.41

.29

.23

.32

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

.29

.88

(.06)

(1.92)

.71

$

Total

from

Investment

Operations

.70

1.17 .17

(1.60)

.89

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.38)

(.28)

(.21)

(.27)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

(.01)

—

$

Total

Distributions

(.38)

(.28)

(.21)

(.73)

(.20)

$

Net

Asset

Value,

End

of

Period

9.28 8.96 8.07 8.11 10.44 %

Total

Return

8.07 14.61 2.00 (16.36)

9.21 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,877

6,361

6,509

10,320

20,922

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.70

.68

.66

.61

.59

%

Expenses,

Net

(Ƃ)(≠)

.35

.33

.30

.30

.30

%

Net

Investment

Income

(‡)(Ƃ)

4.59 3.34 2.73 3.53 1.77 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

October

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Administrative

fees

$

2,175

Distribution

fees

21,147

Shareholder

servicing

fees

5,267

Transfer

agent

fees

6,234

Trustees'

fees

$

35,116

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

1,434

$

$

$

(56)

$

$

1,191

$

$

—

Multifactor

U.S.

Equity

Fund

7,141

2,189

3,554

(949)

5,074

1,508

U.S.

Small

Cap

Equity

Fund

1,434

643

(101)

1,192

Investment

Grade

Bond

Fund

12,997

1,697

4,650

10,148

614

—

Long

Duration

Bond

Fund

6,485

605

2,916

(644)

648

4,178

—

Opportunistic

Credit

Fund

1,444

5,418

1,008

5,969

—

Short

Duration

Bond

Fund

7,221

572

2,793

(42)

5,074

—

Strategic

Bond

Fund

23,820

2,056

6,396

(581)

799

19,698

1,064

—

Emerging

Markets

Fund

1,429

773

1,194

—

Global

Equity

Fund

1,430

1,474

(233)

—

Multifactor

International

Equity

Fund

1,436

672

1,194

—

Multi-Strategy

Income

Fund

5,766

585

1,711

4,775

—

$

72,037

$

14,435

$

27,047

$

(346)

$

608

$

59,687

$

3,079

$

1,707

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

56,749,632

$

3,037,1

$

(99,382)

$

2,937,72

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

—

$

(5,315,441)

$

2,937,726

$

—

$

(2,377,715)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

2,556,470

$

—

$

—

$

2,222,425

$

—

$

—

Total

distributable

earnings

(losses)

$

(1)

Additional

paid-in

capital

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

81,436

2,461

Domestic

Equities

-

12.0%

Multifactor

U.S.

Equity

Fund

Class

Y

719,895

12,620

U.S.

Small

Cap

Equity

Fund

Class

Y

93,658

2,501

15,121

Fixed

Income

-

54.1%

Investment

Grade

Bond

Fund

Class

Y

1,181,023

22,014

Long

Duration

Bond

Fund

Class

Y

777,880

6,270

Opportunistic

Credit

Fund

Class

Y

934,880

8,199

Short

Duration

Bond

Fund

Class

Y

230,990

4,410

Strategic

Bond

Fund

Class

Y

2,946,137

27,045

67,938

International

Equities

-

24.0%

Emerging

Markets

Fund

Class

Y

207,907

4,418

Global

Equity

Fund

Class

Y

1,652,202

19,512

Multifactor

International

Equity

Fund

Class

Y

502,857

6,281

30,211

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

990,527

10,054

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$111,125)

125,785

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$111,125)

125,785

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(111) #### Net

#### Assets

#### -

#### 100.0%
125,674

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

111,125

Investments,

at

fair

value(>)

........................................................................................................................................................

125,785

Receivables:

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Total

assets

...............................................................................................................................................................

125,836

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

125,674

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

12,443

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

113,107

#### Net

#### Assets

#### ...............................................................................................................................................................
$

125,674

(>)

Investments

in

affiliated

funds

$

125,785

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

10.24 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

10.86 Class

A

—

Net

assets

...........................................................................................................................................................

$

69,058,942

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

6,743,069

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.75 Class

C

—

Net

assets

...........................................................................................................................................................

$

33,227,631

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

3,408,716

Net

asset

value

per

share:

Class

R1

(#)

........................................................................................................................................

$

10.43 Class

R1

—

Net

assets

.........................................................................................................................................................

$

1,934,688

Class

R1

—

Shares

outstanding

($.01

par

value)

................................................................................................................

185,578

Net

asset

value

per

share:

Class

R5

(#)

........................................................................................................................................

$

10.25 Class

R5

—

Net

assets

.........................................................................................................................................................

$

4,465,343

Class

R5

—

Shares

outstanding

($.01

par

value)

................................................................................................................

435,821

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

10.38 Class

S

—

Net

assets

............................................................................................................................................................

$

16,987,699

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,636,474

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

...................................................................................................................................

$

5,086

#### Expenses
Advisory

fees

...................................................................................................................................................................

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Distribution

fees

-

Class

R5

.............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

R1

.........................................................................................................................................

Transfer

agent

fees

-

Class

R5

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Shareholder

servicing

fees

-

Class

R5

.............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

1,247

Expense

reductions

..........................................................................................................................................................

(382) Net

expenses

................................................................................................................................................................................

865

Net

investment

income

(loss)

.......................................................................................................................................................

4,221

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

2,118

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

5,385

Net

realized

gain

(loss)

................................................................................................................................................................

7,503

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

897

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

897

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

8,400

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

12,621

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

4,221

$

3,306

Net

realized

gain

(loss)

................................................................................................................

7,503

1,842

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

897

18,660

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

12,621

23,808

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(2,351)

(1,751)

Class

C

.....................................................................................................................................

(1,052)

(860) Class

R1

...................................................................................................................................

(63) (35) Class

R4(1)

...............................................................................................................................

—

(98) Class

R5

...................................................................................................................................

(139) (92) Class

S

......................................................................................................................................

(622) (505) Net

decrease

in

net

assets

from

distributions

.....................................................................................

(4,227)

(3,341)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(14,306)

(26,115)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(5,912)

(5,648)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

131,586

137,234

End

of

period

......................................................................................................................................

$

125,674

$

131,586

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*&nbsp;&nbsp;&nbsp;&nbsp;

Less

than

500

shares.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2025

and

October

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,825

$

4,552

Proceeds

from

reinvestment

of

distributions

2,342

1,744

Payments

for

shares

redeemed

(993)

(9,657)

(1,414)

(13,040)

Net

increase

(decrease)

(459)

(4,490)

(747)

(6,744)

Class

C

Proceeds

from

shares

sold

845

1,319

Proceeds

from

reinvestment

of

distributions

1,052

859

Payments

for

shares

redeemed

(1,065)

(9,828)

(1,340)

(11,907)

Net

increase

(decrease)

(859)

(7,931)

(1,095)

(9,729)

Class

R1

Proceeds

from

shares

sold

731

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(21)

(212)

(49)

(463)

Net

increase

(decrease)

581

(34)

(321)

Class

R4(1)

Proceeds

from

shares

sold

—\*\*

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(25)

(245)

(662)

(6,216)

Net

increase

(decrease)

(25)

(242)

(617)

(5,799)

Class

R5

Proceeds

from

shares

sold

1,338

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(120)

(1,162)

(86)

(802)

Net

increase

(decrease)

(33)

(310)

Class

S

Proceeds

from

shares

sold

1,292

948

Proceeds

from

reinvestment

of

distributions

623

504

Payments

for

shares

redeemed

(451)

(4,454)

(501)

(4,664)

Net

increase

(decrease)

(258)

(2,539)

(346)

(3,212)

Total

increase

(decrease)

(1,510)

$

(14,306)

(2,872)

$

(26,115)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.57 8.27 8.32 11.11 9.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.35

.24

.23

.37

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

.66

1.30 .05

(2.09)

1.46 $

Total

from

Investment

Operations

1.01 1.54 .28

(1.72)

1.64 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.24)

(.22)

(.37)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

(.11)

(.70)

—

$

Total

Distributions

(.34)

(.24)

(.33)

(1.07)

(.12)

$

Net

Asset

Value,

End

of

Period

10.24 9.57 8.27 8.32 11.11 %

Total

Return

(±)

10.83 18.69 3.33 (17.00)

17.18 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 69,059

68,913

65,753

72,796

100,956

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.82

.82

.83

.81

.80

%

Expenses,

Net

(Ƃ)(≠)

.50

.50

.49

.49

.49

%

Net

Investment

Income

(‡)(Ƃ)

3.55 2.56 2.69 3.87 1.70 %

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.13 7.91 7.99 10.73 9.32 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.25

.16

.16

.28

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

.65

1.24 .04

(1.99)

1.41 $

Total

from

Investment

Operations

.90

1.40 .20

(1.71)

1.51 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.18)

(.17)

(.33)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

(.11)

(.70)

—

$

Total

Distributions

(.28)

(.18)

(.28)

(1.03)

(.10)

$

Net

Asset

Value,

End

of

Period

9.75 9.13 7.91 7.99 10.73 %

Total

Return

10.08 17.75 2.52 (17.59)

16.26 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 33,22

38,976

42,428

50,723

74,867

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.57 1.57 1.58 1.56 1.55 %

Expenses,

Net

(Ƃ)(≠)

1.25 1.25 1.24 1.24 1.24 %

Net

Investment

Income

(‡)(Ƃ)

2.74 1.83 1.98 3.06 .94

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.73 8.40 8.45 11.25 9.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.36

.27

.26

.39

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

.70

1.32 .04

(2.10)

1.45 $

Total

from

Investment

Operations

1.06 1.59 .30

(1.71)

1.67 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.36)

(.26)

(.24)

(.39)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

(.11)

(.70)

—

$

Total

Distributions

(.36)

(.26)

(.35)

(1.09)

(.12)

$

Net

Asset

Value,

End

of

Period

10.43 9.73 8.40 8.45 11.25 %

Total

Return

11.19 19.01 3.51 (16.70)

17.37 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,935

1,233

1,355

1,425

1,851

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.56

.58

.58

.56

.54

%

Expenses,

Net

(Ƃ)(≠)

.25

.25

.24

.24

.24

%

Net

Investment

Income

(‡)(Ƃ)

3.60 2.89 2.96 4.12 2.04 %

Portfolio

Turnover

Rate

#### Class

#### R5

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.58 8.28 8.34 11.13 9.63 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.32

.21

.23

.36

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.67

1.31 .02

(2.09)

1.46 $

Total

from

Investment

Operations

.99

1.52 .25

(1.73)

1.61 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.22)

(.20)

(.36)

(.11)

$

Distributions

from

Net

Realized

Gain

—

—

(.11)

(.70)

—

$

Total

Distributions

(.32)

(.22)

(.31)

(1.06)

(.11)

$

Net

Asset

Value,

End

of

Period

10.25 9.58 8.28 8.34 11.13 %

Total

Return

10.58 18.40 2.98 (17.13)

16.82 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,465

3,870

3,619

5,117

7,431

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.07 1.07 1.08 1.06 1.05 %

Expenses,

Net

(Ƃ)(≠)

.75

.75

.74

.74

.74

%

Net

Investment

Income

(‡)(Ƃ)

3.29 2.29 2.69 3.76 1.41 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.69 8.37 8.42 11.22 9.68 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.38

.26

.25

.41

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

.67

1.31 .04

(2.12)

1.44 $

Total

from

Investment

Operations

1.05 1.57 .29

(1.71)

1.66 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.36)

(.25)

(.23)

(.39)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

(.11)

(.70)

—

$

Total

Distributions

(.36)

(.25)

(.34)

(1.09)

(.12)

$

Net

Asset

Value,

End

of

Period

10.38 9.69 8.37 8.42 11.22 %

Total

Return

11.06 18.87 3.44 (16.81)

17.28 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 16,988

18,358

18,760

20,928

35,516

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.57

.57

.58

.56

.55

%

Expenses,

Net

(Ƃ)(≠)

.33

.33

.32

.32

.32

%

Net

Investment

Income

(‡)(Ƃ)

3.86 2.76 2.88 4.30 2.07 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

October

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

1,387

Administrative

fees

4,560

Distribution

fees

37,081

Shareholder

servicing

fees

8,102

Transfer

agent

fees

14,046

Trustees'

fees

$

65,641

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

3,919

$

$

1,601

$

(286)

$

$

2,461

$

$

—

Multifactor

U.S.

Equity

Fund

19,045

5,109

10,097

1,374

(2,811)

12,620

3,986

U.S.

Small

Cap

Equity

Fund

3,276

584

1,165

(468)

2,501

Investment

Grade

Bond

Fund

25,188

2,112

5,526

22,014

1,205

—

Long

Duration

Bond

Fund

6,502

627

915

(137)

6,270

—

Opportunistic

Credit

Fund

2,661

5,929

529

8,199

—

Short

Duration

Bond

Fund

6,662

2,781

(12)

4,410

—

Strategic

Bond

Fund

27,732

2,373

3,397

(454)

791

27,045

1,303

—

Emerging

Markets

Fund

2,572

2,105

1,060

714

4,418

—

Global

Equity

Fund

20,325

2,670

5,752

961

1,308

19,512

1,127

Multifactor

International

Equity

Fund

3,250

3,504

1,030

6,281

—

Multi-Strategy

Income

Fund

10,562

724

1,539

(21)

10,054

643

—

$

131,694

$

26,468

$

35,392

$

2,118

$

897

$

125,785

$

5,086

$

5,385

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

112,642,874

$

,

718

,

$

(2,575,794)

$

13,142,55

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

—

$

(699,779)

$

13,142,552

$

—

$

12,442,773

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

4,226,992

$

—

$

—

$

3,341,338

$

—

$

—

Total

distributable

earnings

(losses)

$

(1) Additional

paid-in

capital

(1)

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

3.9%

Global

Infrastructure

Fund

Class

Y

1,166,896

12,171

Global

Real

Estate

Securities

Fund

Class

Y

399,414

12,070

24,241

Domestic

Equities

-

15.1%

Multifactor

U.S.

Equity

Fund

Class

Y

3,735,888

65,490

U.S.

Small

Cap

Equity

Fund

Class

Y

459,862

12,283

U.S.

Strategic

Equity

Fund

Class

Y

832,281

15,556

93,329

Fixed

Income

-

32.9%

Investment

Grade

Bond

Fund

Class

Y

5,778,350

107,709

Long

Duration

Bond

Fund

Class

Y

3,424,040

27,598

Opportunistic

Credit

Fund

Class

Y

2,823,185

24,759

Strategic

Bond

Fund

Class

Y

4,693,512

43,086

203,152

International

Equities

-

40.2%

Emerging

Markets

Fund

Class

Y

1,467,351

31,181

Global

Equity

Fund

Class

Y

15,252,940

180,137

Multifactor

International

Equity

Fund

Class

Y

2,964,513

37,027

248,345

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

4,853,131

49,259

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$498,416)

618,326

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$498,416)

618,326

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(414) #### Net

#### Assets

#### -

#### 100.0%
617,912

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

498,416

Investments,

at

fair

value(>)

........................................................................................................................................................

618,326

Receivables:

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Total

assets

...............................................................................................................................................................

618,425

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

513

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,912

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

138,958

Shares

of

beneficial

interest

.........................................................................................................................................................

528

Additional

paid-in

capital

............................................................................................................................................................

478,426

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,912

(>)

Investments

in

affiliated

funds

$

618,326

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

11.84 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

12.56 Class

A

—

Net

assets

...........................................................................................................................................................

$

326,715,117

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

27,597,193

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

11.20 Class

C

—

Net

assets

...........................................................................................................................................................

$

171,631,180

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

15,324,433

Net

asset

value

per

share:

Class

R1

(#)

........................................................................................................................................

$

12.14 Class

R1

—

Net

assets

.........................................................................................................................................................

$

12,064,246

Class

R1

—

Shares

outstanding

($.01

par

value)

................................................................................................................

994,071

Net

asset

value

per

share:

Class

R5

(#)

........................................................................................................................................

$

11.82 Class

R5

—

Net

assets

.........................................................................................................................................................

$

16,893,313

Class

R5

—

Shares

outstanding

($.01

par

value)

................................................................................................................

1,428,929

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

12.11 Class

S

—

Net

assets

............................................................................................................................................................

$

90,608,327

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,479,742

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

...................................................................................................................................

$

21,457

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,049

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

806

Distribution

fees

-

Class

C

...............................................................................................................................................

1,318

Distribution

fees

-

Class

R5

.............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

645

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

R1

.........................................................................................................................................

Transfer

agent

fees

-

Class

R5

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Shareholder

servicing

fees

-

Class

R5

.............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

5,448

Expense

reductions

..........................................................................................................................................................

(876) Net

expenses

................................................................................................................................................................................

4,572

Net

investment

income

(loss)

.......................................................................................................................................................

16,885

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

20,901

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

35,455

Net

realized

gain

(loss)

................................................................................................................................................................

56,356

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

3,481

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

3,481

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

59,837

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

76,722

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

16,885

$

11,569

Net

realized

gain

(loss)

................................................................................................................

56,356

13,170

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

3,481

111,318

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

76,722

136,057

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(9,121)

(6,165)

Class

C

.....................................................................................................................................

(4,404)

(2,994)

Class

R1

...................................................................................................................................

(345) (190) Class

R4(1)

...............................................................................................................................

—

(228) Class

R5

...................................................................................................................................

(445) (292) Class

S

......................................................................................................................................

(2,596)

(1,764)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(16,911)

(11,633)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(84,012)

(121,099)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(24,201)

3,325

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

642,113

638,788

End

of

period

......................................................................................................................................

$

617,912

$

642,113

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2025

and

October

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

1,100

$

12,045

1,747

$

18,330

Proceeds

from

reinvestment

of

distributions

806

9,068

578

6,134

Payments

for

shares

redeemed

(5,227)

(57,608)

(6,586)

(67,071)

Net

increase

(decrease)

(3,321)

(36,495)

(4,261)

(42,607)

Class

C

Proceeds

from

shares

sold

519

5,405

610

5,943

Proceeds

from

reinvestment

of

distributions

4,392

2,989

Payments

for

shares

redeemed

(4,250)

(44,588)

(5,353)

(52,555)

Net

increase

(decrease)

(3,318)

(34,791)

(4,446)

(43,623)

Class

R1

Proceeds

from

shares

sold

3,368

815

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(207) (2,341)

(117) (1,240)

Net

increase

(decrease)

1,372

(21) (235) Class

R4(1)

Proceeds

from

shares

sold

1,073

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(173) (1,914)

(2,393)

(24,768)

Net

increase

(decrease)

(171) (1,895)

(2,266)

(23,467)

Class

R5

Proceeds

from

shares

sold

1,490

3,255

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(414) (4,547)

(318) (3,253)

Net

increase

(decrease)

(240) (2,612)

Class

S

Proceeds

from

shares

sold

1,003

11,389

644

6,787

Proceeds

from

reinvestment

of

distributions

2,589

1,758

Payments

for

shares

redeemed

(2,072)

(23,569)

(1,914)

(20,006)

Net

increase

(decrease)

(844) (9,591)

(1,108)

(11,461)

Total

increase

(decrease)

(7,773)

$

(84,012)

(12,074)

$

(121,099)

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.72 8.89 8.81 12.40 9.93 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.33

.20

.17

.38

.25

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.11 1.83 .29

(2.25)

2.45 $

Total

from

Investment

Operations

1.44 2.03 .46

(1.87)

2.70 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.20)

(.16)

(.40)

(.23)

$

Distributions

from

Net

Realized

Gain

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.32)

(.20)

(.38)

(1.72)

(.23)

$

Net

Asset

Value,

End

of

Period

11.84 10.72 8.89 8.81 12.40 %

Total

Return

(±)

13.65 22.84 5.21 (17.35)

27.33 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 326,715

331,560

312,806

340,785

469,854

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.70

.71

.73

.74

.73

%

Expenses,

Net

(Ƃ)(≠)

.55

.53

.47

.47

.47

%

Net

Investment

Income

(‡)(Ƃ)

2.98 1.94 1.80 3.71 2.09 %

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.19 8.48 8.44 11.97 9.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.21

.11

.09

.29

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.08 1.75 .29

(2.16)

2.39 $

Total

from

Investment

Operations

1.29 1.86 .38

(1.87)

2.53 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.15)

(.12)

(.34)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.28)

(.15)

(.34)

(1.66)

(.15)

$

Net

Asset

Value,

End

of

Period

11.20 10.19 8.48 8.44 11.97 %

Total

Return

12.78 21.95 4.44 (18.03)

26.49 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 171,631

190,014

195,869

230,023

345,256

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.45 1.46 1.48 1.49 1.48 %

Expenses,

Net

(Ƃ)(≠)

1.30 1.28 1.22 1.22 1.22 %

Net

Investment

Income

(‡)(Ƃ)

1.98 1.18 1.06 3.02 1.20 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.98 9.09 8.99 12.62 10.10 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.37

.22

.20

.41

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.13 1.88 .29

(2.30)

2.47 $

Total

from

Investment

Operations

1.50 2.10 .49

(1.89)

2.77 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.21)

(.17)

(.42)

(.25)

$

Distributions

from

Net

Realized

Gain

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.34)

(.21)

(.39)

(1.74)

(.25)

$

Net

Asset

Value,

End

of

Period

12.14 10.98 9.09 8.99 12.62 %

Total

Return

13.84 23.15 5.47 (17.21)

27.59 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,064

9,584

8,129

8,608

12,249

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.45

.46

.48

.49

.48

%

Expenses,

Net

(Ƃ)(≠)

.34

.32

.26

.26

.26

%

Net

Investment

Income

(‡)(Ƃ)

3.27 2.11 2.07 3.98 2.49 %

Portfolio

Turnover

Rate

#### Class

#### R5

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.72 8.90 8.82 12.42 9.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.31

.17

.16

.37

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.09 1.83 .28

(2.28)

2.46 $

Total

from

Investment

Operations

1.40 2.00 .44

(1.91)

2.67 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.18)

(.14)

(.37)

(.20)

$

Distributions

from

Net

Realized

Gain

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.30)

(.18)

(.36)

(1.69)

(.20)

$

Net

Asset

Value,

End

of

Period

11.82 10.72 8.90 8.82 12.42 %

Total

Return

13.26 22.47 4.97 (17.64)

26.93 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 16,893

17,894

14,598

21,682

32,161

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.95

.96

.98

.99

.98

%

Expenses,

Net

(Ƃ)(≠)

.84

.82

.76

.76

.76

%

Net

Investment

Income

(‡)(Ƃ)

2.76 1.65 1.70 3.68 1.79 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.96 9.08 8.98 12.61 10.09 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.37

.22

.19

.43

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.11 1.87 .30

(2.32)

2.48 $

Total

from

Investment

Operations

1.48 2.09 .49

(1.89)

2.77 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(.21)

(.17)

(.42)

(.25)

$

Distributions

from

Net

Realized

Gain

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.33)

(.21)

(.39)

(1.74)

(.25)

$

Net

Asset

Value,

End

of

Period

12.11 10.96 9.08 8.98 12.61 %

Total

Return

13.72 23.02 5.44 (17.27)

27.56 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 90,609

91,226

85,628

95,302

157,073

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.45

.46

.48

.49

.48

%

Expenses,

Net

(Ƃ)(≠)

.40

.38

.32

.32

.32

%

Net

Investment

Income

(‡)(Ƃ)

3.25 2.09 1.98 4.18 2.38 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

October

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

52,627

Administrative

fees

22,363

Distribution

fees

182,798

Shareholder

servicing

fees

40,153

Transfer

agent

fees

61,315

Trustees'

fees

2,247

$

361,503

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,950

$

1,017

$

2,822

$

$

766

$

12,171

$

$

Global

Real

Estate

Securities

Fund

15,921

1,213

4,633

(900)

12,070

—

Multifactor

U.S.

Equity

Fund

106,581

26,874

58,843

7,773

(16,895)

65,490

2,768

22,517

U.S.

Small

Cap

Equity

Fund

22,378

3,470

12,203

1,109

(2,471)

12,283

565

1,897

U.S.

Strategic

Equity

Fund

—

15,354

2,617

2,608

15,556

—

Investment

Grade

Bond

Fund

115,522

11,610

20,565

941

107,709

5,617

—

Long

Duration

Bond

Fund

25,065

8,670

6,488

27,598

1,169

—

Opportunistic

Credit

Fund

13,002

13,467

2,063

24,759

958

—

Short

Duration

Bond

Fund

12,994

13,388

(373)

—

—

Strategic

Bond

Fund

35,143

12,216

4,877

(342)

946

43,086

1,869

—

Emerging

Markets

Fund

19,147

13,275

6,679

618

4,820

31,181

506

—

Global

Equity

Fund

193,096

17,002

49,625

8,381

11,283

180,137

2,614

10,821

Multifactor

International

Equity

Fund

19,109

26,119

10,640

1,927

512

37,027

956

—

Multi-Strategy

Income

Fund

51,663

3,860

7,713

(122)

1,571

49,259

3,169

—

$

642,571

$

154,529

$

203,156

$

20,901

$

3,481

$

618,326

$

21,457

$

35,455

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

505,892,080

$

114,675,060

$

(2,241,297)

$

112,433,763

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

1,189,345

$

25,334,650

$

112,433,763

$

—

$

138,957,758

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

16,910,700

$

—

$

—

$

11,633,034

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

4.9%

Global

Infrastructure

Fund

Class

Y

1,157,370

12,071

Global

Real

Estate

Securities

Fund

Class

Y

597,432

18,055

30,126

Domestic

Equities

-

26.2%

Multifactor

U.S.

Equity

Fund

Class

Y

4,443,778

77,899

U.S.

Small

Cap

Equity

Fund

Class

Y

686,931

18,348

U.S.

Strategic

Equity

Fund

Class

Y

3,492,574

65,276

161,523

Fixed

Income

-

14.4%

Long

Duration

Bond

Fund

Class

Y

4,536,383

36,563

Opportunistic

Credit

Fund

Class

Y

2,453,335

21,516

Strategic

Bond

Fund

Class

Y

3,327,673

30,548

88,627

International

Equities

-

46.6%

Emerging

Markets

Fund

Class

Y

1,908,660

40,559

Global

Equity

Fund

Class

Y

15,227,092

179,832

Multifactor

International

Equity

Fund

Class

Y

5,410,411

67,576

287,967

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

4,105,732

49,351

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$473,725)

617,594

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$473,725)

617,594

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(357) #### Net

#### Assets

#### -

#### 100.0%
617,237

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

473,725

Investments,

at

fair

value(>)

........................................................................................................................................................

617,594

Receivables:

Fund

shares

sold

...............................................................................................................................................................

Total

assets

...............................................................................................................................................................

617,893

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

656

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,237

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

190,766

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

426,027

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,237

(>)

Investments

in

affiliated

funds

$

617,594

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

14.13 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

14.99 Class

A

—

Net

assets

...........................................................................................................................................................

$

352,031,829

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

24,907,801

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

12.98 Class

C

—

Net

assets

...........................................................................................................................................................

$

145,559,093

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

11,213,014

Net

asset

value

per

share:

Class

R1

(#)

........................................................................................................................................

$

14.57 Class

R1

—

Net

assets

.........................................................................................................................................................

$

5,480,637

Class

R1

—

Shares

outstanding

($.01

par

value)

................................................................................................................

376,047

Net

asset

value

per

share:

Class

R5

(#)

........................................................................................................................................

$

14.10 Class

R5

—

Net

assets

.........................................................................................................................................................

$

11,606,359

Class

R5

—

Shares

outstanding

($.01

par

value)

................................................................................................................

822,884

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

14.54 Class

S

—

Net

assets

............................................................................................................................................................

$

102,558,706

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,053,377

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

...................................................................................................................................

$

17,108

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,017

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

852

Distribution

fees

-

Class

C

...............................................................................................................................................

1,089

Distribution

fees

-

Class

R5

.............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

682

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

R1

.........................................................................................................................................

Transfer

agent

fees

-

Class

R5

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Shareholder

servicing

fees

-

Class

R5

.............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

5,106

Expense

reductions

..........................................................................................................................................................

(786) Net

expenses

................................................................................................................................................................................

4,320

Net

investment

income

(loss)

.......................................................................................................................................................

12,788

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

14,058

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

40,373

Net

realized

gain

(loss)

................................................................................................................................................................

54,431

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

22,039

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

22,039

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

76,470

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

89,258

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

12,788

$

9,481

Net

realized

gain

(loss)

................................................................................................................

54,431

19,071

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

22,039

119,819

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

89,258

148,371

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(11,974)

(5,386)

Class

C

.....................................................................................................................................

(4,94

9)

(2,018)

Class

R1

...................................................................................................................................

(17

2)

(67) Class

R4

(1) ...............................................................................................................................

—

(186) Class

R5

...................................................................................................................................

(399) (210) Class

S

......................................................................................................................................

(3,439)

(1,586)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(20,933)

(9,453)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(61,997)

(133,098)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
6,328

5,820

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

610,909

605,089

End

of

period

......................................................................................................................................

$

617,237

$

610,909

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2025

and

October

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

838

$

10,886

1,251

$

15,263

Proceeds

from

reinvestment

of

distributions

923

11,907

5,355

Payments

for

shares

redeemed

(4,350)

(56,367)

(4,271)

(50,933)

Net

increase

(decrease)

(2,589)

(33,574)

(2,587)

(30,315)

Class

C

Proceeds

from

shares

sold

2,313

4,731

Proceeds

from

reinvestment

of

distributions

4,944

2,014

Payments

for

shares

redeemed

(2,550)

(30,604)

(3,637)

(40,541)

Net

increase

(decrease)

(1,939)

(23,347)

(3,030)

(33,796)

Class

R1

Proceeds

from

shares

sold

1,523

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(68) (901) (23) (274) Net

increase

(decrease)

794

Class

R4(1)

Proceeds

from

shares

sold

—\*\*

887

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(20) (264) (1,806)

(22,010)

Net

increase

(decrease)

(20) (260) (1,716)

(20,937)

Class

R5

Proceeds

from

shares

sold

796

917

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(314) (4,076)

(314) (3,825)

Net

increase

(decrease)

(222) (2,881)

(219) (2,698)

Class

S

Proceeds

from

shares

sold

769

10,295

571

7,017

Proceeds

from

reinvestment

of

distributions

3,429

1,577

Payments

for

shares

redeemed

(1,226)

(16,453)

(4,569)

(54,024)

Net

increase

(decrease)

(199) (2,729)

(3,873)

(45,430)

Total

increase

(decrease)

(4,909)

$

(61,997)

(11,419)

$

(133,098)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.60 10.11 9.90 14.22 10.62 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.31

.19

.15

.45

.26

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.68 2.49 .52

(2.57)

3.51 $

Total

from

Investment

Operations

1.99 2.68 .67

(2.12)

3.77 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.19)

(.13)

(.48)

(.16)

$

Distributions

from

Net

Realized

Gain

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

(.02)

—

—

$

Total

Distributions

(.46)

(.19)

(.46)

(2.20)

(.17)

$

Net

Asset

Value,

End

of

Period

14.13 12.60 10.11 9.90 14.22 %

Total

Return

(±)

16.19 26.58 6.85 (17.53)

35.55 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 352,032

346,436

304,194

308,433

421,040

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.71

.72

.74

.74

.74

%

Expenses,

Net

(Ƃ)(≠)

.58

.57

.55

.55

.57

%

Net

Investment

Income

(‡)(Ƃ)

2.38 1.59 1.45 3.98 1.97 %

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.64 9.39 9.26 13.48 10.09 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.13

.09

.07

.33

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.62 2.30 .49

(2.40)

3.38 $

Total

from

Investment

Operations

1.75 2.39 .56

(2.07)

3.50 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.24)

(.14)

(.11)

(.43)

(.10)

$

Distributions

from

Net

Realized

Gain

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

(.01)

—

—

$

Total

Distributions

(.41)

(.14)

(.43)

(2.15)

(.11)

$

Net

Asset

Value,

End

of

Period

12.98 11.64 9.39 9.26 13.48 %

Total

Return

15.39 25.49 6.14 (18.22)

34.70 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 145,559

153,149

151,867

173,038

247,152

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.46 1.47 1.49 1.49 1.49 %

Expenses,

Net

(Ƃ)(≠)

1.33 1.32 1.30 1.30 1.32 %

Net

Investment

Income

(‡)(Ƃ)

1.12 .81

.69

3.11 .94

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.96 10.39 10.14 14.51 10.82 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.36

.23

.23

.49

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.73 2.56 .49

(2.63)

3.57 $

Total

from

Investment

Operations

2.09 2.79 .72

(2.14)

3.89 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.22)

(.14)

(.51)

(.19)

$

Distributions

from

Net

Realized

Gain

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

(.02)

—

—

$

Total

Distributions

(.48)

(.22)

(.47)

(2.23)

(.20)

$

Net

Asset

Value,

End

of

Period

14.57 12.96 10.39 10.14 14.51 %

Total

Return

16.56 26.86 7.21 (17.29)

35.98 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 5,481

4,098

3,220

4,899

6,672

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.46

.47

.49

.49

.49

%

Expenses,

Net

(Ƃ)(≠)

.28

.27

.25

.25

.27

%

Net

Investment

Income

(‡)(Ƃ)

2.6 4

1.87 2.15 4.24 2.39 %

Portfolio

Turnover

Rate

#### Class

#### R5

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.59 10.11 9.91 14.24 10.63 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.29

.17

.15

.47

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.67 2.49 .50

(2.62)

3.53 $

Total

from

Investment

Operations

1.96 2.66 .65

(2.15)

3.76 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.18)

(.13)

(.46)

(.14)

$

Distributions

from

Net

Realized

Gain

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

(.01)

—

—

$

Total

Distributions

(.45)

(.18)

(.45)

(2.18)

(.15)

$

Net

Asset

Value,

End

of

Period

14.10 12.59 10.11 9.91 14.24 %

Total

Return

15.91 26.32 6.63 (17.71)

35.44 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 11,606

13,156

12,777

19,144

29,994

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.96

.97

.99

.99

.99

%

Expenses,

Net

(Ƃ)(≠)

.78

.77

.75

.75

.77

%

Net

Investment

Income

(‡)(Ƃ)

2.24 1.39 1.42 4.14 1.73 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.94 10.37 10.13 14.50 10.81 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.37

.27

.19

.51

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.71 2.51 .52

(2.65)

3.57 $

Total

from

Investment

Operations

2.08 2.78 .71

(2.14)

3.88 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.21)

(.14)

(.51)

(.18)

$

Distributions

from

Net

Realized

Gain

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

(.02)

—

—

$

Total

Distributions

(.48)

(.21)

(.47)

(2.23)

(.19)

$

Net

Asset

Value,

End

of

Period

14.54 12.94 10.37 10.13 14.50 %

Total

Return

16.47 26.88 7.10 (17.34)

35.98 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 102,559

93,820

115,355

121,694

168,847

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.46

.47

.49

.49

.49

%

Expenses,

Net

(Ƃ)(≠)

.33

.32

.30

.30

.32

%

Net

Investment

Income

(‡)(Ƃ)

2.76 2.21 1.77 4.38 2.31 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

October

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

20,939

Administrative

fees

22,247

Distribution

fees

169,766

Shareholder

servicing

fees

33,344

Transfer

agent

fees

103,971

Trustees'

fees

2,041

$

352,308

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,329

$

1,001

$

2,242

$

$

796

$

12,071

$

$

Global

Real

Estate

Securities

Fund

21,183

1,635

4,249

(26)

(488)

18,055

648

—

Multifactor

U.S.

Equity

Fund

107,723

32,916

55,722

10,747

(17,765)

77,899

2,948

23,040

U.S.

Small

Cap

Equity

Fund

27,285

3,927

10,914

(2,421)

18,348

698

2,347

U.S.

Strategic

Equity

Fund

55,413

19,207

14,715

1,835

3,536

65,276

951

4,719

Long

Duration

Bond

Fund

20,780

18,154

2,880

505

36,563

1,085

—

Opportunistic

Credit

Fund

12,335

10,517

1,608

(2)

21,516

844

—

Strategic

Bond

Fund

54,432

5,531

29,845

(5,423)

5,853

30,548

2,255

—

Emerging

Markets

Fund

27,334

12,059

6,298

701

6,763

40,559

712

—

Global

Equity

Fund

177,995

13,640

31,396

3,555

16,038

179,832

2,428

10,057

Multifactor

International

Equity

Fund

45,384

33,229

17,272

1,783

4,452

67,576

2,248

—

Multi-Asset

Strategy

Fund

49,144

2,295

6,810

4,496

49,351

1,842

—

$

611,337

$

154,111

$

183,951

$

14,058

$

22,039

$

617,594

$

17,108

$

40,373

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

481,267,858

$

140,156,98

$

(3,830,546)

$

136,326,4

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

3,080,296

$

51,358,773

$

136,326,437

$

—

$

190,765,506

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

13,025,804

$

7,907,006

$

—

$

9,452,947

$

—

$

—

Total

distributable

earnings

(losses)

$

(12)

Additional

paid-in

capital

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.4%

Global

Infrastructure

Fund

Class

Y

604,328

6,303

Global

Real

Estate

Securities

Fund

Class

Y

363,074

10,972

17,275

Domestic

Equities

-

32.2%

Multifactor

U.S.

Equity

Fund

Class

Y

2,773,283

48,616

U.S.

Small

Cap

Equity

Fund

Class

Y

418,777

11,185

U.S.

Strategic

Equity

Fund

Class

Y

2,337,349

43,685

103,486

Fixed

Income

-

5.9%

Long

Duration

Bond

Fund

Class

Y

1,576,501

12,707

Opportunistic

Credit

Fund

Class

Y

731,309

6,413

19,120

International

Equities

-

49.6%

Emerging

Markets

Fund

Class

Y

1,144,092

24,312

Global

Equity

Fund

Class

Y

7,930,403

93,658

Multifactor

International

Equity

Fund

Class

Y

3,328,982

41,579

159,549

Multi-Asset

-

7.0%

Multi-Asset

Strategy

Fund

Class

Y

1,869,944

22,477

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$250,344)

321,907

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$250,344)

321,907

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(207) #### Net

#### Assets

#### -

#### 100.0%
321,700

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

250,344

Investments,

at

fair

value(>)

........................................................................................................................................................

321,907

Receivables:

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Total

assets

...............................................................................................................................................................

322,069

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

321,700

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

94,669

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

226,842

#### Net

#### Assets

#### ...............................................................................................................................................................
$

321,700

(>)

Investments

in

affiliated

funds

$

321,907

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

17.89 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

18.98 Class

A

—

Net

assets

...........................................................................................................................................................

$

132,676,945

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,417,861

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

14.93 Class

C

—

Net

assets

...........................................................................................................................................................

$

86,779,890

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

5,811,127

Net

asset

value

per

share:

Class

R1

(#)

........................................................................................................................................

$

18.23 Class

R1

—

Net

assets

.........................................................................................................................................................

$

3,734,541

Class

R1

—

Shares

outstanding

($.01

par

value)

................................................................................................................

204,823

Net

asset

value

per

share:

Class

R5

(#)

........................................................................................................................................

$

17.02 Class

R5

—

Net

assets

.........................................................................................................................................................

$

4,691,833

Class

R5

—

Shares

outstanding

($.01

par

value)

................................................................................................................

275,703

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.14 Class

S

—

Net

assets

............................................................................................................................................................

$

93,816,947

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

5,170,766

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

...................................................................................................................................

$

8,362

#### Expenses
Advisory

fees

...................................................................................................................................................................

524

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

636

Distribution

fees

-

Class

R5

.............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

R1

.........................................................................................................................................

Transfer

agent

fees

-

Class

R5

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Shareholder

servicing

fees

-

Class

R5

.............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,701

Expense

reductions

..........................................................................................................................................................

(489) Net

expenses

................................................................................................................................................................................

2,212

Net

investment

income

(loss)

.......................................................................................................................................................

6,150

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

7,204

Capital

gain

distributions

from

affiliated

funds

...............................................................................................................

23,129

Net

realized

gain

(loss)

................................................................................................................................................................

30,333

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

.........................................................................................................................................

12,666

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

12,666

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

42,999

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

49,149

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### For

#### the

#### Periods

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

6,150

$

3,626

Net

realized

gain

(loss)

................................................................................................................

30,333

6,521

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

12,666

65,185

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

49,149

75,332

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(2,512)

(1,827)

Class

C

.....................................................................................................................................

(1,632)

(870) Class

R1

...................................................................................................................................

(76) (33) Class

R4

(1) ...............................................................................................................................

—

(67) Class

R5

...................................................................................................................................

(86) (55) Class

S

......................................................................................................................................

(1,857)

(760) Net

decrease

in

net

assets

from

distributions

.....................................................................................

(6,163)

(3,612)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(30,346)

(36,835)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
12,640

34,885

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

309,060

274,175

End

of

period

......................................................................................................................................

$

321,700

$

309,060

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2025

and

October

31,

2024

were

as

follows:

#### 2025

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

3,700

$

5,518

Proceeds

from

reinvestment

of

distributions

2,487

1,814

Payments

for

shares

redeemed

(3,113)

(49,461)

(1,129)

(16,551)

Net

increase

(decrease)

(2,735)

(43,274)

(634)

(9,219)

Class

C

Proceeds

from

shares

sold

2,347

4,747

Proceeds

from

reinvestment

of

distributions

1,622

861

Payments

for

shares

redeemed

(1,132)

(15,504)

(1,575)

(19,441)

Net

increase

(decrease)

(842)

(11,535)

(1,116)

(13,833)

Class

R1

Proceeds

from

shares

sold

1,196

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(36)

(605)

(27)

(380)

Net

increase

(decrease)

667

(8)

(100)

Class

R4(1)

Proceeds

from

shares

sold

—\*\*

896

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(43)

(677)

(660)

(9,631)

Net

increase

(decrease)

(43)

(675)

(593)

(8,668)

Class

R5

Proceeds

from

shares

sold

661

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(68)

(1,035)

(118)

(1,660)

Net

increase

(decrease)

(20)

(288)

(83)

(1,163)

Class

S

Proceeds

from

shares

sold

2,326

37,296

6,792

Proceeds

from

reinvestment

of

distributions

1,854

755

Payments

for

shares

redeemed

(865)

(14,391)

(762)

(11,399)

Net

increase

(decrease)

1,571

24,759

(253)

(3,852)

Total

increase

(decrease)

(2,028)

$

(30,346)

(2,687)

$

(36,835)

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

15.54 12.23 11.90 15.88 11.52 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.47

.20

.19

.59

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.2 1

3.29 .69

(3.18)

4.23 $

Total

from

Investment

Operations

2.6 8

3.49 .88

(2.59)

4.50 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(.18)

(.16)

(.56)

(.14)

$

Distributions

from

Net

Realized

Gain

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

(.01)

—

—

$

Total

Distributions

(.33)

(.18)

(.55)

(1.39)

(.14)

$

Net

Asset

Value,

End

of

Period

17.8 9

15.54 12.23 11.90 15.88 %

Total

Return

(±)

17.43 28.55 7.53 (17.79)

39.19 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 132,677

157,804

131,965

123,791

161,572

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.74

.75

.77

.77

.77

%

Expenses,

Net

(Ƃ)(≠)

.58

.57

.54

.55

.57

%

Net

Investment

Income

(‡)(Ƃ)

2.91 1.36 1.48 4.34 1.85 %

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.07 10.34 10.17 13.81 10.07 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.05

.06

.07

.37

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.08 2.79 .60

(2.68)

3.80 $

Total

from

Investment

Operations

2.13 2.85 .67

(2.31)

3.82 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.27)

(.12)

(.11)

(.50)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

(.01)

—

—

$

Total

Distributions

(.27)

(.12)

(.50)

(1.33)

(.08)

$

Net

Asset

Value,

End

of

Period

14.93 13.07 10.34 10.17 13.81 %

Total

Return

16.48 27.62 6.74 (18.39)

38.02 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 86,780

86,957

80,364

90,793

125,995

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

1.49 1.50 1.52 1.52 1.52 %

Expenses,

Net

(Ƃ)(≠)

1.33 1.32 1.29 1.30 1.32 %

Net

Investment

Income

(‡)(Ƃ)

.40

.48

.62

3.15 .14

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

15.82 12.43 12.06 16.08 11.66 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.48

.25

.24

.66

.38

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.29 3.35 .71

(3.25)

4.21 $

Total

from

Investment

Operations

2.77 3.60 .95

(2.59)

4.59 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.36)

(.21)

(.18)

(.60)

(.17)

$

Distributions

from

Net

Realized

Gain

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

(.02)

—

—

$

Total

Distributions

(.36)

(.21)

(.58)

(1.43)

(.17)

$

Net

Asset

Value,

End

of

Period

18.23 15.82 12.43 12.06 16.08 %

Total

Return

17.72 28.99 7.99 (17.57)

39.55 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,734

2,593

2,142

2,629

3,145

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.49

.50

.52

.52

.52

%

Expenses,

Net

(Ƃ)(≠)

.25

.24

.21

.22

.24

%

Net

Investment

Income

(‡)(Ƃ)

2.86 1.71 1.90 4.80 2.56 %

Portfolio

Turnover

Rate

#### Class

#### R5

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.81 11.68 11.38 15.26 11.08 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.31

.18

.17

.49

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.21 3.11 .67

(3.00)

4.11 $

Total

from

Investment

Operations

2.52 3.29 .84

(2.51)

4.30 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.16)

(.15)

(.54)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

(.01)

—

—

$

Total

Distributions

(.31)

(.16)

(.54)

(1.37)

(.12)

$

Net

Asset

Value,

End

of

Period

17.02 14.81 11.68 11.38 15.26 %

Total

Return

17.21 28.25 7.48 (17.98)

38.94 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,692

4,388

4,425

6,567

7,713

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.99

1.00 1.02 1.02 1.02 %

Expenses,

Net

(Ƃ)(≠)

.75

.74

.71

.72

.74

%

Net

Investment

Income

(‡)(Ƃ)

2.02 1.26 1.38 3.78 1.37 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

15.74 12.38 12.02 16.02 11.62 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(‡)(Ƃ)

.35

.24

.23

.68

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.40 3.32 .70

(3.26)

4.25 $

Total

from

Investment

Operations

2.75 3.56 .93

(2.58)

4.57 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.35)

(.20)

(.17)

(.59)

(.17)

$

Distributions

from

Net

Realized

Gain

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

(.02)

—

—

$

Total

Distributions

(.35)

(.20)

(.57)

(1.42)

(.17)

$

Net

Asset

Value,

End

of

Period

18.14 15.74 12.38 12.02 16.02 %

Total

Return

17.67 28.80 7.88 (17.57)

39.45 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 93,817

56,671

47,682

52,542

78,256

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

(≠)

.49

.50

.52

.52

.52

%

Expenses,

Net

(Ƃ)(≠)

.33

.32

.29

.30

.32

%

Net

Investment

Income

(‡)(Ƃ)

2.13 1.61 1.80 4.96 2.17 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

October

31,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

and

components

of

distributable

earnings

for

income

tax

purposes

were

as

follows:

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

13,672

Administrative

fees

11,581

Distribution

fees

84,338

Shareholder

servicing

fees

19,375

Transfer

agent

fees

53,947

Trustees'

fees

986

$

183,899

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

6,236

$

746

$

1,178

$

$

$

6,303

$

$

Global

Real

Estate

Securities

Fund

13,611

1,589

3,844

(632)

10,972

—

Multifactor

U.S.

Equity

Fund

62,525

17,164

26,640

3,549

(7,982)

48,616

1,737

13,555

U.S.

Small

Cap

Equity

Fund

16,804

2,416

6,667

(27)

(1,341)

11,185

1,474

U.S.

Strategic

Equity

Fund

32,835

16,280

9,529

1,208

2,891

43,685

602

2,835

Long

Duration

Bond

Fund

7,437

6,289

1,183

12,707

—

Opportunistic

Credit

Fund

6,218

1,102

1,008

6,413

—

Emerging

Markets

Fund

18,409

5,868

4,534

562

4,007

24,312

—

Global

Equity

Fund

90,062

6,780

13,245

1,240

8,821

93,658

1,245

5,157

Multifactor

International

Equity

Fund

30,319

18,713

11,629

1,091

3,085

41,579

1,543

—

Multi-Asset

Strategy

Fund

24,819

1,977

6,705

2,270

22,477

930

—

$

309,275

$

78,924

$

86,162

$

7,204

$

12,666

$

321,907

$

8,362

$

23,129

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

253,073,649

$

68,833,732

$

—

$

68,833,732

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

1,191,

$

24,643,308

$

68,833,732

$

—

$

94,668,

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

in

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

be

due

to

foreign

currency

gains

or

losses,

reclassifications

of

dividends

and

/or

differences

in

treatment

of

income

from

swaps.

These

adjustments

have

no

impact

on

the

net

assets.

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Return

#### of

#### Capital
$

6,162,666

$

—

$

—

$

3,611,947

$

—

$

—

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### October

#### 31,

#### 2025

Notes

to

Financial

Highlights

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(±)

Total

return

for

Class

A

does

not

reflect

a

front-end

sales

charge.

If

sales

charges

were

included,

the

total

return

would

be

lower.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(≠)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

twelve

months

ended

October

31,

2025. Each

of

the

Funds

listed

in

the

table

below

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

"Underlying

Funds").

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

at

russellinvestments.com.

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

as

of

October

31,

2025. The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multifactor

U.S.

Equity,

U.S.

Strategic

Equity,

Sustainable

Aware

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

Global

Equity

and

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond

and

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

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.

RIM

may

change

a

Fund's

target

strategic

asset

allocation

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM's

capital

markets

research.

A

Fund's

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

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.

A

Fund's

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

\*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946. #### Asset

#### Allocation\*

#### Conservative

#### Strategy

#### Fund

#### Moderate

#### Strategy

#### Fund

#### Balanced

#### Strategy

#### Fund

#### Aggressive

#### Strategy

#### Fund

#### Equity

#### Aggressive

#### Strategy

#### Fund
Equity

14.5%

36%

55%

72.5%

81.5%

Fixed

Income

75.5%

54%

33%

14.5%

6%

Multi-Asset

8%

8%

8%

8%

7%

Alternative#

2%

2%

4%

5%

5.5%

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025

Notes

to

Financial

Statements

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

("ASU")

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments'

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

"Significant

Accounting

Policies"

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Fund's

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

ASU

2023-09,

*Improvements* 

*to* 

*Income* 

*Tax* 

*Disclosures*

,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

and

Level

of

the

fair

value

hierarchy

are

as

follows:

investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

per

share

of

such

investments

without

further

adjustment

as

a

practical

expedient.

As

of

October

31,

2025,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund's

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

October

31,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2022,

through

October

31,

2024,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

dividends

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

the

Underlying

Funds

sold

at

a

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025

Notes

to

Financial

Statements

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

Expenses

included

in

the

accompanying

financial

statements

reflect

the

expenses

of

each

Fund

and

do

not

include

those

expenses

incurred

by

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

the

Underlying

Funds'

fees

and

expenses

incurred

indirectly

by

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds'

adviser,

or

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

the

Funds'

administrator

and

transfer

agent.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Class

Allocation

Each

of

the

Funds

presented

herein

may

offer

certain

of

the

following

classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R1,

Class

R5

and

Class

S. All

share

classes

have

identical

voting,

dividend,

liquidation

and

other

rights,

preferences,

powers,

restrictions,

limitations,

qualifications

and

the

same

terms

and

conditions.

The

separate

classes

of

shares

differ

principally

in

the

applicable

sales

charges,

transfer

agent

fees,

distribution

fees

and

shareholder

servicing

fees.

Shareholders

of

each

class

bear

certain

expenses

that

pertain

to

that

particular

class.

Realized

and

unrealized

gains

(losses),

investment

income,

and

expenses

with

the

exception

of

class

level

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Guarantees

Under

the

Investment

Company's

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Investment

Company.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds'

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Underlying

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

3. #### Investment

#### Transactions
Underlying

Funds

During

the

period

ended

October

31,

2025,

purchases

and

sales

of

Underlying

Funds

were

as

follows:

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser,

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

RIFUS

is

the

Funds'

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund's

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

Fund

pays

an

annual

advisory

fee

of

0.17%

to

RIM.

In

addition,

each

Fund

pays

an

annual

administrative

fee

of

up

to

0.0425%

to

RIFUS

based

upon

the

average

daily

net

assets

of

the

Fund

payable

on

a

monthly

basis.

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

October

31,

2025:

Waivers

and

Reimbursements

RIM

has

contractually

agreed

to

waive

a

portion

of

its

advisory

fees

and

reimburse

certain

expenses

for

certain

Funds.

These

arrangements

are

not

part

of

the

advisory

agreement

with

the

Investment

Company

and

may

be

changed

or

discontinued.

For

the

Conservative

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

services

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

services

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

#### Funds

#### Purchases

#### Sales
Conservative

Strategy

Fund

$

14,434,550

$

27,046,683

Moderate

Strategy

Fund

26,467,601

35,391,507

Balanced

Strategy

Fund

154,529,4

203,155,589

Aggressive

Strategy

Fund

154,111,466

183,950,

Equity

Aggressive

Strategy

Fund

78,924,144

86,161,553

#### Funds

#### Advisory

#### Administrative
Conservative

Strategy

Fund

$

110,190

$

27,548

Moderate

Strategy

Fund

213,398

53,350

Balanced

Strategy

Fund

1,049,173

262,293

Aggressive

Strategy

Fund

1,017,331

254,333

Equity

Aggressive

Strategy

Fund

524,488

131,122

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025

Notes

to

Financial

Statements

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.05%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.05%

of

its

advisory

fee.

Effective

June

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.07%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.13%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.13%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

services

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

Transfer

agency

fees

are

class-level

expenses

and

may

differ

by

class.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

October

31,

2025

were

as

follows:

RIFUS

has

contractually

agreed

to

waive,

through

February

28,

2026,

a

portion

of

its

transfer

agency

fees

for

certain

classes

of

certain

Funds

as

set

forth

below:

As

of

October

31,

2025,

RIM

and

RIFUS

waived

and

reimbursed

the

following

expenses:

#### Funds

#### Amount
Conservative

Strategy

Fund

$

129,636

Moderate

Strategy

Fund

251,055

Balanced

Strategy

Fund

1,234,311

Aggressive

Strategy

Fund

1,196,858

Equity

Aggressive

Strategy

Fund

617,042

#### Funds/Classes

#### Waivers
Conservative

Strategy

Fund

–

Class

A

&

C

0.08%

Conservative

Strategy

Fund

–

Class

S

0.02%

Conservative

Strategy

Fund

–

Class

R1

&

R5

0.15%

Moderate

Strategy

Fund

–

Class

A,

C,

R1

&

R5

0.08%

Balanced

Strategy

Fund

–

Class

A

&

C

0.10%

Balanced

Strategy

Fund

–

Class

R1

&

R5

0.06%

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.05%

Equity

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.08%

#### Funds

#### RIM

#### Waiver

#### RIM

#### Reimbursement

#### RIFUS

#### Waiver

#### Total
Conservative

Strategy

Fund

$

110,190

$

103,578

$

50,933

$

264,701

Moderate

Strategy

Fund

213,398

82,243

86,576

,

Balanced

Strategy

Fund

360,063

—

515,594

875,657

Aggressive

Strategy

Fund

777

,

959

—

8,207

786

,

Equity

Aggressive

Strategy

Fund

482,734

—

6,338

489,072

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

The

Investment

Company

has

distribution

plans

pursuant

to

Rule

12b-1

(the

"Plans")

under

the

Investment

Company

Act.

Under

the

Plans,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor

or

any

selling

agents,

as

defined

in

the

Plans,

for

sales

support

services

provided,

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A,

Class

C

and

Class

R5

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

A

and

Class

R5

Shares

and

0.75%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

Shares

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

shareholder

services

plans

under

which

the

Funds

may

make

payments

to

the

Distributor

or

any

servicing

agent

for

any

activities

or

expenses

primarily

intended

to

assist,

support

or

service

the

servicing

agents'

clients

who

beneficially

own

Class

C

and

Class

R5

Shares

of

the

Funds.

The

shareholder

servicing

payments

will

not

exceed

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

and

Class

R5

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

("CDSC")

and

asset-based

sales

charges

on

Class

A,

Class

C

and

Class

R5

Shares

of

the

Funds

may

not

exceed

7.25%,

6.25%

and

6.25%,

respectively,

of

total

gross

sales,

subject

to

certain

exclusions.

Pursuant

to

the

rules

of

the

Financial

Industry

Regulatory

Authority,

Inc.

("FINRA"),

these

limitations

are

imposed

at

the

class

level

on

each

class

of

shares

of

each

Fund

rather

than

on

a

per

shareholder

basis.

Therefore,

long-term

shareholders

of

Class

A,

Class

C

or

Class

R5

Shares

may

pay

more

than

the

economic

equivalent

of

the

maximum

sales

charges

permitted

by

FINRA.

Aggregate

initial

sales

charges

and

CDSC

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment,

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

The

Distributor

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

Class

A

Shares

for

the

period

ended

October

31,

2025:

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIC,

Russell

Investment

Funds

("RIF"),

Russell

Investments

Exchange

Traded

Funds

("RIETF"),

the

Russell

Investments

Strategic

Credit

Fund

("RISCF"),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

("RINEIF").

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

October

31,

2025,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$2,272,000.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

October

31,

2025

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

October

31,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains

in

each

succeeding

period.

#### Funds

#### CDSC

#### Retained

#### by

#### Distributor

#### Aggregate

#### Front-End

#### Sales

#### Charges

#### Front-End

#### Sales

#### Charges

#### Retained

#### by

#### Distributor
Conservative

Strategy

Fund

$

$

1,379

$

Moderate

Strategy

Fund

—

11,358

1,687

Balanced

Strategy

Fund

57,312

9,796

Aggressive

Strategy

Fund

—

107,772

18,835

Equity

Aggressive

Strategy

Fund

—

37,793

6,284

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025

Notes

to

Financial

Statements

6. #### Record

#### Ownership
As

of

October

31,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

October

31,

2025. 8. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Conservative

Strategy

Fund

$

22,612

$

5,292,829

$

5,315,441

Moderate

Strategy

Fund

—

699,779

699,779

#### Funds

#### #

#### of

#### Shareholders

#### %
Conservative

Strategy

Fund

70.7 Moderate

Strategy

Fund

59.5 Balanced

Strategy

Fund

69.5 Aggressive

Strategy

Fund

61.6 Equity

Aggressive

Strategy

Fund

63.7 #### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

Russell

Investment

Company

and

Shareholders

of

Conservative

Strategy

Fund,

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Conservative

Strategy

Fund,

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund

(five

of

the

funds

constituting

Russell

Investment

Company,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2025,

the

related

statements

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Seattle,

WA

December

22,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Russell

Investments

family

of

funds

since

1981. PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

WA

98101

T:

(206) 398

3000,

www.pwc.com/us

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Tax

#### Information

#### —

#### October

#### 31,

#### 2025
(Unaudited)

Tax

Information

For

the

tax

year

ended

October

31,

2025,

the

Funds

designate

100%,

or

the

maximum

amount

allowable,

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

For

the

tax

year

ended

October

31,

2025,

the

Funds

designate

under

Section

871(k)(2)(c)

of

the

Code,

the

maximum

amount

allowable

as

a

short

term

capital

gain

dividend

for

purposes

of

the

tax

imposed

under

Section

871(a)(1)(A)

of

the

Code.

This

applies

to

nonresident

alien

shareholders

only.

The

Form

1099

you

receive

in

January

2026

will

show

the

tax

status

of

all

distributions

paid

to

your

account

in

calendar

year

2025. The

Funds

designate

dividends

distributed

during

the

fiscal

year

as

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

as

follows:

Pursuant

to

Section

852

of

the

Code,

the

Funds

designate

the

following

amounts

as

long-term

capital

gain

dividends

for

their

taxable

year

ended

October

31,

2025:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

October

31,

2025. Pursuant

to

Section

853

of

the

Code,

the

Funds

designate

the

following

per

share

amounts

of

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

Conservative

Strategy

Fund

5.0%

Moderate

Strategy

Fund

6.9%

Balanced

Strategy

Fund

11.1%

Aggressive

Strategy

Fund

15.5%

Equity

Aggressive

Strategy

Fund

21.0%

Conservative

Strategy

Fund

$

—

Moderate

Strategy

Fund

—

Balanced

Strategy

Fund

—

Aggressive

Strategy

Fund

7,907,006

Equity

Aggressive

Strategy

Fund

—

#### Fund

#### Name

#### Foreign

#### Taxes

#### Paid

#### Foreign

#### Taxes

#### Paid

#### Per

#### Share

#### Foreign

#### Source

#### Income

#### Foreign

#### Source

#### Income

#### Per

#### Share
Conservative

Strategy

Fund

$

7,348

$

0.0011 $

28,907

$

0.0044 Moderate

Strategy

Fund

30,986

0.0025 130,833

0.0105 Balanced

Strategy

Fund

231,583

0.0044 1,014,906

0.0192 Aggressive

Strategy

Fund

332,688

0.0075 1,513,842

0.0341 Equity

Aggressive

Strategy

Fund

199,605

0.0106 907,480

0.0481 #### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements

#### —

#### October

#### 31,

#### 2025
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

#### Approval

#### of

#### Investment

#### Advisory

#### Agreement
The

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

requires

that

the

Board

of

Trustees

(the

"Board"),

including

a

majority

of

its

members

who

are

not

considered

to

be

"interested

persons"

under

the

1940

Act

(the

"Independent

Trustees")

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

("RIM")

(the

"RIM

Agreement")

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

funds

(collectively,

the

"portfolio

management

contracts"

and,

with

the

RIM

Agreement,

the

"Agreements")

in

which

the

Funds

invest

(the

"Underlying

Funds")

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

including

all

of

the

Independent

Trustees,

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

in

person

on

May

19,

2025

(the

"Agreement

Evaluation

Meeting").

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds

and

Underlying

Funds,

sales

and

redemptions

of

the

Funds'

and

Underlying

Funds'

shares,

management

of

the

Funds

and

the

Underlying

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

("Independent

Counsel"),

also

requested

and

the

Board

considered:

(1) information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds

and

the

Underlying

Funds;

(2) information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

and

Underlying

Fund

to

RIM

(and

its

affiliates);

and

(3) information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

(the

"Third-Party

Provider")

comparing

(i) the

performance

of

the

Funds

and

the

Underlying

Funds

over

various

time

periods

and

(ii) the

Funds'

and

the

Underlying

Funds'

respective

operating

expenses

as

of

each

Fund's

last

fiscal

year

end,

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

Third-Party

Provider

to

be

generally

comparable

to

the

Funds

and

the

Underlying

Funds

(the

"Third-Party

Information").

The

Third-Party

Information

provided

performance

comparisons

for

Class

S

shares

and

operating

expense

comparisons

for

Class

A

shares

of

the

Funds,

and

performance

comparisons

and

operating

expense

comparisons

for

Class

S

shares

of

the

Underlying

Funds,

except

for

the

Long

Duration

Bond

Fund,

for

which

the

Third-Party

Information

showed

performance

comparisons

for

Class

S

since

first

being

issued

on

September

11,

2023,

and

for

Class

Y

shares

prior

to

that

date.

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund's

"Comparable

Funds,"

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund's

"Performance

Universe"

in

the

case

of

performance

comparisons,

and

the

Fund's

"Expense

Universe"

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board,

including

the

Independent

Trustees,

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

"Agreement

Evaluation

Information."

The

Trustees'

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-

managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

("Other

RIM

Funds"),

with

respect

to

services

provided

by

RIM,

RIM's

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

and

the

Underlying

Funds

("Fund

Counsel")

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

the

Independent

Trustees

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

meetings

held

virtually

on

April

7,

2025

and

April

14,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

prior

to

those

dates.

At

a

meeting

held

in

person

on

April

21,

2025,

the

Independent

Trustees

met

privately

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information.

At

a

meeting

held

in

person

on

April

22,

2025

(the

"Agreement

Information

Review

Meeting"),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1) in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

("TA

Associates"),

at

which

(i) Independent

Counsel,

(ii) Fund

Counsel,

(iii) the

Chairman

and

Chief

Executive

Officer

of

RIM's

ultimate

parent

company;

(iv) the

Chief

Financial

Officer

of

RIM

and

RIM's

ultimate

parent

company,

and

(v) the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

of

the

Funds,

who

is

also

a

Director

of

RIM

and

Vice

Chairman

of

RIM's

ultimate

parent

company,

were

present;

(2) met

with

representatives

of

RIM;

and

then

(3) the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds'

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

at

the

conclusion

of

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

requested

that

RIM

consider

an

additional

advisory

fee

waiver

for

the

Balanced

Strategy

Fund.

RIM's

proposal

for

this

additional

advisory

fee

waiver

was

provided

to

the

Board

on

May

5,

2025. On

May

12,

2025,

the

Independent

Trustees

met

by

video

conference

in

a

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

provided

to

date.

After

the

conclusion

of

such

private

meeting,

the

Board

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

Chair,

on

behalf

of

the

Independent

Trustees,

requested

that

RIM

reconsider

its

proposal

for

an

additional

advisory

fee

waiver

for

the

Balanced

Strategy

Fund,

and

a

revised

proposal

was

presented

by

RIM

at

the

Agreement

Evaluation

Meeting.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

updated

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

the

culmination

of

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

most

of

the

Underlying

Funds

(the

"Manager-of-Managers

Underlying

Funds")

employ

a

manager-of-managers

method

of

investment

and

that

the

Manager-of-Managers

Underlying

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds

and

is

responsible

for

paying

fees

to

the

Money

Managers

("Money

Manager

Fees")

out

of

the

advisory

fees

paid

by

the

Manager-of-Managers

Underlying

Funds

to

RIM

for

its

services

under

the

RIM

Agreement.

A

Money

Manager

may

have

(1) a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

a

Manager-of-Managers

Underlying

Fund's

assets

to

manage

directly

and

for

which

it

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

to

it;

(2) a

non-discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

a

Manager-of-Managers

Underlying

Fund;

or

(3) both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Multifactor

U.S.

Equity

Fund,

Multifactor

International

Equity

Fund

and

Long

Duration

Bond

Fund

do

not

employ

a

manager-of-managers

method

of

investment

and

are

instead

managed

only

by

RIM.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

in

the

case

of

Manager-of-Managers

Underlying

Funds)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

in

conducting

each

Fund's

investment

program,

allocating

assets

of

such

Fund

principally

among

its

Underlying

Funds.

The

assets

of

each

Fund

are

principally

invested

in

different

combinations

of

the

Underlying

Funds

pursuant

to

target

strategic

asset

allocations

set

by

RIM.

RIM

analyzes

opportunities

and

risks

at

the

aggregate

level

of

the

four

main

asset

classes

–

equities,

fixed

income,

multi-asset

and

alternatives

–

and

monitors

exposure

to

such

asset

classes

using

analytical

tools

to

seek

to

ensure

that

any

deviations

from

the

target

strategic

asset

allocations

are

intentional

and

tactical.

RIM

periodically

evaluates

each

Fund's

allocation

between

asset

classes

to

seek

to

ensure

that

the

allocations

optimally

match

the

Fund's

stated

investment

objectives

and

risk

profile.

RIM

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

the

Funds

invest

from

time

to

time.

The

overall

performance

of

each

Fund

therefore

has

reflected,

in

part,

the

performance

of

RIM

in

designing

the

investment

program

of

the

Fund

and

in

determining

the

Funds'

target

strategic

asset

allocations.

The

overall

performance

of

each

Fund

also

has

reflected

the

performance

of

RIM

in

managing

its

Underlying

Funds.

Assets

of

each

Manager-of-Managers

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Manager-of-Managers

Underlying

Fund.

RIM

may

change

a

Manager-of-Managers

Underlying

Fund's

target

strategic

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Manager-of-Managers

Underlying

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Manager-of-Managers

Underlying

Fund's

cash

and

portions

of

a

Manager-of-Managers

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Manager-of-Managers

Underlying

Fund's

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

certain

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

"equitization"

strategy

is

managed

by

RIM

and

is

intended

to

cause

a

Fund

to

perform

as

though

its

cash

were

actually

invested

in

those

specified

markets

or

strategies.

With

respect

to

the

portion

of

a

Manager-

of-Managers

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM's

allocation

to

each

Money

Manager's

strategy

through

an

"enhanced

portfolio

implementation,"

or

"emulation,"

process

designed

to

capture

return

streams

of

multiple

Money

Managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Manager-of-Managers

Underlying

Funds

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

(including

the

impact

of

lower

trading

volume

on

custody

charges)

and

lower

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

by

enabling

the

implementation

team

more

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

to

the

Funds

under

the

RIM

Agreement.

In

the

case

of

Manager-of-Managers

Underlying

Funds,

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Manager-of-Managers

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Manager-of-Managers

Underlying

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Manager-of-Managers

Underlying

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Manager-of-Managers

Underlying

Fund's

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities,

and

the

Money

Manager's

specified

role

in

a

Manager-of-Managers

Underlying

Fund.

A

Money

Manager's

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Manager-of-Managers

Underlying

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Manager-of-Managers

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Manager-of-Managers

Underlying

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Manager-of-Managers

Underlying

Fund's

investment

objective

and

policies;

with

respect

to

Manager-of-Managers

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Manager-of-Managers

Underlying

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Manager-of-Managers

Underlying

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Manager-of-

Managers

Underlying

Funds'

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers,

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM's

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM's

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

on

a

Manager-of-Managers

Underlying

Fund's

investment

program

and

RIM's

assessment

of

the

Money

Manager's

expertise

and

investment

style

whereby

RIM

attempts

to

capitalize

on

the

strengths

of

each

Money

Manager

and

to

combine

the

investment

activities

of

Money

Managers

for

the

Manager-of-Managers

Underlying

Fund

in

a

complementary

fashion.

Therefore,

RIM's

selection

of

Money

Managers

for

a

Manager-of-Managers

Underlying

Fund

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Manager-of-Managers

Underlying

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Manager-of-Managers

Underlying

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Manager-of-Managers

Underlying

Fund's

investment

program,

structuring

the

Manager-of-Managers

Underlying

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Manager-

of-Managers

Underlying

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Manager-of-Managers

Underlying

Funds

by

RIM

and

the

relatively

narrow

scope

of

portfolio

management

services

provided

to

the

Manager-of-Managers

Underlying

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM's

portfolio

construction

is

to

meet

a

portfolio's

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Manager-of-Managers

Underlying

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

a

Manager-of-Managers

Underlying

Fund's

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM's

direct

management

of

a

portion

of

the

Manager-of-Managers

Underlying

Funds'

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM's

role

as

the

principal

investment

manager

for

each

such

Manager-of-Managers

Underlying

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

or

Manager-of-Managers

Underlying

Funds

operate.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM's

reputation

and

experience

in

managing

the

structure

of

the

Manager-of-Managers

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Manager-of-

Managers

Underlying

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Manager-of-Managers

Underlying

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Manager-of-Managers

Underlying

Fund.

In

addition

to

these

general

factors

relating

to

the

structure

of

the

Manager-of-Managers

Underlying

Funds,

the

Trustees

considered,

with

respect

to

each

Fund

and

Underlying

Fund,

various

specific

factors

in

evaluating

the

renewal

of

the

RIM

Agreement,

including

the

following:

1. The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

the

Underlying

Fund

by

RIM;

2. The

advisory

fee

paid

by

the

Fund

or

the

Underlying

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

"Advisory

Fee"),

and,

in

the

case

of

Manager-of-Managers

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3. The

combined

Advisory

Fee

paid

to

RIM

and

the

administrative

fee

paid

to

RIM's

wholly

owned

subsidiary

for

administrative

services

(the

"Administrative

Fee,"

and

together

with

the

Advisory

Fee,

the

"Management

Fee");

4. The

performance

of

the

Funds

and

the

Underlying

Funds

relative

to

their

respective

benchmark

indices

and

Comparable

Funds;

5. Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund

or

the

Underlying

Fund,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

the

fund

in

which

the

Underlying

Funds

invest

their

uninvested

cash,

and

commissions

or

other

compensation

in

connection

with

the

execution

of

portfolio

securities

and

foreign

exchange

transactions;

6. Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund

or

Underlying

Fund;

7. Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

or

the

Underlying

Fund

(excluding

sales

and

client

service

expenses);

and

8. Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

or

the

Underlying

Fund.

In

connection

with

the

Trustees'

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds

and

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

of

RIM

and

RIM's

ultimate

parent

company

certain

initiatives

and

growth

strategies

involving

new

and

potential

new

client

relationships,

new

and

expected

new

product

offerings,

certain

changes

in

senior

personnel

and

the

impact

of

other

recent

changes

in

Russell

Investments'

(as

defined

below)

personnel

providing

services

to

the

Funds

and

the

Underlying

Funds.

The

President

and

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds

and

Underlying

Funds,

how

Russell

Investments

measures

performance

success,

and

recent

and

planned

investment

process

enhancements.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

The

Board

also

discussed

the

Funds'

compliance

program

with

the

Funds'

Chief

Compliance

Officer

("CCO"),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

"Annual

CCO

Report").

The

Annual

CCO

Report

included

the

status

of

projects,

initiatives

and

enhancements

in

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year's

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

resources

of

the

compliance

program

and

the

status

of

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments'

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

of

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

to

the

services

RIM

provides

to

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act).

RIM

is

an

indirect

wholly

owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

("Reverence

Capital")

indirectly

have

a

significant

minority

controlling

ownership

interest

(as

"control"

is

defined

in

the

1940

Act)

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

("Russell

Investments").

Certain

of

Russell

Investments'

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

in

Russell

Investments.

In

connection

with

the

Board's

initial

approval

of

the

RIM

Agreement

in

2015,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

("Transaction")

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

("Successor

Agreement")

for

the

RIM

Agreement

and,

thereafter,

to

submit

the

Successor

Agreement

to

each

Fund's

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates'

indirect

investment

in

RIM

and

RIM's

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment,

current

debt

levels,

capital

structure

and

liquidity

of

Russell

Investments

Group,

Ltd.,

and

the

impact

of

certain

changes

in

Russell

Investments'

senior

management

were

discussed.

The

Board

was

not

advised

of

any

change

in

TA

Associates'

ultimate

plans

regarding

its

ownership

interest

in

Russell

Investments.

The

Board

was

advised

of

TA

Associates'

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Manager-of-Managers

Underlying

Fund's

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Manager-of-Managers

Underlying

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Manager-of-Managers

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

RIM

may

utilize

tools

such

as

"optimization,"

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM's

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

"Direct

Management

Services."

While

no

new

direct

management

strategies

were

implemented

in

2024,

the

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

may

continue

exploring

the

possible

addition

of

new

or

expansion

of

existing

Direct

Management

Services.

Therefore,

larger

portions

of

certain

Manager-of-Managers

Underlying

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

for

the

Manager-of-Managers

Underlying

Funds,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM's

Direct

Management

Services,

align

exposures

with

RIM's

preferred

positioning

by

seeking

to

precisely

manage

portfolio

exposures

as

well

as

to

generate

alpha

as

they

construct

portfolios.

RIM's

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

a

Manager-of-Managers

Underlying

Fund.

RIM's

Direct

Management

Services

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM's

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Manager-of-Managers

Underlying

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

incurs

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Manager-of-Managers

Underlying

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Manager-of-Managers

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM's

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Manager-of-Managers

Underlying

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

the

Manager-of-Managers

Underlying

Funds

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Manager-of-Managers

Underlying

Funds

are

not

increased

as

a

result

of

RIM's

direct

management

of

Manager-of-Managers

Underlying

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies,

to

Direct

Management

Services

or

in

connection

with

asset

allocation

programs

offered

by

RIM,

as

well

as

changes

in

the

allocation

of

Fund

assets

among

the

Underlying

Funds,

may

result

directly

in

higher

related

costs

to

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM's

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks,

and

consistent

with

the

terms

of

the

manager-of-

managers

exemptive

order,

in

2019,

RIM

created

Money

Manager

"bench"

lineups

for

certain

Manager-of-Managers

Underlying

Funds,

whereby

those

Manager-of-Managers

Underlying

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager's

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager

that

may

otherwise

be

closed

to

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Manager-of-Managers

Underlying

Funds

or

RIM

from

the

use

of

a

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

or

remove

Money

Managers

from,

a

Money

Manager

bench

lineup

for

Manager-of-Managers

Underlying

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

in

recent

years

and

described

additional

changes

that

have

been

implemented

or

are

underway,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Underlying

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

• The

Direct

Management

Services

described

above.

• Most

discretionary

Money

Manager

equity

assignments

for

Manager-of-Managers

Underlying

Funds

were

previously

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Manager-

of-Managers

Underlying

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

Underlying

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

equity

portfolio

transactions

through

an

affiliated

broker

that

receives

a

portion

of

the

commissions

paid

by

the

Funds

for

effecting

some

of

these

transactions.

For

such

equity

transactions,

the

Underlying

Funds

pay

RIM's

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliated

broker

dealer

receives

any

portion

of

the

commission.

RIM

noted

certain

enhancements

in

recent

years

to

the

emulation

process

for

Manager-of-Managers

Underlying

Funds,

including

increasing

the

frequency

of

receipt

of

certain

Money

Manager

model

portfolios,

the

utilization

of

a

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

be

implemented

by

Money

Managers

on

a

discretionary

basis.

• RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

RIM

advised

the

Board

that

it

has

not

experienced,

and

does

not

expect

to

experience,

any

diminution

in

the

nature,

scope

or

quality

of

services

provided

by

Money

Managers

as

a

result

of

renegotiated

Money

Manager

Fees.

• Benchmark

and

name

changes

for

certain

Funds

and

Underlying

Funds

to

comply

with

new

SEC

regulations.

• Modifications

to

the

target

strategic

asset

allocation

of

the

Funds

to

reflect

market

conditions,

capital

market

forecasts

and

RIM's

desired

asset

class

exposures.

In

evaluating

the

Funds'

and

Underlying

Funds'

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Underlying

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Board

considered

that,

effective

March

1,

2024,

the

contractual

advisory

fee

rates

were

reduced

for

the

Funds

and

certain

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

or

reimbursing

Fund

expenses

under

an

expense

cap,

and

new

waivers

and/or

expense

caps

for

the

Funds

and

certain

Underlying

Funds

were

implemented

upon

the

expiration

of

the

prior

waivers

and/or

expense

caps.

To

assist

the

Board's

evaluation

of

the

Advisory

Fees,

Management

Fees

and

total

expenses

of

the

Funds

and

the

Underlying

Funds,

RIM

provided

comparisons

and

discussion

of

the

Management

Fees

and

total

expenses

of

each

Fund

and

Underlying

Fund

on

an

adjusted

basis

to

reflect

the

annualized

impact

of

changes

to

contractual

Advisory

Fees

and

Advisory

Fee

waivers

and

expense

caps,

as

applicable,

that

were

implemented

in

2024

relative

to

the

management

fees

and

total

expenses

of

such

Fund's

Comparable

Funds

included

in

the

Third-Party

Information

(the

"Annualized

Information").

The

Annualized

Information

included,

among

other

things,

comparisons

of

the

Funds'

Management

Fees

with

the

management

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

and/or

expense

caps

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund's

Comparable

Funds).

The

Annualized

Information

showed,

among

other

things,

that

the

Balanced

Strategy

Fund

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

Comparable

Funds

on

an

annualized

basis,

was

ranked

in

the

fourth

quintile

of

its

Expense

Universe

for

that

expense

component.

The

Management

Fees

for

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Expense

Universe,

or

better.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Universe,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Universe.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds

and

the

Annualized

Information.

In

discussing

the

Management

Fees

for

the

Underlying

Funds

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Underlying

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Underlying

Funds'

Comparable

Funds,

as

well

as

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

of

a

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margin

from

its

relationships

with

the

Funds

and

Underlying

Funds

increased

slightly

in

2024,

and

RIM's

2024

pre-tax

profit

margin

in

providing

investment

advisory

services

to

the

Funds

is

higher

than

the

median

of

the

operating

profit

margins

of

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

on

a

survey

conducted

as

of

September

30,

2024

reflecting

the

prior

months.

The

Board

considered

each

Fund's

and

Underlying

Fund's

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund's

or

Underlying

Fund's

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund's

total

expense

ratio,

and

the

extent

to

which

such

expense

components

contribute

to

each

Fund's

total

expense

rankings

within

its

Expense

Universe.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Underlying

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

At

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

of

the

Underlying

Funds

relative

to

their

respective

Comparable

Funds,

including

the

fee

waivers

or

expense

caps

RIM

had

previously

implemented

and

agreed

to

implement

in

the

future

to

reduce

Management

Fees

and/or

total

expenses

for

certain

Underlying

Funds,

and

the

Underlying

Funds'

Comparable

Fund

fee

and

expense

trending

year-

over-year.

In

addition,

the

Board,

in

the

case

of

certain

Underlying

Funds,

considered

Advisory

Fee

breakpoints

that

previously

had

been

implemented

for

those

Underlying

Funds.

Based

on

those

reviews

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

Underlying

Funds'

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons

of

the

Underlying

Funds.

With

respect

to

the

Balanced

Strategy

Fund,

the

Board

considered

the

Advisory

Fee

waivers

that

RIM

previously

had

agreed

to

implement

and

that,

after

considering

requests

from

the

Independent

Trustees,

RIM

agreed

to

implement

additional

Advisory

Fee

waivers

for

the

Fund

in

the

future.

The

Board

noted

that,

while

in

effect,

the

Advisory

Fee

waivers

would

have

a

beneficial

effect

on

comparisons

of

the

Fund's

Management

Fee

relative

to

the

management

fees

of

its

Comparable

Funds.

The

Board

further

considered

that

the

Fund's

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

Balanced

Strategy

Fund,

RIM

expressed

its

belief

that

the

Fund's

Management

Fee

was

fair

and

reasonable

notwithstanding

the

Annualized

Information

comparisons,

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

or

Underlying

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Manager-of-Managers

Underlying

Funds

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

The

Board

also

considered

that

the

advisory

fee

rates

payable

to

RIM

by

Other

RIM

Funds

and

fee

rates

payable

to

RIM

or

its

affiliates

by

other

registered

investment

companies

and

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

in

some

cases

are

lower

than

the

advisory

fee

rates

paid

by

the

Funds

(including

indirect

expenses

of

investing

in

Underlying

Funds).

The

Trustees

considered

RIM's

explanation

that

the

advisory

fees

payable

to

RIM

by

the

Funds

and

the

Other

RIM

Funds

reflect,

among

other

things,

differences

in

the

type

of

product,

distribution

channel

and

investors.

The

Trustees

also

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

other

registered

investment

companies

and

institutional

clients

relative

to

those

provided

to

the

Funds

and

the

Underlying

Funds.

With

respect

to

institutional

clients,

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/communication

and

other

needs

than

the

Funds

and

the

Underlying

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Underlying

Funds

than

for

RIM's

and

its

affiliates'

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

to

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds'

total

expenses,

the

Annualized

Information

showed

that

the

total

direct

expenses

(i.e.,

not

including

indirect

expenses

of

the

Underlying

Funds)

for

the

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund

each

ranked

in

the

fourth

quintile

of

its

Expense

Universe.

The

total

expenses

for

each

of

the

other

Funds,

ranked

in

the

third

quintile

of

its

Expense

Universe,

or

better.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

With

respect

to

the

Balanced

Strategy

Fund,

Aggressive

Strategy

Fund

and

Equity

Aggressive

Strategy

Fund,

RIM

expressed

its

belief

that

each

Fund's

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Annualized

Information

comparisons,

based

on,

and

as

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

to

the

Balanced

Strategy

Fund,

the

Board

considered

the

Advisory

Fee

waivers

that

RIM

previously

had

agreed

to

implement

and

that,

after

considering

requests

from

the

Independent

Trustees,

RIM

agreed

to

implement

additional

Advisory

Fee

waivers

for

the

Fund.

The

Board

noted

that,

while

in

effect,

the

Advisory

Fee

waivers

would

have

a

beneficial

effect

on

comparisons

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

of

the

Fund's

total

expenses

relative

to

the

total

expenses

of

its

Comparable

Funds.

The

Board

further

considered

that

the

Fund's

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe.

With

respect

to

the

Aggressive

Strategy

Fund

and

the

Equity

Aggressive

Strategy

Fund,

the

Board

considered

that

each

Fund's

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

respective

Expense

Universe.

The

Board

further

considered

that

each

Fund's

management

fee

ranked

in

the

third

quintile

of

its

Expense

Universe.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

the

year

and

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM

and

its

affiliates,

the

Board,

in

respect

of

each

Fund

and

Underlying

Fund,

after

giving

effect

to

any

applicable

fee

waivers

and/or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

in

the

investment

strategies

of

its

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1) found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

Underlying

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund

or

Underlying

Fund;

(2) either

found

that

the

relative

expense

ratio

of

each

Fund

and

Underlying

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above,

and

other

factors

in

respect

of

the

Underlying

Funds,

in

considering

the

relative

expense

ratio

as

compared

to

those

of

its

Comparable

Funds;

(3) found

that

the

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

or

Underlying

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4) found

that

RIM's

reported

profitability

with

respect

to

the

Fund

and

Underlying

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5) found

that

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

or

Underlying

Fund

in

light

of

various

factors,

including

the

Advisory

Fee

breakpoints

that

are

in

place

for

certain

Underlying

Funds;

in

the

case

of

Manager-of

Managers

Underlying

Funds,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure;

and

RIM's

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM's

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

of

each

of

the

Funds

and

Underlying

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

the

Funds

and

the

Underlying

Funds

with

at

least

three

years

of

performance

history,

the

Board

focused

on

each

Fund's

performance

for

the

3-year

period

ended

December

31,

2024

as

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

on

such

date.

In

reviewing

the

performance

of

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

few

years

to

enhance

the

performance

of

certain

Manager-of-Managers

Underlying

Funds,

including

changes

in

Money

Managers

or

their

allocations,

changes

to

investment

strategies,

and

RIM's

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Manager-of-Managers

Underlying

Fund

investment

results.

With

respect

to

the

Conservative

Strategy

Fund

(Class

S),

the

Third-Party

Information

showed

that

the

Fund's

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

each

of

the

1-,

3-

and

5-year

periods

ended

December

31,

2024. With

respect

to

the

Moderate

Strategy

Fund

(Class

S),

the

Third-Party

Information

showed

that

the

Fund's

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2024,

and

was

ranked

in

third

quintile

of

its

Performance

Universe

for

the

1-year

period

and

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

With

respect

to

the

Balanced

Strategy

Fund

(Class

S),

the

Third-Party

Information

showed

that

the

Fund's

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

1-

and

3-year

periods

ended

December

31,

2024,

and

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

The

performance

of

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Performance

Universe

or

better

for

the

3-year

period

ended

December

31,

2024. The

Board

considered

RIM's

explanation

that

the

underperformance

of

the

Conservative

Strategy

Fund,

Moderate

Strategy

Fund

and

Balanced

Strategy

Fund

relative

to

their

respective

Comparable

Funds

for

the

3-year

period

was

driven

by

a

combination

of

asset

allocation

differences

and

active

performance

of

the

Underlying

Funds.

RIM

noted,

among

other

things,

that

the

Funds

are

designed

to

be

broadly

diversified

across

asset

classes

to

harvest

diversification

benefits

and

improve

risk-adjusted

performance

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

over

a

strategic

horizon,

and

that

over

the

3-year

period,

some

of

these

diversified

exposures

have

not

been

accretive

to

the

Funds'

performance

relative

to

peers.

RIM

further

noted

that,

incrementally,

several

of

the

Underlying

Funds

underperformed

their

respective

benchmarks

and

contributed

to

the

underperformance

of

the

Funds.

RIM

also

noted

that

the

Funds'

target

strategic

asset

allocations

were

modified

in

2023,

with

the

objective

of

improving

return

potential

given

the

current

capital

markets

environment

and

capital

markets

forecasts,

and

the

Funds'

target

strategic

asset

allocations

also

were

modified

in

2025. In

evaluating

performance,

the

Board

considered

each

Fund's

and

Underlying

Fund's

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

appropriate

benchmarks

and

indices.

The

Board

considered

the

Manager-of-

Managers

Underlying

Funds'

performance

relative

to

their

primary

or

secondary

benchmarks,

whichever

RIM

uses

to

assess

Fund

performance,

in

light

of

RIM's

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

Among

the

Manager-of-Managers

Underlying

Funds

in

which

the

Funds

were

invested

as

of

December

31,

2024,

for

the

1-year

period

ended

December

31,

2024,

the

Emerging

Markets

Fund,

Opportunistic

Credit

Fund,

Investment

Grade

Bond

Fund,

Short

Duration

Bond

Fund,

Global

Real

Estate

Securities

Fund,

and

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2024,

the

Multi-

Strategy

Income

Fund

outperformed

its

benchmark;

and

for

the

5-year

period

ended

December

31,

2024,

the

Equity

Income

Fund,

U.S.

Small

Cap

Equity

Fund,

Short

Duration

Bond

Fund

and

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks.

With

respect

to

the

Underlying

Funds

that

are

not

Manager-of-Managers

Underlying

Funds,

for

the

1-year

period

ended

December

31,

2024,

the

Long

Duration

Bond

Fund

outperformed

its

benchmark,

and

for

the

3-year

period

ended

December

31,

2024,

the

Multifactor

U.S.

Equity

Fund

outperformed

its

benchmark.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

the

performance

of

the

Funds

and

Manager-of-Managers

Underlying

Funds

for

periods

prior

and

subsequent

to

their

termination.

Further,

the

Board

considered

the

implementation

of

additional

strategies

or

refinements

to

strategies

discussed

in

the

Agreement

Evaluation

Information

and/or

prior

Board

meetings

that

have

been

and

may

be

employed

by

RIM

in

respect

of

certain

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

and

Underlying

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager's

performance

over

various

periods;

RIM's

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds'

and

Underlying

Funds'

underwriter;

and

RIM's

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds'

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Manager-of-Managers

Underlying

Funds'

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

or

economies

of

scale

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm's-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM's

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM's

belief

that

such

fees

are

reasonable;

the

Board's

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Manager-of-Managers

Underlying

Fund;

and

the

fact

that

each

Money

Manager's

fee

is

paid

by

RIM.

Based

upon

RIM's

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Manager-of-Managers

Underlying

Fund

are

acceptable

in

light

of

RIM's

assessment

of

the

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Manager-of-Managers

Underlying

Fund

would

be

in

the

best

interests

of

the

Manager-of-Managers

Underlying

Fund

and

its

shareholders.

\*

\*

\*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM's

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

a

Manager-of-Managers

Underlying

Fund

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Manager-of-Managers

Underlying

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund

and

Underlying

Fund.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Adviser

#### and

#### Service

#### Providers

#### —

#### October

#### 31,

#### 2025
(Unaudited)

Adviser

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

#### Adviser
Russell

Investment

Management,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries

Union

Street

18th

Floor

Seattle,

WA

98101

(800) 787-7354

#### Legal

#### Counsel
Dechert

LLP

One

International

Place,

40th

Floor

Oliver

Street

Boston,

MA

02110

#### Distributor
Russell

Investments

Financial

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Company.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Company

Union

Street

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** 

The information is included in Note 4 in the Notes to Financial Statements in the Financial Statements filed under Item 7 of this form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** 

The information is included as part of the Financial Statements filed under Item 7 of this form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

**Item 16. Controls and Procedures**

(a) Registrant's principal executive officer and principal financial officer have concluded that registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not Applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibit List**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [codeofethics](codeofethics.htm)

(b) Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. [ex99_cert](ex99_cert_v2.htm)

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. [ex99.906_cert](ex99_906cert_v2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Russell Investment Company**

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: December 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: December 23, 2025

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

Date: December 23, 2025

## Ex-99.Code

**Exhibit (a)**

RUSSELL INVESTMENT COMPANY <br> RUSSELL INVESTMENT FUNDS

RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS

RUSSELL INVESTMENTS NEW ECONOMY INFRASTRUCTURE FUND

RUSSELL INVESTMENTS STRATEGIC CREDIT FUND

(each, a "Registered Fund")

CODE OF ETHICS<br> FOR<br> SENIOR REGISTERED FUND OFFICERS

This Code of Ethics ("Code") applies to the Chief Executive Officer and Chief Financial Officer (each, a "Senior Registered Fund Officer") of each Registered Fund and, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, is designed to promote:

▪honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

▪full, fair, accurate, timely and understandable disclosure in reports and documents that a Registered Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by each Registered Fund;

▪compliance with applicable laws and governmental rules and regulations;

▪the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

▪accountability for adherence to the Code.

For purposes of this Code, references to the Chief Legal Officer or the Chief Compliance Officer shall be deemed to include a delegate or designee selected by the Chief Legal Officer or Chief Compliance Officer for a particular matter; provided, that any such delegate or designee must have the requisite knowledge, position with the Registered Funds or other entity within the Russell Investments organization, and experience to carry out the associated responsibilities.

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD ACT HONESTLY AND CANDIDLY

Each Senior Registered Fund Officer owes a duty to each Registered Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Registered Fund Officer must:

▪act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or by a Registered Fund's policies;

▪observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Registered Fund policies;

▪adhere to a high standard of business ethics; and

▪place the interests of each Registered Fund before the Senior Registered Fund Officer's own personal interests.

All activities of Senior Registered Fund Officers should be guided by and should adhere to these fiduciary standards.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SENIOR REGISTERED FUND OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

**Guiding Principles.** A "conflict of interest" occurs when a Senior Registered Fund Officer's private interest interferes with the interests of his or her service to a Registered Fund. A conflict of interest can arise when a Senior Registered Fund Officer takes actions or has interests that may make it difficult to perform his or her Registered Fund work objectively and effectively. For example, a conflict of interest would arise if a Senior Registered Fund Officer, or a member or his family, receives improper personal benefits as a result of his or her position with a Registered Fund. In addition, Senior Registered Fund Officers should be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to a Registered Fund should never be subordinated to personal gain and advantage.

Certain conflicts of interest arise out of the relationships between Senior Registered Fund Officers and a Registered Fund that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended. For example, Senior Registered Fund Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Registered Fund because of their status as "affiliated persons" of the Registered Fund. Therefore, the existing statutory and regulatory prohibitions on individual behavior will be deemed to be incorporated into the Code and therefore any such violation will also be deemed a violation of the Code. Senior Registered Fund Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of, the contractual relationship between each Registered Fund and its investment adviser of which the Senior Registered Fund Officers are also officers or employees, it is recognized by each Registered Fund's Board of Trustees (the "Board") that, subject to the adviser's fiduciary duties to a Registered Fund, the Senior Registered Fund Officers will, in the normal course of their duties (whether formally for a Registered Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the adviser and a Registered Fund. The Board recognizes that the participation of the Senior Registered Fund Officers in such activities is inherent in the contractual relationship between a Registered Fund and the adviser and is consistent with the Board's expectation of the performance by the Senior Registered Fund Officers of their duties as officers of a Registered Fund. In addition, it is recognized by the Board that the Senior Registered Fund Officers may also be officers or employees of other investment companies advised by the same adviser and the codes of ethics of those investment companies will apply to the Senior Registered Fund Officers acting in those distinct capacities.

Each Senior Registered Fund Officer must:

▪avoid conflicts of interest wherever possible;

▪handle any actual or apparent conflict of interest ethically;

▪not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Registered Fund whereby the Senior Registered Fund Officer would benefit personally to the detriment of a Registered Fund;

▪not cause a Registered Fund to take action, or fail to take action, for the personal benefit of the Senior Registered Fund Officer rather than for the benefit of a Registered Fund;

▪not use material non-public knowledge of portfolio transactions made or contemplated for a Registered Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

▪as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with a Registered Fund's Chief Legal Officer; and

▪report at least annually any affiliations or other relationships related to conflicts of interest as requested from time to time in a Registered Fund's directors & officers questionnaire.

The Senior Registered Fund Officers should follow the precepts and requirements of the Russell Investments' code of ethics as adopted by a Registered Fund from time to time, including its policies regarding personal securities accounts, outside business affiliations, gifts and entertainment and conflicts of interest.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISCLOSURE

Each Senior Registered Fund Officer is required to be familiar with, and comply with, the Russell Investments Registered Fund Services, LLC Sarbanes-Oxley Policy and any corresponding disclosure controls and procedures so that a Registered Fund's reports and documents filed with the SEC and other public communications comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Senior Registered Fund Officer having direct or supervisory authority regarding these SEC filings or a Registered Fund's other public communications should, to the extent appropriate within his area of responsibility, consult with other Registered Fund officers and employees and the adviser and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Registered Fund Officer must:

▪familiarize himself or herself with the disclosure requirements generally applicable to a Registered Fund; and

▪not knowingly misrepresent, or cause others to misrepresent, facts about a Registered Fund to others, whether within or outside a Registered Fund, including to a Registered Fund's auditors, independent trustees, independent auditors, or governmental regulators and self-regulatory organizations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE

It is each Registered Fund's policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Senior Registered Fund Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING AND ACCOUNTABILITY

Each Senior Registered Fund Officer must:

▪upon receipt of this Code, and annually thereafter, acknowledge that he or she has read the Code, understands its provisions and agrees to abide by its requirements as set forth elsewhere in this Code;

▪not retaliate against any officer or employee of a Registered Fund or their affiliated persons for reports of potential violations that are made in good faith; and

▪notify a Registered Fund's Chief Legal Officer and/or a Registered Fund's Chief Compliance Officer promptly if he or she becomes aware of any existing or potential violation of the Code. Failure to do so is itself a violation of the Code.

Except as described otherwise below, a Registered Fund's Chief Compliance Officer is responsible for applying the Code to specific situations in which questions are presented to him or her and has the authority to initially interpret the Code in any particular situation. A Registered Fund's Chief Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

A Registered Fund's Chief Compliance Officer is authorized to consult, as appropriate, with a Registered Fund's Chief Legal Officer, legal counsel to a Registered Fund's independent trustees, or the chair of the Audit Committee (the "Committee"), and is encouraged to do so.

The Committee is responsible for granting waivers, granting approvals, final interpretations and determining sanctions, as appropriate.[\[1\]](#_ftn1)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVESTIGATIONS AND ENFORCEMENTS

Each Registered Fund will follow these procedures in investigating and enforcing the Code:

▪the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer will take all action he or she deems appropriate to investigate any potential violations reported to him or her;

▪if, after such investigation, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes that no violation has occurred, the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer is not required to take any further action;

▪any matter that the Registered Fund Chief Legal Officer and/or Registered Fund Chief Compliance Officer believes is a violation will be reported to the Committee or to the Board;

▪if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the adviser or its board; or a recommendation to dismiss the Senior Registered Fund Officer;

▪the Committee will be responsible for granting waivers, as appropriate; and

▪any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER POLICIES AND PROCEDURES

A Registered Fund's adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures set forth therein are separate requirements applying to Senior Registered Fund Officers and others, and are not part of the Code.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMENDMENTS

The Code may not be amended except in a written document that is specifically approved by a majority vote of a Registered Fund's Board, including a majority of independent trustees.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONFIDENTIALITY

All reports and records prepared or maintained pursuant to the Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than a Registered Fund's Chief Compliance Officer, Registered Fund Chief Legal Officer, the members of the Board and their counsels, a Registered Fund and its adviser and principal underwriter and their legal counsel. The obligation to preserve confidential information continues even after employment as a Senior Registered Fund Officer ends.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTERNAL USE

The Code is intended solely for the internal use by each Registered Fund and does not constitute an admission, by or on behalf of any Registered Fund, as to any fact, circumstance, or legal conclusion.

Last Updated: March 25, 2025

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[\[1\]](#_ftnref1) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act (17 CFR. 240.3b-7), of the registrant."

## Ex-99

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Vernon Barback, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investment Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Vernon Barback<br> President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

**Exhibit (b)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Ross Erickson, certify that:

1. I have reviewed this report on Form N-CSR of Russell Investment Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

<u>/s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Ross Erickson

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

## Exhibit 99.906

Exhibit (c)

EX-99.906CERT

**SECTION 906 CERTIFICATIONS**

Vernon Barback, President and Chief Executive Officer of Russell Investment Company, a Massachusetts Business Trust (the "registrant"), and Ross Erickson, Treasurer, Chief Accounting Officer and Chief Financial Officer of the registrant, each certify that:

1. The registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Russell Investment Company and will be retained by Russell Investment Company and furnished to the Securities and Exchange Commission or its staff upon request.

Russell Investment Company

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Ross Erickson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Erickson

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

Date: December 23, 2025

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.