# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0000351601-25-000018
**Filing Date:** 2025-12
**Character Count:** 3505361
**Document Hash:** 32ce137a3178b2f0c24e1f9f778f7d7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000351601-25-000018.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000351601-25-000018

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 108

**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:** 251598406

**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

### Emerging Markets Fund (Series ID: S000001569)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004230 | Class S      | REMSX           |
| C000004231 | Class C      | REMCX           |
| C000043464 | Class A      | REMAX           |
| C000066900 | Class Y      | REMYX           |
| C000166195 | Class R6     | REGRX           |
| C000178285 | Class M      | RMMTX           |

### Tax-Managed U.S. Large Cap Fund (Series ID: S000001570)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004233 | Class S      | RETSX           |
| C000004234 | Class C      | RTLCX           |
| C000089689 | Class A      | RTLAX           |
| C000178286 | Class M      | RTMTX           |

### Tax-Managed U.S. Mid & Small Cap Fund (Series ID: S000001571)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004236 | Class S      | RTSSX           |
| C000004237 | Class C      | RTSCX           |
| C000089690 | Class A      | RTSAX           |
| C000178295 | Class M      | RTOUX           |

### Equity Income Fund (Series ID: S000001585)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004295 | Class Y      | REAYX           |
| C000066902 | Class A      | RSQAX           |
| C000066903 | Class C      | REQSX           |
| C000066904 | Class S      | RLISX           |

### U.S. Small Cap Equity Fund (Series ID: S000001586)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004298 | Class Y      | REBYX           |
| C000066905 | Class A      | RLACX           |
| C000066906 | Class C      | RLECX           |
| C000066907 | Class S      | RLESX           |
| C000166199 | Class R6     | RSCRX           |
| C000178340 | Class M      | RUNTX           |

### International Developed Markets Fund (Series ID: S000001588)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004304 | Class Y      | RINYX           |
| C000066908 | Class C      | RLNCX           |
| C000066909 | Class S      | RINTX           |
| C000066910 | Class A      | RLNAX           |
| C000178350 | Class M      | RNTTX           |

### Sustainable Aware Equity Fund (Series ID: S000001591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004313 | Class Y      | REUYX           |
| C000066914 | Class A      | REQAX           |
| C000066915 | Class C      | REQCX           |
| C000066916 | Class S      | REQTX           |

### Global Equity Fund (Series ID: S000015554)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000042371 | Class A      | RGEAX           |
| C000042372 | Class C      | RGECX           |
| C000042374 | Class S      | RGESX           |
| C000066919 | Class Y      | RLGYX           |
| C000178375 | Class M      | RGDTX           |

### U.S. Strategic Equity Fund (Series ID: S000037466)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115674 | Class A      | RSEAX           |
| C000115675 | Class C      | RSECX           |
| C000115677 | Class S      | RSESX           |
| C000178405 | Class M      | RUSTX           |
| C000198621 | Class Y      | RUSPX           |

### Multifactor U.S. Equity Fund (Series ID: S000045902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143043 | Class A      | RTDAX           |
| C000143044 | Class C      | RTDCX           |
| C000143046 | Class S      | RTDSX           |
| C000143047 | Class Y      | RTDYX           |
| C000148917 | Class M      | RTDTX           |
| C000166214 | Class R6     | RTDRX           |

### Multifactor International Equity Fund (Series ID: S000045903)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143048 | Class Y      | RTIYX           |
| C000143052 | Class S      | RTISX           |
| C000148918 | Class M      | RTITX           |
| C000166215 | Class R6     | RTIRX           |

### Tax-Managed International Equity Fund (Series ID: S000048355)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152720 | Class A      | RTNAX           |
| C000152721 | Class C      | RTNCX           |
| C000152723 | Class S      | RTNSX           |
| C000178423 | Class M      | RTIUX           |

### Tax-Managed Real Assets Fund (Series ID: S000064943)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210287 | Class A      | RTXAX           |
| C000210288 | Class C      | RTXCX           |
| C000210291 | Class M      | RTXMX           |
| C000210293 | Class S      | RTXSX           |

?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. The initial submission (the "initially filed submission") of the Certified Shareholder Report on Form N-CSR (0000351601-25-000016) provides the information required by Item 1 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). This submission (the "first companion submission") provides the information required by Item 1 with respect to some remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant's initial submission and with respect to the reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) and in the immediately following companion submission (the "second companion submission"). Apart from Item 1, this submission is identical in all material respects to the initial submission and the second companion submission, including with respect to Items 6 and 7, which cover all of the Registrant's reports submitted with this first companion submission, the initial submission and the second companion submission.

**Item 1. Reports to Stockholders**

#### Multifactor U.S. Equity Fund

#### Class A

#### RTDAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 | $97 | 0.89% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i45316fa84824ae8ac2e1e1f0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 9425 | 10000 |
| **2016** | 9860 | 10426 |
| **2017** | 12228 | 12893 |
| **2018** | 12851 | 13793 |
| **2019** | 14426 | 15745 |
| **2020** | 14995 | 17456 |
| **2021** | 21318 | 25051 |
| **2022** | 18486 | 20948 |
| **2023** | 19987 | 22935 |
| **2024** | 27082 | 31665 |
| **2025** | 32201 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge<sup>Footnote Reference(a)</sup> | 12.04% | 15.15% | 12.41% |
| Class A - no sales charge<sup>Footnote Reference(a)</sup> | 18.90% | 16.52% | 13.07% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class A Shares was April 26, 2018. The returns shown prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RTDAX

October 31, 2025

#### Class C

#### RTDCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 | $179 | 1.64% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i3e938f820d1d68fd8c7072a2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10461 | 10426 |
| **2017** | 12974 | 12893 |
| **2018** | 13592 | 13793 |
| **2019** | 15138 | 15745 |
| **2020** | 15620 | 17456 |
| **2021** | 22034 | 25051 |
| **2022** | 18962 | 20948 |
| **2023** | 20354 | 22935 |
| **2024** | 27365 | 31665 |
| **2025** | 32289 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C<sup>Footnote Reference(a)</sup> | 17.99% | 15.63% | 12.44% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class C Shares was April 26, 2018. The returns shown prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RTDCX

October 31, 2025

#### Class M

#### RTDTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 M | $54 | 0.49% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i87a539429063195da789ded8.jpg)

---

| | | |
|:---|:---|:---|
| | **Class M** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10475 | 10426 |
| **2017** | 13013 | 12893 |
| **2018** | 13712 | 13793 |
| **2019** | 15453 | 15745 |
| **2020** | 16133 | 17456 |
| **2021** | 23013 | 25051 |
| **2022** | 20031 | 20948 |
| **2023** | 21762 | 22935 |
| **2024** | 29584 | 31665 |
| **2025** | 35314 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M | 19.37% | 16.96% | 13.45% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTDTX

October 31, 2025

#### Class R6

#### RTDRX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 R6 | $52 | 0.47% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i789bb555e540557315733c7e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10478 | 10426 |
| **2017** | 13018 | 12893 |
| **2018** | 13720 | 13793 |
| **2019** | 15465 | 15745 |
| **2020** | 16138 | 17456 |
| **2021** | 23042 | 25051 |
| **2022** | 20060 | 20948 |
| **2023** | 21798 | 22935 |
| **2024** | 29645 | 31665 |
| **2025** | 35380 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference(a)</sup> | 19.34% | 17.00% | 13.47% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class R6 Shares was February 29, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class R6

Annual Shareholder Report

RTDRX

October 31, 2025

#### Class S

#### RTDSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 | $70 | 0.64% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](ifc1fe903b4fc18d449699c18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10461 | 10426 |
| **2017** | 12974 | 12893 |
| **2018** | 13652 | 13793 |
| **2019** | 15363 | 15745 |
| **2020** | 16008 | 17456 |
| **2021** | 22810 | 25051 |
| **2022** | 19833 | 20948 |
| **2023** | 21501 | 22935 |
| **2024** | 29202 | 31665 |
| **2025** | 34787 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 19.13% | 16.79% | 13.28% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RTDSX

October 31, 2025

#### Class Y

#### RTDYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor U.S. Equity 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 Y | $48 | 0.44% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality and smaller capitalization compared to the benchmark. Overall, the Fund's factor tilts toward smaller size and away from the most expensive and most volatile stocks was not rewarded. Sector allocation decisions were mixed, as an underweight to healthcare and real estate added to Fund performance, while an overweight to energy and underweight to information technology detracted. Industry allocation was not rewarded mainly due to an underweight to the outperforming semiconductors & semiconductor equipment industry and an overweight to the underperforming insurance and media industries.

Russell Investment Management, LLC fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i9883826bf46310e634bfa2fd.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10470 | 10426 |
| **2017** | 13024 | 12893 |
| **2018** | 13719 | 13793 |
| **2019** | 15468 | 15745 |
| **2020** | 16157 | 17456 |
| **2021** | 23062 | 25051 |
| **2022** | 20081 | 20948 |
| **2023** | 21829 | 22935 |
| **2024** | 29684 | 31665 |
| **2025** | 35462 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 19.46% | 17.02% | 13.49% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $289379 |
| Total Number of Portfolio Holdings | 819 |
| Total Advisory Fees Paid (thousands) | $1127 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9c8ada5443aa2f09a1b04e53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 4.9% |
| Common Stocks | 95.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic10de11a1b7c3715b8c980ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.7% |
| Financial Services | 13.3% |
| Consumer Discretionary | 12.5% |
| Health Care | 8.8% |
| Producer Durables | 7.4% |
| Utilities | 3.7% |
| Materials and Processing | 3.4% |
| Consumer Staples | 3.1% |
| Energy | 3.1% |
| Other | 5.0% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### Multifactor U.S. Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

RTDYX

October 31, 2025

#### Equity Income Fund

#### Class A

#### RSQAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Equity Income 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 | $117 | 1.12% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's two money managers outperformed its assigned benchmark. Stock selection was mixed over the period, as selection within the utilities, healthcare and consumer staples sectors was positive while selection in the information technology and communication services sectors detracted. Factor positioning was negative, as tilts toward smaller size and away from the most expensive stocks were not rewarded. Sector allocation detracted over the period, as an overweight to healthcare and underweight to financials detracted from performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most volatile stocks in favor of higher dividend yield, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Value Index during the period.

# 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](i9fa740bd87024d9634c3ecee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 1000<sup>®</sup> Index** | **Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9425 | 10000 | 10000 |
| **2016** | 9722 | 10426 | 10426 |
| **2017** | 11922 | 12893 | 12893 |
| **2018** | 12477 | 13793 | 13793 |
| **2019** | 13794 | 15745 | 15634 |
| **2020** | 13514 | 17456 | 14451 |
| **2021** | 19462 | 25051 | 20774 |
| **2022** | 17951 | 20948 | 19320 |
| **2023** | 18395 | 22935 | 19346 |
| **2024** | 23425 | 31665 | 25339 |
| **2025** | 25391 | 38358 | 28164 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 2.15% | 12.10% | 9.77% |
| Class A - no sales charge | 8.39% | 13.44% | 10.42% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup> | 11.15% | 14.28% | 10.91% |

---

**\*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) | $161264 |
| Total Number of Portfolio Holdings | 265 |
| Total Advisory Fees Paid (thousands) | $801 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6a3c2c1104fcb1e4ce818e15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Short-Term Investments | 3.9% |
| Common Stocks | 95.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7f152199006e3d556fbd0541.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 24.3% |
| Health Care | 11.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 10.2% |
| Technology | 9.7% |
| Producer Durables | 9.2% |
| Utilities | 8.3% |
| Energy | 7.2% |
| Materials and Processing | 5.3% |
| Other | 4.1% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Equity Income Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Index through September 30, 2019, and the returns of the Russell 1000<sup>®</sup> Value Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Equity Income Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RSQAX

October 31, 2025

#### Class C

#### REQSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Equity Income 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 | $194 | 1.87% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's two money managers outperformed its assigned benchmark. Stock selection was mixed over the period, as selection within the utilities, healthcare and consumer staples sectors was positive while selection in the information technology and communication services sectors detracted. Factor positioning was negative, as tilts toward smaller size and away from the most expensive stocks were not rewarded. Sector allocation detracted over the period, as an overweight to healthcare and underweight to financials detracted from performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most volatile stocks in favor of higher dividend yield, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Value Index during the period.

# 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](ic43c34817bfa8452126b56b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 1000<sup>®</sup> Index** | **Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10239 | 10426 | 10426 |
| **2017** | 12464 | 12893 | 12893 |
| **2018** | 12944 | 13793 | 13793 |
| **2019** | 14201 | 15745 | 15634 |
| **2020** | 13809 | 17456 | 14451 |
| **2021** | 19743 | 25051 | 20774 |
| **2022** | 18066 | 20948 | 19320 |
| **2023** | 18373 | 22935 | 19346 |
| **2024** | 23224 | 31665 | 25339 |
| **2025** | 24987 | 38358 | 28164 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 7.59% | 12.59% | 9.59% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup> | 11.15% | 14.28% | 10.91% |

---

**\*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) | $161264 |
| Total Number of Portfolio Holdings | 265 |
| Total Advisory Fees Paid (thousands) | $801 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6a3c2c1104fcb1e4ce818e15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Short-Term Investments | 3.9% |
| Common Stocks | 95.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7f152199006e3d556fbd0541.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 24.3% |
| Health Care | 11.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 10.2% |
| Technology | 9.7% |
| Producer Durables | 9.2% |
| Utilities | 8.3% |
| Energy | 7.2% |
| Materials and Processing | 5.3% |
| Other | 4.1% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Equity Income Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Index through September 30, 2019, and the returns of the Russell 1000<sup>®</sup> Value Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Equity Income Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

REQSX

October 31, 2025

#### Class S

#### RLISX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Equity Income 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 | $87 | 0.83% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's two money managers outperformed its assigned benchmark. Stock selection was mixed over the period, as selection within the utilities, healthcare and consumer staples sectors was positive while selection in the information technology and communication services sectors detracted. Factor positioning was negative, as tilts toward smaller size and away from the most expensive stocks were not rewarded. Sector allocation detracted over the period, as an overweight to healthcare and underweight to financials detracted from performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most volatile stocks in favor of higher dividend yield, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Value Index during the period.

# 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](if91bd1f4cb96972ba3cf83e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 1000<sup>®</sup> Index** | **Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10345 | 10426 | 10426 |
| **2017** | 12719 | 12893 | 12893 |
| **2018** | 13348 | 13793 | 13793 |
| **2019** | 14797 | 15745 | 15634 |
| **2020** | 14542 | 17456 | 14451 |
| **2021** | 21007 | 25051 | 20774 |
| **2022** | 19428 | 20948 | 19320 |
| **2023** | 19957 | 22935 | 19346 |
| **2024** | 25494 | 31665 | 25339 |
| **2025** | 27712 | 38358 | 28164 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 8.70% | 13.76% | 10.73% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Equity Income Linked Benchmark<sup>Footnote Reference(a)</sup> | 11.15% | 14.28% | 10.91% |

---

**\*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) | $161264 |
| Total Number of Portfolio Holdings | 265 |
| Total Advisory Fees Paid (thousands) | $801 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6a3c2c1104fcb1e4ce818e15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Short-Term Investments | 3.9% |
| Common Stocks | 95.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7f152199006e3d556fbd0541.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 24.3% |
| Health Care | 11.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 10.2% |
| Technology | 9.7% |
| Producer Durables | 9.2% |
| Utilities | 8.3% |
| Energy | 7.2% |
| Materials and Processing | 5.3% |
| Other | 4.1% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Equity Income Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Index through September 30, 2019, and the returns of the Russell 1000<sup>®</sup> Value Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Equity Income Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RLISX

October 31, 2025

#### Class Y

#### REAYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Equity Income 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 Y | $70 | 0.67% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's two money managers outperformed its assigned benchmark. Stock selection was mixed over the period, as selection within the utilities, healthcare and consumer staples sectors was positive while selection in the information technology and communication services sectors detracted. Factor positioning was negative, as tilts toward smaller size and away from the most expensive stocks were not rewarded. Sector allocation detracted over the period, as an overweight to healthcare and underweight to financials detracted from performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most volatile stocks in favor of higher dividend yield, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Value Index during the period.

# 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](iedbeba8ec4c4853ee1ae3f7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** | **Equity Income Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10354 | 10426 | 10426 |
| **2017** | 12747 | 12893 | 12893 |
| **2018** | 13399 | 13793 | 13793 |
| **2019** | 14877 | 15745 | 15634 |
| **2020** | 14646 | 17456 | 14451 |
| **2021** | 21188 | 25051 | 20774 |
| **2022** | 19624 | 20948 | 19320 |
| **2023** | 20191 | 22935 | 19346 |
| **2024** | 25829 | 31665 | 25339 |
| **2025** | 28129 | 38358 | 28164 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference(a)</sup> | 8.91% | 13.94% | 10.90% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Equity Income Linked Benchmark<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 10.91% |

---

**\*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) | $161264 |
| Total Number of Portfolio Holdings | 265 |
| Total Advisory Fees Paid (thousands) | $801 |
| Portfolio Turnover Rate | 25% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6a3c2c1104fcb1e4ce818e15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Short-Term Investments | 3.9% |
| Common Stocks | 95.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7f152199006e3d556fbd0541.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 24.3% |
| Health Care | 11.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 10.2% |
| Technology | 9.7% |
| Producer Durables | 9.2% |
| Utilities | 8.3% |
| Energy | 7.2% |
| Materials and Processing | 5.3% |
| Other | 4.1% |

---

#### 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.

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;&nbsp;The Equity Income Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Index through September 30, 2019, and the returns of the Russell 1000<sup>®</sup> Value Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Equity Income Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

REAYX

October 31, 2025

#### Sustainable Aware Equity Fund

#### Class A

#### REQAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Sustainable Aware Equity 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 | $135 | 1.27% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. None of the Fund's money managers outperformed their assigned benchmarks. Stock selection was the primary detractor over the period, specifically within the information technology and industrials sectors. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to healthcare and underweight to communication services detracted from performance, while an overweight to information technology and underweight to energy added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i262101b00c9f81b602d5aed9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 1000<sup>®</sup> Index** | **Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9426 | 10000 | 10000 |
| **2016** | 9822 | 10426 | 10440 |
| **2017** | 11614 | 12893 | 12619 |
| **2018** | 12447 | 13793 | 13764 |
| **2019** | 14275 | 15745 | 16339 |
| **2020** | 14954 | 17456 | 17475 |
| **2021** | 20332 | 25051 | 24116 |
| **2022** | 18246 | 20948 | 20166 |
| **2023** | 19169 | 22935 | 22079 |
| **2024** | 24848 | 31665 | 30484 |
| **2025** | 27926 | 38358 | 36927 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 5.93% | 11.97% | 10.82% |
| Class A - no sales charge | 12.36% | 13.31% | 11.47% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 21.14% | 16.14% | 13.96% |

---

**\*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) | $162030 |
| Total Number of Portfolio Holdings | 546 |
| Total Advisory Fees Paid (thousands) | $784 |
| Portfolio Turnover Rate | 75% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9a6ff9edb3f47bdf10bacfd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (6.0)% |
| Short-Term Investments | 5.1% |
| Common Stocks | 100.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5fe4d7b2cf63c1af5cc9216a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.6% |
| Financial Services | 12.8% |
| Producer Durables | 11.7% |
| Health Care | 11.3% |
| Consumer Discretionary | 11.1% |
| Consumer Staples | 4.3% |
| Materials and Processing | 4.2% |
| Energy | 1.6% |
| Utilities | 1.1% |
| Other | (0.7)% |

---

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

In June 2025, RIM terminated Sustainable Growth Advisers, LP and Coho Partners, Ltd. as money managers for the Fund and hired Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Sustainable Aware Equity Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Defensive Index through December 31, 2020 and the returns of the Russell 1000<sup>®</sup> Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Sustainable Aware Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

REQAX

October 31, 2025

#### Class C

#### REQCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Sustainable Aware Equity 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 | $214 | 2.02% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. None of the Fund's money managers outperformed their assigned benchmarks. Stock selection was the primary detractor over the period, specifically within the information technology and industrials sectors. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to healthcare and underweight to communication services detracted from performance, while an overweight to information technology and underweight to energy added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i407e0fbbd42e8502dc937a04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 1000<sup>®</sup> Index** | **Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10343 | 10426 | 10440 |
| **2017** | 12139 | 12893 | 12619 |
| **2018** | 12912 | 13793 | 13764 |
| **2019** | 14694 | 15745 | 16339 |
| **2020** | 15275 | 17456 | 17475 |
| **2021** | 20616 | 25051 | 24116 |
| **2022** | 18361 | 20948 | 20166 |
| **2023** | 19147 | 22935 | 22079 |
| **2024** | 24637 | 31665 | 30484 |
| **2025** | 27477 | 38358 | 36927 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 11.53% | 12.46% | 10.64% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 21.14% | 16.14% | 13.96% |

---

**\*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) | $162030 |
| Total Number of Portfolio Holdings | 546 |
| Total Advisory Fees Paid (thousands) | $784 |
| Portfolio Turnover Rate | 75% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9a6ff9edb3f47bdf10bacfd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (6.0)% |
| Short-Term Investments | 5.1% |
| Common Stocks | 100.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5fe4d7b2cf63c1af5cc9216a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.6% |
| Financial Services | 12.8% |
| Producer Durables | 11.7% |
| Health Care | 11.3% |
| Consumer Discretionary | 11.1% |
| Consumer Staples | 4.3% |
| Materials and Processing | 4.2% |
| Energy | 1.6% |
| Utilities | 1.1% |
| Other | (0.7)% |

---

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

In June 2025, RIM terminated Sustainable Growth Advisers, LP and Coho Partners, Ltd. as money managers for the Fund and hired Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Sustainable Aware Equity Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Defensive Index through December 31, 2020 and the returns of the Russell 1000<sup>®</sup> Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Sustainable Aware Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

REQCX

October 31, 2025

#### Class S

#### REQTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Sustainable Aware Equity 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 | $104 | 0.98% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. None of the Fund's money managers outperformed their assigned benchmarks. Stock selection was the primary detractor over the period, specifically within the information technology and industrials sectors. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to healthcare and underweight to communication services detracted from performance, while an overweight to information technology and underweight to energy added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i40a3e5f2608138009738d55b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 1000<sup>®</sup> Index** | **Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10446 | 10426 | 10440 |
| **2017** | 12386 | 12893 | 12619 |
| **2018** | 13314 | 13793 | 13764 |
| **2019** | 15314 | 15745 | 16339 |
| **2020** | 16084 | 17456 | 17475 |
| **2021** | 21934 | 25051 | 24116 |
| **2022** | 19740 | 20948 | 20166 |
| **2023** | 20800 | 22935 | 22079 |
| **2024** | 27043 | 31665 | 30484 |
| **2025** | 30477 | 38358 | 36927 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 12.70% | 13.64% | 11.79% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 21.14% | 16.14% | 13.96% |

---

**\*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) | $162030 |
| Total Number of Portfolio Holdings | 546 |
| Total Advisory Fees Paid (thousands) | $784 |
| Portfolio Turnover Rate | 75% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9a6ff9edb3f47bdf10bacfd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (6.0)% |
| Short-Term Investments | 5.1% |
| Common Stocks | 100.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5fe4d7b2cf63c1af5cc9216a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.6% |
| Financial Services | 12.8% |
| Producer Durables | 11.7% |
| Health Care | 11.3% |
| Consumer Discretionary | 11.1% |
| Consumer Staples | 4.3% |
| Materials and Processing | 4.2% |
| Energy | 1.6% |
| Utilities | 1.1% |
| Other | (0.7)% |

---

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

In June 2025, RIM terminated Sustainable Growth Advisers, LP and Coho Partners, Ltd. as money managers for the Fund and hired Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Sustainable Aware Equity Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Defensive Index through December 31, 2020 and the returns of the Russell 1000<sup>®</sup> Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Sustainable Aware Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

REQTX

October 31, 2025

#### Class Y

#### REUYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Sustainable Aware Equity 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 Y | $87 | 0.82% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. None of the Fund's money managers outperformed their assigned benchmarks. Stock selection was the primary detractor over the period, specifically within the information technology and industrials sectors. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to healthcare and underweight to communication services detracted from performance, while an overweight to information technology and underweight to energy added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](ib90687c1dc58d515431ebe29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** | **Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10467 | 10426 | 10440 |
| **2017** | 12434 | 12893 | 12619 |
| **2018** | 13385 | 13793 | 13764 |
| **2019** | 15419 | 15745 | 16339 |
| **2020** | 16218 | 17456 | 17475 |
| **2021** | 22153 | 25051 | 24116 |
| **2022** | 19968 | 20948 | 20166 |
| **2023** | 21074 | 22935 | 22079 |
| **2024** | 27443 | 31665 | 30484 |
| **2025** | 30977 | 38358 | 36927 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 12.88% | 13.82% | 11.97% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| Sustainable Aware Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 21.14% | 16.14% | 13.96% |

---

**\*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) | $162030 |
| Total Number of Portfolio Holdings | 546 |
| Total Advisory Fees Paid (thousands) | $784 |
| Portfolio Turnover Rate | 75% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9a6ff9edb3f47bdf10bacfd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (6.0)% |
| Short-Term Investments | 5.1% |
| Common Stocks | 100.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5fe4d7b2cf63c1af5cc9216a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.6% |
| Financial Services | 12.8% |
| Producer Durables | 11.7% |
| Health Care | 11.3% |
| Consumer Discretionary | 11.1% |
| Consumer Staples | 4.3% |
| Materials and Processing | 4.2% |
| Energy | 1.6% |
| Utilities | 1.1% |
| Other | (0.7)% |

---

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

In June 2025, RIM terminated Sustainable Growth Advisers, LP and Coho Partners, Ltd. as money managers for the Fund and hired Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Sustainable Aware Equity Linked Benchmark represents the returns of the Russell 1000<sup>®</sup> Defensive Index through December 31, 2020 and the returns of the Russell 1000<sup>®</sup> Index thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Sustainable Aware Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

REUYX

October 31, 2025

#### U.S. Strategic Equity Fund

#### Class A

#### RSEAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity 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 | $117 | 1.08% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and materials sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i904ee9c9310f04d11d308ea7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 9660 | 10426 |
| **2017** | 11928 | 12893 |
| **2018** | 12355 | 13793 |
| **2019** | 13763 | 15745 |
| **2020** | 15282 | 17456 |
| **2021** | 21275 | 25051 |
| **2022** | 17133 | 20948 |
| **2023** | 18790 | 22935 |
| **2024** | 25306 | 31665 |
| **2025** | 29520 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 9.96% | 12.72% | 11.43% |
| Class A - no sales charge | 16.65% | 14.07% | 12.10% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $3324558 |
| Total Number of Portfolio Holdings | 503 |
| Total Advisory Fees Paid (thousands) | $15020 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i07bfddf6f24ca29a1d7c6148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (5.3)% |
| Short-Term Investments | 1.9% |
| Common Stocks | 103.4% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4dfbe2be7433713d34fe0877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 44.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 10.3% |
| Producer Durables | 7.3% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.6% |
| Energy | 3.2% |
| Utilities | 3.2% |
| Other | (3.4)% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RSEAX

October 31, 2025

#### Class C

#### RSECX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity 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 | $197 | 1.83% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and materials sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i6d51a68b5e75a2ca5499d93c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10174 | 10426 |
| **2017** | 12461 | 12893 |
| **2018** | 12810 | 13793 |
| **2019** | 14159 | 15745 |
| **2020** | 15612 | 17456 |
| **2021** | 21574 | 25051 |
| **2022** | 17247 | 20948 |
| **2023** | 18764 | 22935 |
| **2024** | 25086 | 31665 |
| **2025** | 29060 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 15.84% | 13.23% | 11.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $3324558 |
| Total Number of Portfolio Holdings | 503 |
| Total Advisory Fees Paid (thousands) | $15020 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i07bfddf6f24ca29a1d7c6148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (5.3)% |
| Short-Term Investments | 1.9% |
| Common Stocks | 103.4% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4dfbe2be7433713d34fe0877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 44.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 10.3% |
| Producer Durables | 7.3% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.6% |
| Energy | 3.2% |
| Utilities | 3.2% |
| Other | (3.4)% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RSECX

October 31, 2025

#### Class M

#### RUSTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity 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 M | $79 | 0.73% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and materials sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](id014ca7a981a96bdc4c64b7a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10285 | 10426 |
| **2017** | 12732 | 12893 |
| **2018** | 13234 | 13793 |
| **2019** | 14786 | 15745 |
| **2020** | 16469 | 17456 |
| **2021** | 23028 | 25051 |
| **2022** | 18606 | 20948 |
| **2023** | 20473 | 22935 |
| **2024** | 27672 | 31665 |
| **2025** | 32401 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 17.09% | 14.49% | 12.48% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $3324558 |
| Total Number of Portfolio Holdings | 503 |
| Total Advisory Fees Paid (thousands) | $15020 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i07bfddf6f24ca29a1d7c6148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (5.3)% |
| Short-Term Investments | 1.9% |
| Common Stocks | 103.4% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4dfbe2be7433713d34fe0877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 44.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 10.3% |
| Producer Durables | 7.3% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.6% |
| Energy | 3.2% |
| Utilities | 3.2% |
| Other | (3.4)% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RUSTX

October 31, 2025

#### Class S

#### RSESX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity 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 | $90 | 0.83% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and materials sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i2cd453499b2688f3e3c6c00b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10285 | 10426 |
| **2017** | 12717 | 12893 |
| **2018** | 13214 | 13793 |
| **2019** | 14746 | 15745 |
| **2020** | 16417 | 17456 |
| **2021** | 22923 | 25051 |
| **2022** | 18506 | 20948 |
| **2023** | 20339 | 22935 |
| **2024** | 27468 | 31665 |
| **2025** | 32122 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 16.94% | 14.37% | 12.38% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $3324558 |
| Total Number of Portfolio Holdings | 503 |
| Total Advisory Fees Paid (thousands) | $15020 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i07bfddf6f24ca29a1d7c6148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (5.3)% |
| Short-Term Investments | 1.9% |
| Common Stocks | 103.4% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4dfbe2be7433713d34fe0877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 44.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 10.3% |
| Producer Durables | 7.3% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.6% |
| Energy | 3.2% |
| Utilities | 3.2% |
| Other | (3.4)% |

---

#### 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](ie545c44d9854b86e342d9561.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RSESX

October 31, 2025

#### Class Y

#### RUSPX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Strategic Equity 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 Y | $71 | 0.65% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, as holdings within the information technology and industrials sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation decisions were mixed over the period, as an overweight to the healthcare and materials sectors detracted from performance, while an underweight to the real estate sector added to performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 1000<sup>®</sup> Index during the period.

# 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](i216ef3e8e14d0d55c24df6ba.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y<sup>Footnote Reference(a)</sup>** | **Russell 1000<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10285 | 10426 |
| **2017** | 12717 | 12893 |
| **2018** | 13210 | 13793 |
| **2019** | 14767 | 15745 |
| **2020** | 16447 | 17456 |
| **2021** | 22998 | 25051 |
| **2022** | 18582 | 20948 |
| **2023** | 20451 | 22935 |
| **2024** | 27661 | 31665 |
| **2025** | 32414 | 38358 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>Footnote Reference(a)</sup> | 17.18% | 14.53% | 12.48% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |

---

**\*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) | $3324558 |
| Total Number of Portfolio Holdings | 503 |
| Total Advisory Fees Paid (thousands) | $15020 |
| Portfolio Turnover Rate | 61% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i07bfddf6f24ca29a1d7c6148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (5.3)% |
| Short-Term Investments | 1.9% |
| Common Stocks | 103.4% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4dfbe2be7433713d34fe0877.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 44.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 10.3% |
| Producer Durables | 7.3% |
| Consumer Staples | 3.8% |
| Materials and Processing | 3.6% |
| Energy | 3.2% |
| Utilities | 3.2% |
| Other | (3.4)% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund first issued Class Y Shares on July 30, 2018, closed its Class Y Shares on September 11, 2019 and reopened its Class Y shares on September 12, 2023. The returns shown for Class Y Shares for the period January 1, 2014 through July 29, 2018 are the returns of the Fund's Class S Shares. The returns shown for Class Y Shares for the period September 12, 2019 through September 11, 2023 are the returns of the Fund's Class M Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Strategic Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

RUSPX

October 31, 2025

#### U.S. Small Cap Equity Fund

#### Class A

#### RLACX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 | $140 | 1.36% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](i89bdbeecee5ed146a1f4a4b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 9425 | 10000 | 10000 |
| **2016** | 9797 | 10424 | 10411 |
| **2017** | 12359 | 12924 | 13311 |
| **2018** | 12698 | 13776 | 13557 |
| **2019** | 13117 | 15635 | 14222 |
| **2020** | 12062 | 17221 | 14203 |
| **2021** | 19340 | 24782 | 21418 |
| **2022** | 16685 | 20688 | 17447 |
| **2023** | 15311 | 22422 | 15953 |
| **2024** | 19723 | 30910 | 21388 |
| **2025** | 20859 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | (0.31)% | 10.26% | 7.63% |
| Class A - no sales charge | 5.76% | 11.58% | 8.27% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RLACX

October 31, 2025

#### Class C

#### RLECX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 | $216 | 2.11% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](id96ad60edc6206d49985cd25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10319 | 10424 | 10411 |
| **2017** | 12918 | 12924 | 13311 |
| **2018** | 13175 | 13776 | 13557 |
| **2019** | 13511 | 15635 | 14222 |
| **2020** | 12331 | 17221 | 14203 |
| **2021** | 19619 | 24782 | 21418 |
| **2022** | 16797 | 20688 | 17447 |
| **2023** | 15295 | 22422 | 15953 |
| **2024** | 19558 | 30910 | 21388 |
| **2025** | 20540 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 5.02% | 10.74% | 7.46% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RLECX

October 31, 2025

#### Class M

#### RUNTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 M | $100 | 0.97% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](if133eafc9febb92fa28fa34d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10422 | 10424 | 10411 |
| **2017** | 13192 | 12924 | 13311 |
| **2018** | 13608 | 13776 | 13557 |
| **2019** | 14115 | 15635 | 14222 |
| **2020** | 13031 | 17221 | 14203 |
| **2021** | 20972 | 24782 | 21418 |
| **2022** | 18167 | 20688 | 17447 |
| **2023** | 16735 | 22422 | 15953 |
| **2024** | 21642 | 30910 | 21388 |
| **2025** | 22981 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 6.19% | 12.02% | 8.68% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RUNTX

October 31, 2025

#### Class R6

#### RSCRX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 R6 | $97 | 0.94% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](ife2d2b5f4adcd174b7406d38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6<sup>Footnote Reference(a)</sup>** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10442 | 10424 | 10411 |
| **2017** | 13228 | 12924 | 13311 |
| **2018** | 13645 | 13776 | 13557 |
| **2019** | 14163 | 15635 | 14222 |
| **2020** | 13077 | 17221 | 14203 |
| **2021** | 21054 | 24782 | 21418 |
| **2022** | 18240 | 20688 | 17447 |
| **2023** | 16806 | 22422 | 15953 |
| **2024** | 21740 | 30910 | 21388 |
| **2025** | 23097 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference(a)</sup> | 6.24% | 12.05% | 8.73% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class R6 Shares was February 29, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class R6

Annual Shareholder Report

RSCRX

October 31, 2025

#### Class S

#### RLESX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 | $110 | 1.07% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](ife8bb2f4ca09cef14417a870.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10422 | 10424 | 10411 |
| **2017** | 13185 | 12924 | 13311 |
| **2018** | 13585 | 13776 | 13557 |
| **2019** | 14079 | 15635 | 14222 |
| **2020** | 12983 | 17221 | 14203 |
| **2021** | 20872 | 24782 | 21418 |
| **2022** | 18062 | 20688 | 17447 |
| **2023** | 16618 | 22422 | 15953 |
| **2024** | 21471 | 30910 | 21388 |
| **2025** | 22782 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 6.10% | 11.90% | 8.58% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RLESX

October 31, 2025

#### Class Y

#### REBYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about U.S. Small Cap Equity 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 Y | $94 | 0.91% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. One of the Fund's six money managers to whose strategies RIM allocated Fund assets outperformed its assigned benchmark for the fiscal year. Stock selection was the primary detractor over the period, primarily within the industrials and materials sectors. Factor positioning was a negative contributor, with exposure towards higher quality stocks and away from higher volatility stocks detracting from performance. Sector allocation was negative over the period, as an overweight to the consumer discretionary sector and an underweight to the information technology sector detracted from performance. An underweight to the real estate sector helped reduce the negative impact. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2000<sup>®</sup> Index during the period.

# 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](icd427308ee633e2050f2a2b2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10442 | 10424 | 10411 |
| **2017** | 13234 | 12924 | 13311 |
| **2018** | 13657 | 13776 | 13557 |
| **2019** | 14171 | 15635 | 14222 |
| **2020** | 13088 | 17221 | 14203 |
| **2021** | 21079 | 24782 | 21418 |
| **2022** | 18270 | 20688 | 17447 |
| **2023** | 16839 | 22422 | 15953 |
| **2024** | 21786 | 30910 | 21388 |
| **2025** | 23147 | 37343 | 24471 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 6.25% | 12.08% | 8.76% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 14.41% | 11.50% | 9.36% |

---

**\*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) | $626434 |
| Total Number of Portfolio Holdings | 1114 |
| Total Advisory Fees Paid (thousands) | $4694 |
| Portfolio Turnover Rate | 85% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf54ad0295c1de1c85d85c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.8% |
| Common Stocks | 99.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3627cd0a1aa5f197edf572a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.9% |
| Health Care | 17.6% |
| Producer Durables | 16.6% |
| Technology | 14.7% |
| Consumer Discretionary | 12.1% |
| Materials and Processing | 8.0% |
| Energy | 5.0% |
| Utilities | 2.5% |
| Consumer Staples | 2.4% |
| Other | 0.2% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### U.S. Small Cap Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

REBYX

October 31, 2025

#### Multifactor International Equity Fund

#### Class M

#### RTITX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor International Equity 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 M | $88 | 0.79% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality, lower volatility and smaller capitalization compared to the benchmark and these factor tilts were not rewarded. Sector allocations had a mixed impact on performance and were not a significant driver of active returns over the period. Industry allocation was a detractor from performance, specifically via underweight positions in banks and aerospace and defense.

Derivatives were used over the period to equitize a portion of the Fund's cash, as well as to manage Fund-level country and region exposures on a tactical basis. The Fund's use of index futures to equitize a portion of the Fund's cash performed as intended. The tactical exposures contributed positively to overall performance during the period.

# 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](i984113a712b805e28bac8913.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **MSCI World ex USA Index (Net)** | **Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9675 | 9773 | 9766 |
| **2017** | 11984 | 11995 | 12025 |
| **2018** | 11049 | 11183 | 11226 |
| **2019** | 11906 | 12423 | 12470 |
| **2020** | 10553 | 11579 | 11623 |
| **2021** | 14473 | 15701 | 15761 |
| **2022** | 11423 | 12241 | 12287 |
| **2023** | 12894 | 13778 | 13831 |
| **2024** | 15727 | 17063 | 17127 |
| **2025** | 19297 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M | 22.70% | 12.83% | 6.79% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $197820 |
| Total Number of Portfolio Holdings | 610 |
| Total Advisory Fees Paid (thousands) | $500 |
| Portfolio Turnover Rate | 59% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i26858532c2f3c154ea079c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.3% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i122776873ec9ed60411b2f85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.0% |
| Canada | 10.9% |
| United Kingdom | 9.6% |
| Germany | 8.2% |
| United States | 7.7% |
| France | 7.6% |
| Australia | 5.6% |
| Netherlands | 4.4% |
| Switzerland | 3.5% |
| Italy | 2.9% |
| Other Common Stocks | 15.8% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Multifactor International Equity Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTITX

October 31, 2025

#### Class R6

#### RTIRX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor International Equity 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 R6 | $84 | 0.75% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality, lower volatility and smaller capitalization compared to the benchmark and these factor tilts were not rewarded. Sector allocations had a mixed impact on performance and were not a significant driver of active returns over the period. Industry allocation was a detractor from performance, specifically via underweight positions in banks and aerospace and defense.

Derivatives were used over the period to equitize a portion of the Fund's cash, as well as to manage Fund-level country and region exposures on a tactical basis. The Fund's use of index futures to equitize a portion of the Fund's cash performed as intended. The tactical exposures contributed positively to overall performance during the period.

# 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](i3d3d07d2cbff25476e7c9df7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6<sup>Footnote Reference(a)</sup>** | **MSCI World ex USA Index (Net)** | **Multifactor International Equity Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9689 | 9773 | 9766 |
| **2017** | 12009 | 11995 | 12025 |
| **2018** | 11060 | 11183 | 11226 |
| **2019** | 11921 | 12423 | 12470 |
| **2020** | 10582 | 11579 | 11623 |
| **2021** | 14491 | 15701 | 15761 |
| **2022** | 11444 | 12241 | 12287 |
| **2023** | 12928 | 13778 | 13831 |
| **2024** | 15781 | 17063 | 17127 |
| **2025** | 19375 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference(a)</sup> | 22.78% | 12.86% | 6.84% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| Multifactor International Equity Linked Benchmark<sup>Footnote Reference(b)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $197820 |
| Total Number of Portfolio Holdings | 610 |
| Total Advisory Fees Paid (thousands) | $500 |
| Portfolio Turnover Rate | 59% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i26858532c2f3c154ea079c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.3% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i122776873ec9ed60411b2f85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.0% |
| Canada | 10.9% |
| United Kingdom | 9.6% |
| Germany | 8.2% |
| United States | 7.7% |
| France | 7.6% |
| Australia | 5.6% |
| Netherlands | 4.4% |
| Switzerland | 3.5% |
| Italy | 2.9% |
| Other Common Stocks | 15.8% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class R6 Shares was February 29, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The Multifactor International Equity Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class R6

Annual Shareholder Report

RTIRX

October 31, 2025

#### Class S

#### RTISX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor International Equity 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 | $105 | 0.94% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality, lower volatility and smaller capitalization compared to the benchmark and these factor tilts were not rewarded. Sector allocations had a mixed impact on performance and were not a significant driver of active returns over the period. Industry allocation was a detractor from performance, specifically via underweight positions in banks and aerospace and defense.

Derivatives were used over the period to equitize a portion of the Fund's cash, as well as to manage Fund-level country and region exposures on a tactical basis. The Fund's use of index futures to equitize a portion of the Fund's cash performed as intended. The tactical exposures contributed positively to overall performance during the period.

# 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](ieec20aef65c7c628c4f98edd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI World ex USA Index (Net)** | **Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9665 | 9773 | 9766 |
| **2017** | 11956 | 11995 | 12025 |
| **2018** | 10996 | 11183 | 11226 |
| **2019** | 11846 | 12423 | 12470 |
| **2020** | 10495 | 11579 | 11623 |
| **2021** | 14343 | 15701 | 15761 |
| **2022** | 11321 | 12241 | 12287 |
| **2023** | 12758 | 13778 | 13831 |
| **2024** | 15540 | 17063 | 17127 |
| **2025** | 19035 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 22.49% | 12.65% | 6.65% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $197820 |
| Total Number of Portfolio Holdings | 610 |
| Total Advisory Fees Paid (thousands) | $500 |
| Portfolio Turnover Rate | 59% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i26858532c2f3c154ea079c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.3% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i122776873ec9ed60411b2f85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.0% |
| Canada | 10.9% |
| United Kingdom | 9.6% |
| Germany | 8.2% |
| United States | 7.7% |
| France | 7.6% |
| Australia | 5.6% |
| Netherlands | 4.4% |
| Switzerland | 3.5% |
| Italy | 2.9% |
| Other Common Stocks | 15.8% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Multifactor International Equity Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RTISX

October 31, 2025

#### Class Y

#### RTIYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Multifactor International Equity 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 Y | $84 | 0.75% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. The Fund maintained exposure to companies with lower valuation, higher quality, lower volatility and smaller capitalization compared to the benchmark and these factor tilts were not rewarded. Sector allocations had a mixed impact on performance and were not a significant driver of active returns over the period. Industry allocation was a detractor from performance, specifically via underweight positions in banks and aerospace and defense.

Derivatives were used over the period to equitize a portion of the Fund's cash, as well as to manage Fund-level country and region exposures on a tactical basis. The Fund's use of index futures to equitize a portion of the Fund's cash performed as intended. The tactical exposures contributed positively to overall performance during the period.

# 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](ia97e309672b5643f359d37f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI World ex USA Index (Net)** | **Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9689 | 9773 | 9766 |
| **2017** | 12000 | 11995 | 12025 |
| **2018** | 11064 | 11183 | 11226 |
| **2019** | 11928 | 12423 | 12470 |
| **2020** | 10588 | 11579 | 11623 |
| **2021** | 14512 | 15701 | 15761 |
| **2022** | 11470 | 12241 | 12287 |
| **2023** | 12942 | 13778 | 13831 |
| **2024** | 15810 | 17063 | 17127 |
| **2025** | 19405 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 22.74% | 12.88% | 6.85% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| Multifactor International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $197820 |
| Total Number of Portfolio Holdings | 610 |
| Total Advisory Fees Paid (thousands) | $500 |
| Portfolio Turnover Rate | 59% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i26858532c2f3c154ea079c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.3% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i122776873ec9ed60411b2f85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.0% |
| Canada | 10.9% |
| United Kingdom | 9.6% |
| Germany | 8.2% |
| United States | 7.7% |
| France | 7.6% |
| Australia | 5.6% |
| Netherlands | 4.4% |
| Switzerland | 3.5% |
| Italy | 2.9% |
| Other Common Stocks | 15.8% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Multifactor International Equity Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Multifactor International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

RTIYX

October 31, 2025

#### International Developed Markets Fund

#### Class A

#### RLNAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about International Developed Markets 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 | $139 | 1.26% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund's underweight to healthcare and overweights to information technology and communication services contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i73ed81c60250f574df1728f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9426 | 10000 | 10000 |
| **2016** | 9249 | 9773 | 9766 |
| **2017** | 11404 | 11995 | 12025 |
| **2018** | 10448 | 11183 | 11226 |
| **2019** | 11231 | 12423 | 12470 |
| **2020** | 10098 | 11579 | 11623 |
| **2021** | 14099 | 15701 | 15761 |
| **2022** | 10854 | 12241 | 12287 |
| **2023** | 12231 | 13778 | 13831 |
| **2024** | 14787 | 17063 | 17127 |
| **2025** | 17774 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 13.29% | 10.65% | 5.92% |
| Class A - no sales charge | 20.20% | 11.97% | 6.55% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $1112288 |
| Total Number of Portfolio Holdings | 545 |
| Total Advisory Fees Paid (thousands) | $7258 |
| Portfolio Turnover Rate | 32% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i21074cae84d4475c04ffa329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id3e3fa9e260812153cdcba3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.3% |
| United Kingdom | 9.7% |
| United States | 9.3% |
| France | 8.2% |
| Germany | 8.2% |
| Netherlands | 4.5% |
| China | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.8% |
| Italy | 3.1% |
| Other Common Stocks | 23.4% |
| Other | 5.4% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RLNAX

October 31, 2025

#### Class C

#### RLNCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about International Developed Markets 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 | $220 | 2.01% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund's underweight to healthcare and overweights to information technology and communication services contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](if03442c8b820e475030505c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9740 | 9773 | 9766 |
| **2017** | 11919 | 11995 | 12025 |
| **2018** | 10839 | 11183 | 11226 |
| **2019** | 11563 | 12423 | 12470 |
| **2020** | 10316 | 11579 | 11623 |
| **2021** | 14297 | 15701 | 15761 |
| **2022** | 10925 | 12241 | 12287 |
| **2023** | 12216 | 13778 | 13831 |
| **2024** | 14662 | 17063 | 17127 |
| **2025** | 17493 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 19.31% | 11.14% | 5.75% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $1112288 |
| Total Number of Portfolio Holdings | 545 |
| Total Advisory Fees Paid (thousands) | $7258 |
| Portfolio Turnover Rate | 32% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i21074cae84d4475c04ffa329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id3e3fa9e260812153cdcba3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.3% |
| United Kingdom | 9.7% |
| United States | 9.3% |
| France | 8.2% |
| Germany | 8.2% |
| Netherlands | 4.5% |
| China | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.8% |
| Italy | 3.1% |
| Other Common Stocks | 23.4% |
| Other | 5.4% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RLNCX

October 31, 2025

#### Class M

#### RNTTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about International Developed Markets 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 M | $96 | 0.87% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund's underweight to healthcare and overweights to information technology and communication services contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i53a49ed619bc1c967f51ae19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9839 | 9773 | 9766 |
| **2017** | 12170 | 11995 | 12025 |
| **2018** | 11196 | 11183 | 11226 |
| **2019** | 12081 | 12423 | 12470 |
| **2020** | 10904 | 11579 | 11623 |
| **2021** | 15283 | 15701 | 15761 |
| **2022** | 11812 | 12241 | 12287 |
| **2023** | 13362 | 13778 | 13831 |
| **2024** | 16219 | 17063 | 17127 |
| **2025** | 19572 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 20.67% | 12.41% | 6.95% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(b)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $1112288 |
| Total Number of Portfolio Holdings | 545 |
| Total Advisory Fees Paid (thousands) | $7258 |
| Portfolio Turnover Rate | 32% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i21074cae84d4475c04ffa329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id3e3fa9e260812153cdcba3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.3% |
| United Kingdom | 9.7% |
| United States | 9.3% |
| France | 8.2% |
| Germany | 8.2% |
| Netherlands | 4.5% |
| China | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.8% |
| Italy | 3.1% |
| Other Common Stocks | 23.4% |
| Other | 5.4% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RNTTX

October 31, 2025

#### Class S

#### RINTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about International Developed Markets 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 | $107 | 0.97% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund's underweight to healthcare and overweights to information technology and communication services contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](id89543be15dca4de07ebd75e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9839 | 9773 | 9766 |
| **2017** | 12164 | 11995 | 12025 |
| **2018** | 11178 | 11183 | 11226 |
| **2019** | 12048 | 12423 | 12470 |
| **2020** | 10865 | 11579 | 11623 |
| **2021** | 15214 | 15701 | 15761 |
| **2022** | 11747 | 12241 | 12287 |
| **2023** | 13274 | 13778 | 13831 |
| **2024** | 16093 | 17063 | 17127 |
| **2025** | 19404 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 20.57% | 12.30% | 6.85% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $1112288 |
| Total Number of Portfolio Holdings | 545 |
| Total Advisory Fees Paid (thousands) | $7258 |
| Portfolio Turnover Rate | 32% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i21074cae84d4475c04ffa329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id3e3fa9e260812153cdcba3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.3% |
| United Kingdom | 9.7% |
| United States | 9.3% |
| France | 8.2% |
| Germany | 8.2% |
| Netherlands | 4.5% |
| China | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.8% |
| Italy | 3.1% |
| Other Common Stocks | 23.4% |
| Other | 5.4% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RINTX

October 31, 2025

#### Class Y

#### RINYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about International Developed Markets 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 Y | $89 | 0.81% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's three money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilt towards quality stocks and smaller capitalization stocks were key detractors. With respect to sector exposures, the Fund's underweight to healthcare and overweights to information technology and communication services contributed positively to performance. Stock selection was not beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i67f3292f0ee5ff43e4461a87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI World ex USA Index (Net)** | **International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9856 | 9773 | 9766 |
| **2017** | 12207 | 11995 | 12025 |
| **2018** | 11235 | 11183 | 11226 |
| **2019** | 12129 | 12423 | 12470 |
| **2020** | 10954 | 11579 | 11623 |
| **2021** | 15360 | 15701 | 15761 |
| **2022** | 11880 | 12241 | 12287 |
| **2023** | 13444 | 13778 | 13831 |
| **2024** | 16327 | 17063 | 17127 |
| **2025** | 19716 | 21087 | 21167 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 20.75% | 12.47% | 7.02% |
| MSCI World ex USA Index (Net) | 23.59% | 12.74% | 7.75% |
| International Developed Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 23.59% | 12.74% | 7.79% |

---

**\*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) | $1112288 |
| Total Number of Portfolio Holdings | 545 |
| Total Advisory Fees Paid (thousands) | $7258 |
| Portfolio Turnover Rate | 32% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i21074cae84d4475c04ffa329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id3e3fa9e260812153cdcba3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.3% |
| United Kingdom | 9.7% |
| United States | 9.3% |
| France | 8.2% |
| Germany | 8.2% |
| Netherlands | 4.5% |
| China | 4.2% |
| Canada | 3.9% |
| Switzerland | 3.8% |
| Italy | 3.1% |
| Other Common Stocks | 23.4% |
| Other | 5.4% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The International Developed Markets Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### International Developed Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

RINYX

October 31, 2025

#### Global Equity Fund

#### Class A

#### RGEAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Global Equity 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 | $135 | 1.23% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Three of the Fund's four money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilts towards quality and low volatility stocks, as well as smaller capitalization stocks were not rewarded. Sector positioning was flat, as an underweight to information technology was ineffective but was partially offset by the positive contribution from an overweight to communication services. Stock selection was generally beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and reflecting defensive positioning, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted from the Fund's performance for the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](if297be3721b9e5b7b8dccbd6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI World Index (Net)** | **Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9421 | 10000 | 10000 |
| **2016** | 9517 | 10118 | 10117 |
| **2017** | 11745 | 12423 | 12447 |
| **2018** | 11746 | 12567 | 12601 |
| **2019** | 12987 | 14162 | 14200 |
| **2020** | 13174 | 14780 | 14820 |
| **2021** | 18685 | 20755 | 20811 |
| **2022** | 15357 | 16920 | 16965 |
| **2023** | 17127 | 18693 | 18743 |
| **2024** | 22248 | 24988 | 25056 |
| **2025** | 26554 | 30490 | 30572 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 12.49% | 13.70% | 10.26% |
| Class A - no sales charge | 19.35% | 15.05% | 10.92% |
| MSCI World Index (Net) | 22.02% | 15.58% | 11.79% |
| Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.82% |

---

**\*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) | $1918669 |
| Total Number of Portfolio Holdings | 637 |
| Total Advisory Fees Paid (thousands) | $13149 |
| Portfolio Turnover Rate | 49% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8a69248d52733452d92ee905.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.2% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 2.3% |
| Common Stocks | 93.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0f544e1d34abb3bd46393702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.6% |
| Japan | 5.8% |
| United Kingdom | 4.6% |
| France | 3.9% |
| Taiwan | 2.7% |
| Germany | 2.5% |
| Netherlands | 2.3% |
| China | 2.2% |
| Canada | 1.3% |
| Switzerland | 1.3% |
| Other Common Stocks | 11.0% |
| Other | 6.8% |

---

# Material Fund Changes
During the fiscal year, the Fund added a principal investment strategy to employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Short positions are subject to risks, including the potential for losses.

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Global Equity Linked Benchmark represents the returns of the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Global Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RGEAX

October 31, 2025

#### Class C

#### RGECX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Global Equity 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 | $216 | 1.98% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Three of the Fund's four money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilts towards quality and low volatility stocks, as well as smaller capitalization stocks were not rewarded. Sector positioning was flat, as an underweight to information technology was ineffective but was partially offset by the positive contribution from an overweight to communication services. Stock selection was generally beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and reflecting defensive positioning, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted from the Fund's performance for the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](ibd32cb572d3f071ad9ac5360.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI World Index (Net)** | **Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10024 | 10118 | 10117 |
| **2017** | 12277 | 12423 | 12447 |
| **2018** | 12187 | 12567 | 12601 |
| **2019** | 13371 | 14162 | 14200 |
| **2020** | 13470 | 14780 | 14820 |
| **2021** | 18956 | 20755 | 20811 |
| **2022** | 15473 | 16920 | 16965 |
| **2023** | 17108 | 18693 | 18743 |
| **2024** | 22064 | 24988 | 25056 |
| **2025** | 26149 | 30490 | 30572 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 18.51% | 14.19% | 10.09% |
| MSCI World Index (Net) | 22.02% | 15.58% | 11.79% |
| Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.82% |

---

**\*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) | $1918669 |
| Total Number of Portfolio Holdings | 637 |
| Total Advisory Fees Paid (thousands) | $13149 |
| Portfolio Turnover Rate | 49% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8a69248d52733452d92ee905.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.2% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 2.3% |
| Common Stocks | 93.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0f544e1d34abb3bd46393702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.6% |
| Japan | 5.8% |
| United Kingdom | 4.6% |
| France | 3.9% |
| Taiwan | 2.7% |
| Germany | 2.5% |
| Netherlands | 2.3% |
| China | 2.2% |
| Canada | 1.3% |
| Switzerland | 1.3% |
| Other Common Stocks | 11.0% |
| Other | 6.8% |

---

# Material Fund Changes
During the fiscal year, the Fund added a principal investment strategy to employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Short positions are subject to risks, including the potential for losses.

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Global Equity Linked Benchmark represents the returns of the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Global Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RGECX

October 31, 2025

#### Class M

#### RGDTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Global Equity 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 M | $97 | 0.88% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Three of the Fund's four money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilts towards quality and low volatility stocks, as well as smaller capitalization stocks were not rewarded. Sector positioning was flat, as an underweight to information technology was ineffective but was partially offset by the positive contribution from an overweight to communication services. Stock selection was generally beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and reflecting defensive positioning, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted from the Fund's performance for the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i325131353d354f5bbb2f62a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **MSCI World Index (Net)** | **Global Equity Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10126 | 10118 | 10117 |
| **2017** | 12541 | 12423 | 12447 |
| **2018** | 12587 | 12567 | 12601 |
| **2019** | 13959 | 14162 | 14200 |
| **2020** | 14217 | 14780 | 14820 |
| **2021** | 20218 | 20755 | 20811 |
| **2022** | 16681 | 16920 | 16965 |
| **2023** | 18676 | 18693 | 18743 |
| **2024** | 24343 | 24988 | 25056 |
| **2025** | 29163 | 30490 | 30572 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 19.80% | 15.45% | 11.30% |
| MSCI World Index (Net) | 22.02% | 15.58% | 11.79% |
| Global Equity Linked Benchmark<sup>Footnote Reference(b)</sup> | 22.02% | 15.58% | 11.82% |

---

**\*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) | $1918669 |
| Total Number of Portfolio Holdings | 637 |
| Total Advisory Fees Paid (thousands) | $13149 |
| Portfolio Turnover Rate | 49% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8a69248d52733452d92ee905.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.2% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 2.3% |
| Common Stocks | 93.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0f544e1d34abb3bd46393702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.6% |
| Japan | 5.8% |
| United Kingdom | 4.6% |
| France | 3.9% |
| Taiwan | 2.7% |
| Germany | 2.5% |
| Netherlands | 2.3% |
| China | 2.2% |
| Canada | 1.3% |
| Switzerland | 1.3% |
| Other Common Stocks | 11.0% |
| Other | 6.8% |

---

# Material Fund Changes
During the fiscal year, the Fund added a principal investment strategy to employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Short positions are subject to risks, including the potential for losses.

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The Global Equity Linked Benchmark represents the returns of the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Global Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RGDTX

October 31, 2025

#### Class S

#### RGESX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Global Equity 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 | $108 | 0.98% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Three of the Fund's four money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilts towards quality and low volatility stocks, as well as smaller capitalization stocks were not rewarded. Sector positioning was flat, as an underweight to information technology was ineffective but was partially offset by the positive contribution from an overweight to communication services. Stock selection was generally beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and reflecting defensive positioning, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted from the Fund's performance for the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](ifd5e9cd8dbaa5209f15f1c6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI World Index (Net)** | **Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10126 | 10118 | 10117 |
| **2017** | 12531 | 12423 | 12447 |
| **2018** | 12566 | 12567 | 12601 |
| **2019** | 13927 | 14162 | 14200 |
| **2020** | 14168 | 14780 | 14820 |
| **2021** | 20136 | 20755 | 20811 |
| **2022** | 16601 | 16920 | 16965 |
| **2023** | 18552 | 18693 | 18743 |
| **2024** | 24146 | 24988 | 25056 |
| **2025** | 28912 | 30490 | 30572 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 19.74% | 15.33% | 11.20% |
| MSCI World Index (Net) | 22.02% | 15.58% | 11.79% |
| Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.82% |

---

**\*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) | $1918669 |
| Total Number of Portfolio Holdings | 637 |
| Total Advisory Fees Paid (thousands) | $13149 |
| Portfolio Turnover Rate | 49% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8a69248d52733452d92ee905.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.2% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 2.3% |
| Common Stocks | 93.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0f544e1d34abb3bd46393702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.6% |
| Japan | 5.8% |
| United Kingdom | 4.6% |
| France | 3.9% |
| Taiwan | 2.7% |
| Germany | 2.5% |
| Netherlands | 2.3% |
| China | 2.2% |
| Canada | 1.3% |
| Switzerland | 1.3% |
| Other Common Stocks | 11.0% |
| Other | 6.8% |

---

# Material Fund Changes
During the fiscal year, the Fund added a principal investment strategy to employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Short positions are subject to risks, including the potential for losses.

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Global Equity Linked Benchmark represents the returns of the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Global Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RGESX

October 31, 2025

#### Class Y

#### RLGYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Global Equity 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 Y | $86 | 0.78% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Three of the Fund's four money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's tilts towards quality and low volatility stocks, as well as smaller capitalization stocks were not rewarded. Sector positioning was flat, as an underweight to information technology was ineffective but was partially offset by the positive contribution from an overweight to communication services. Stock selection was generally beneficial over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and reflecting defensive positioning, detracted over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted from the Fund's performance for the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](ibebd85644efaaa0c0f22bed0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI World Index (Net)** | **Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10150 | 10118 | 10117 |
| **2017** | 12579 | 12423 | 12447 |
| **2018** | 12629 | 12567 | 12601 |
| **2019** | 14036 | 14162 | 14200 |
| **2020** | 14303 | 14780 | 14820 |
| **2021** | 20353 | 20755 | 20811 |
| **2022** | 16814 | 16920 | 16965 |
| **2023** | 18838 | 18693 | 18743 |
| **2024** | 24578 | 24988 | 25056 |
| **2025** | 29479 | 30490 | 30572 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 20.05% | 15.56% | 11.42% |
| MSCI World Index (Net) | 22.02% | 15.58% | 11.79% |
| Global Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.82% |

---

**\*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) | $1918669 |
| Total Number of Portfolio Holdings | 637 |
| Total Advisory Fees Paid (thousands) | $13149 |
| Portfolio Turnover Rate | 49% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8a69248d52733452d92ee905.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.2% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 2.3% |
| Common Stocks | 93.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0f544e1d34abb3bd46393702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.6% |
| Japan | 5.8% |
| United Kingdom | 4.6% |
| France | 3.9% |
| Taiwan | 2.7% |
| Germany | 2.5% |
| Netherlands | 2.3% |
| China | 2.2% |
| Canada | 1.3% |
| Switzerland | 1.3% |
| Other Common Stocks | 11.0% |
| Other | 6.8% |

---

# Material Fund Changes
During the fiscal year, the Fund added a principal investment strategy to employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Short positions are subject to risks, including the potential for losses.

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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Global Equity Linked Benchmark represents the returns of the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Global Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

RLGYX

October 31, 2025

#### Emerging Markets Fund

#### Class A

#### REMAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 | $163 | 1.42% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](i6b5b0edcb84a39350301b3c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9425 | 10000 | 10000 |
| **2016** | 10306 | 10927 | 10940 |
| **2017** | 13025 | 13817 | 13716 |
| **2018** | 11160 | 12088 | 12035 |
| **2019** | 12237 | 13521 | 13462 |
| **2020** | 12291 | 14636 | 14572 |
| **2021** | 14842 | 17119 | 17044 |
| **2022** | 9964 | 11807 | 11756 |
| **2023** | 10957 | 13083 | 13025 |
| **2024** | 13486 | 16394 | 16323 |
| **2025** | 17393 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 21.54% | 5.92% | 5.69% |
| Class A - no sales charge | 28.97% | 7.19% | 6.32% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

REMAX

October 31, 2025

#### Class C

#### REMCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 | $247 | 2.17% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](i2165dcffeaa758b9ef84cb9f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10852 | 10927 | 10940 |
| **2017** | 13607 | 13817 | 13716 |
| **2018** | 11576 | 12088 | 12035 |
| **2019** | 12595 | 13521 | 13462 |
| **2020** | 12563 | 14636 | 14572 |
| **2021** | 15048 | 17119 | 17044 |
| **2022** | 10033 | 11807 | 11756 |
| **2023** | 10946 | 13083 | 13025 |
| **2024** | 13371 | 16394 | 16323 |
| **2025** | 17115 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 28.00% | 6.38% | 5.52% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

REMCX

October 31, 2025

#### Class M

#### RMMTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 M | $123 | 1.07% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](ife079770351e90906b2a6e11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10955 | 10927 | 10940 |
| **2017** | 13890 | 13817 | 13716 |
| **2018** | 11942 | 12088 | 12035 |
| **2019** | 13145 | 13521 | 13462 |
| **2020** | 13247 | 14636 | 14572 |
| **2021** | 16049 | 17119 | 17044 |
| **2022** | 10818 | 11807 | 11756 |
| **2023** | 11939 | 13083 | 13025 |
| **2024** | 14742 | 16394 | 16323 |
| **2025** | 19082 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 29.51% | 7.57% | 6.67% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(b)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RMMTX

October 31, 2025

#### Class R6

#### REGRX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 R6 | $117 | 1.02% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](i8b7701c8c322f2138b783c12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6<sup>Footnote Reference(a)</sup>** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10979 | 10927 | 10940 |
| **2017** | 13932 | 13817 | 13716 |
| **2018** | 11989 | 12088 | 12035 |
| **2019** | 13203 | 13521 | 13462 |
| **2020** | 13315 | 14636 | 14572 |
| **2021** | 16135 | 17119 | 17044 |
| **2022** | 10885 | 11807 | 11756 |
| **2023** | 12017 | 13083 | 13025 |
| **2024** | 14842 | 16394 | 16323 |
| **2025** | 19216 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference(a)</sup> | 29.47% | 7.61% | 6.75% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(b)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class R6 Shares was February 29, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class R6

Annual Shareholder Report

REGRX

October 31, 2025

#### Class S

#### REMSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 | $134 | 1.17% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](if96b939d2316f1e253172199.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10955 | 10927 | 10940 |
| **2017** | 13883 | 13817 | 13716 |
| **2018** | 11924 | 12088 | 12035 |
| **2019** | 13114 | 13521 | 13462 |
| **2020** | 13200 | 14636 | 14572 |
| **2021** | 15973 | 17119 | 17044 |
| **2022** | 10755 | 11807 | 11756 |
| **2023** | 11862 | 13083 | 13025 |
| **2024** | 14624 | 16394 | 16323 |
| **2025** | 18913 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 29.33% | 7.46% | 6.58% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

REMSX

October 31, 2025

#### Class Y

#### REMYX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Emerging Markets 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 Y | $114 | 0.99% |

---

# How did the Fund perform last year and what affected its performance?
The Fund outperformed its secondary benchmark for the fiscal year. Four of the Fund's six money managers outperformed their assigned benchmarks. An underweight allocation to India and stock selection within certain sectors in South Korea, India, Taiwan, South Africa and UAE were beneficial to performance. Stock selection within China was the primary headwind to relative returns.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to value and momentum factors, was beneficial over the fiscal year. RIM's other positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to the low volatility factor, reduced tracking error to the Fund's benchmark but detracted from performance over the fiscal year.

During the fiscal year, RIM used index futures contracts to equitize a portion of the Fund's cash and this strategy performed as intended. RIM also used index futures contracts to partially hedge country risk in India and Taiwan. These positions served to reduce tracking error to the Fund's benchmark and had a neutral impact on performance.

# 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](i9dce0921e9dbb71160660118.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI Emerging Markets Index (Net)** | **Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10979 | 10927 | 10940 |
| **2017** | 13935 | 13817 | 13716 |
| **2018** | 11993 | 12088 | 12035 |
| **2019** | 13210 | 13521 | 13462 |
| **2020** | 13325 | 14636 | 14572 |
| **2021** | 16153 | 17119 | 17044 |
| **2022** | 10897 | 11807 | 11756 |
| **2023** | 12035 | 13083 | 13025 |
| **2024** | 14872 | 16394 | 16323 |
| **2025** | 19262 | 20971 | 20879 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 29.52% | 7.65% | 6.77% |
| MSCI Emerging Markets Index (Net) | 27.91% | 7.46% | 7.69% |
| Emerging Markets Linked Benchmark<sup>Footnote Reference(a)</sup> | 27.91% | 7.46% | 7.64% |

---

**\*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) | $831321 |
| Total Number of Portfolio Holdings | 515 |
| Total Advisory Fees Paid (thousands) | $6272 |
| Portfolio Turnover Rate | 57% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2e4d8a5fdc696d8c8681b74c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.1)% |
| Preferred Stocks | 1.1% |
| Short-Term Investments | 1.7% |
| Common Stocks | 97.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c79f9b5b0ae8f83fd4f1426.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 27.1% |
| Taiwan | 17.0% |
| South Korea | 15.1% |
| India | 11.5% |
| Brazil | 5.3% |
| South Africa | 2.9% |
| Saudi Arabia | 2.1% |
| Thailand | 1.8% |
| Mexico | 1.6% |
| United Arab Emirates | 1.6% |
| Other Common Stocks | 11.3% |
| Other | 2.7% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Emerging Markets Linked Benchmark represents the returns of the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Emerging Markets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class Y

Annual Shareholder Report

REMYX

October 31, 2025

#### Tax-Managed U.S. Large Cap Fund

#### Class A

#### RTLAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Large Cap 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 | $124 | 1.15% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark. Stock selection was the primary detractor over the period, as holdings within the information technology, industrials and consumer discretionary sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation was mixed, as overweights to materials and healthcare detracted while an underweight to real estate positively impacted performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the S&P 500<sup>®</sup> Index during the period.

# 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](i870f2b1bbfbf81ba4a6fe9b2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A** | **S&P 500<sup>®</sup> Index** |
| **2015** | 9424 | 10000 |
| **2016** | 9612 | 10451 |
| **2017** | 11783 | 12921 |
| **2018** | 12282 | 13870 |
| **2019** | 13738 | 15857 |
| **2020** | 15039 | 17397 |
| **2021** | 21029 | 24862 |
| **2022** | 17273 | 21230 |
| **2023** | 18995 | 23383 |
| **2024** | 25335 | 32272 |
| **2025** | 29432 | 39196 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 9.50% | 13.03% | 11.40% |
| Class A - no sales charge | 16.17% | 14.37% | 12.06% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**\*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) | $11174667 |
| Total Number of Portfolio Holdings | 423 |
| Total Advisory Fees Paid (thousands) | $63087 |
| Portfolio Turnover Rate | 31% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3c53c66a60620a2a1c2b7267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.6% |
| Common Stocks | 98.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i731b62fe158b92e0ecfe6753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 43.3% |
| Consumer Discretionary | 14.0% |
| Financial Services | 12.9% |
| Health Care | 8.8% |
| Producer Durables | 6.7% |
| Utilities | 3.8% |
| Consumer Staples | 3.3% |
| Materials and Processing | 2.9% |
| Energy | 2.6% |
| Other | 1.7% |

---

# Material Fund Changes
In June 2025, RIM terminated Sustainable Growth Advisers, LP as a money manager for the Fund and hired Jacobs Levy Equity Management, Inc. as a money manager for the 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](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Large Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RTLAX

October 31, 2025

#### Class C

#### RTLCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Large Cap 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 | $205 | 1.90% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark. Stock selection was the primary detractor over the period, as holdings within the information technology, industrials and consumer discretionary sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation was mixed, as overweights to materials and healthcare detracted while an underweight to real estate positively impacted performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the S&P 500<sup>®</sup> Index during the period.

# 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](ie1d6a3228910ed999b7eb509.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **S&P 500<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10123 | 10451 |
| **2017** | 12317 | 12921 |
| **2018** | 12741 | 13870 |
| **2019** | 14146 | 15857 |
| **2020** | 15369 | 17397 |
| **2021** | 21331 | 24862 |
| **2022** | 17390 | 21230 |
| **2023** | 18981 | 23383 |
| **2024** | 25126 | 32272 |
| **2025** | 28967 | 39196 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 15.30% | 13.51% | 11.22% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**\*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) | $11174667 |
| Total Number of Portfolio Holdings | 423 |
| Total Advisory Fees Paid (thousands) | $63087 |
| Portfolio Turnover Rate | 31% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3c53c66a60620a2a1c2b7267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.6% |
| Common Stocks | 98.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i731b62fe158b92e0ecfe6753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 43.3% |
| Consumer Discretionary | 14.0% |
| Financial Services | 12.9% |
| Health Care | 8.8% |
| Producer Durables | 6.7% |
| Utilities | 3.8% |
| Consumer Staples | 3.3% |
| Materials and Processing | 2.9% |
| Energy | 2.6% |
| Other | 1.7% |

---

# Material Fund Changes
In June 2025, RIM terminated Sustainable Growth Advisers, LP as a money manager for the Fund and hired Jacobs Levy Equity Management, Inc. as a money manager for the 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](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Large Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RTLCX

October 31, 2025

#### Class M

#### RTMTX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Large Cap 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 M | $87 | 0.80% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark. Stock selection was the primary detractor over the period, as holdings within the information technology, industrials and consumer discretionary sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation was mixed, as overweights to materials and healthcare detracted while an underweight to real estate positively impacted performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the S&P 500<sup>®</sup> Index during the period.

# 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](i0475e779141187ee9d8d1dac.jpg)

---

| | | |
|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **S&P 500<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10225 | 10451 |
| **2017** | 12575 | 12921 |
| **2018** | 13155 | 13870 |
| **2019** | 14765 | 15857 |
| **2020** | 16217 | 17397 |
| **2021** | 22758 | 24862 |
| **2022** | 18759 | 21230 |
| **2023** | 20700 | 23383 |
| **2024** | 27708 | 32272 |
| **2025** | 32298 | 39196 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 16.57% | 14.77% | 12.44% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**\*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) | $11174667 |
| Total Number of Portfolio Holdings | 423 |
| Total Advisory Fees Paid (thousands) | $63087 |
| Portfolio Turnover Rate | 31% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3c53c66a60620a2a1c2b7267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.6% |
| Common Stocks | 98.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i731b62fe158b92e0ecfe6753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 43.3% |
| Consumer Discretionary | 14.0% |
| Financial Services | 12.9% |
| Health Care | 8.8% |
| Producer Durables | 6.7% |
| Utilities | 3.8% |
| Consumer Staples | 3.3% |
| Materials and Processing | 2.9% |
| Energy | 2.6% |
| Other | 1.7% |

---

# Material Fund Changes
In June 2025, RIM terminated Sustainable Growth Advisers, LP as a money manager for the Fund and hired Jacobs Levy Equity Management, Inc. as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Large Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTMTX

October 31, 2025

#### Class S

#### RETSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Large Cap 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 | $97 | 0.90% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its primary benchmark for the fiscal year. One of the Fund's four money managers outperformed its assigned benchmark. Stock selection was the primary detractor over the period, as holdings within the information technology, industrials and consumer discretionary sectors detracted from performance. Factor positioning was negative, as tilts toward smaller size and away from the most expensive and most volatile stocks were not rewarded. Sector allocation was mixed, as overweights to materials and healthcare detracted while an underweight to real estate positively impacted performance. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the S&P 500<sup>®</sup> Index during the period.

# 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](i551f8d2eb05351f9c8cb04ce.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **S&P 500<sup>®</sup> Index** |
| **2015** | 10000 | 10000 |
| **2016** | 10225 | 10451 |
| **2017** | 12565 | 12921 |
| **2018** | 13132 | 13870 |
| **2019** | 14723 | 15857 |
| **2020** | 16158 | 17397 |
| **2021** | 22649 | 24862 |
| **2022** | 18651 | 21230 |
| **2023** | 20564 | 23383 |
| **2024** | 27494 | 32272 |
| **2025** | 32017 | 39196 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 16.45% | 14.66% | 12.34% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

**\*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) | $11174667 |
| Total Number of Portfolio Holdings | 423 |
| Total Advisory Fees Paid (thousands) | $63087 |
| Portfolio Turnover Rate | 31% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3c53c66a60620a2a1c2b7267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.6% |
| Common Stocks | 98.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i731b62fe158b92e0ecfe6753.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 43.3% |
| Consumer Discretionary | 14.0% |
| Financial Services | 12.9% |
| Health Care | 8.8% |
| Producer Durables | 6.7% |
| Utilities | 3.8% |
| Consumer Staples | 3.3% |
| Materials and Processing | 2.9% |
| Energy | 2.6% |
| Other | 1.7% |

---

# Material Fund Changes
In June 2025, RIM terminated Sustainable Growth Advisers, LP as a money manager for the Fund and hired Jacobs Levy Equity Management, Inc. as a money manager for the 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](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Large Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RETSX

October 31, 2025

#### Tax-Managed U.S. Mid & Small Cap Fund

#### Class A

#### RTSAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap 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 | $151 | 1.49% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's eight money managers outperformed their assigned benchmarks. Stock selection was negative, with selection in the information technology, financials and industrials sectors detracting from performance. Factor positioning was a negative contributor, with exposure towards higher quality and away from higher volatility stocks detracting from performance. Sector allocation decisions were mixed over the period, as an overweight to the healthcare sector detracted while an underweight to the real estate sector was beneficial. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2500™ Index during the period.

# 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](i0ffd2c58851c9c4026d6a537.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 9423 | 10000 | 10000 |
| **2016** | 9423 | 10424 | 10398 |
| **2017** | 11672 | 12924 | 12964 |
| **2018** | 12031 | 13776 | 13328 |
| **2019** | 12788 | 15635 | 14506 |
| **2020** | 12550 | 17221 | 14813 |
| **2021** | 18535 | 24782 | 22135 |
| **2022** | 15237 | 20688 | 18244 |
| **2023** | 14369 | 22422 | 17400 |
| **2024** | 18688 | 30910 | 23156 |
| **2025** | 19170 | 37343 | 25920 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | (3.33)% | 7.56% | 6.72% |
| Class A - no sales charge | 2.58% | 8.84% | 7.36% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Index<sup>Footnote Reference(a)</sup> | 11.94% | 11.84% | 9.99% |

---

**\*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) | $1775232 |
| Total Number of Portfolio Holdings | 830 |
| Total Advisory Fees Paid (thousands) | $15935 |
| Portfolio Turnover Rate | 55% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8648afdaf6238554e84cde42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 3.5% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia483a8a3bb72c9ba31012eb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 19.9% |
| Producer Durables | 18.5% |
| Health Care | 13.0% |
| Technology | 12.9% |
| Consumer Discretionary | 12.7% |
| Materials and Processing | 9.9% |
| Energy | 3.5% |
| Consumer Staples | 3.0% |
| Utilities | 2.8% |
| Other | 3.8% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Mid & Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RTSAX

October 31, 2025

#### Class C

#### RTSCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap 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 | $223 | 2.21% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's eight money managers outperformed their assigned benchmarks. Stock selection was negative, with selection in the information technology, financials and industrials sectors detracting from performance. Factor positioning was a negative contributor, with exposure towards higher quality and away from higher volatility stocks detracting from performance. Sector allocation decisions were mixed over the period, as an overweight to the healthcare sector detracted while an underweight to the real estate sector was beneficial. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2500™ Index during the period.

# 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](i1e46a984e9d2af503e8bfe07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9925 | 10424 | 10398 |
| **2017** | 12208 | 12924 | 12964 |
| **2018** | 12490 | 13776 | 13328 |
| **2019** | 13183 | 15635 | 14506 |
| **2020** | 12845 | 17221 | 14813 |
| **2021** | 18838 | 24782 | 22135 |
| **2022** | 15375 | 20688 | 18244 |
| **2023** | 14394 | 22422 | 17400 |
| **2024** | 18582 | 30910 | 23156 |
| **2025** | 18926 | 37343 | 25920 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 1.88% | 8.06% | 6.59% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Index<sup>Footnote Reference(a)</sup> | 11.94% | 11.84% | 9.99% |

---

**\*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) | $1775232 |
| Total Number of Portfolio Holdings | 830 |
| Total Advisory Fees Paid (thousands) | $15935 |
| Portfolio Turnover Rate | 55% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8648afdaf6238554e84cde42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 3.5% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia483a8a3bb72c9ba31012eb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 19.9% |
| Producer Durables | 18.5% |
| Health Care | 13.0% |
| Technology | 12.9% |
| Consumer Discretionary | 12.7% |
| Materials and Processing | 9.9% |
| Energy | 3.5% |
| Consumer Staples | 3.0% |
| Utilities | 2.8% |
| Other | 3.8% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Mid & Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RTSCX

October 31, 2025

#### Class M

#### RTOUX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap 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 M | $113 | 1.11% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's eight money managers outperformed their assigned benchmarks. Stock selection was negative, with selection in the information technology, financials and industrials sectors detracting from performance. Factor positioning was a negative contributor, with exposure towards higher quality and away from higher volatility stocks detracting from performance. Sector allocation decisions were mixed over the period, as an overweight to the healthcare sector detracted while an underweight to the real estate sector was beneficial. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2500™ Index during the period.

# 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](ia2dbaf5028a70340a2d09d9e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10028 | 10424 | 10398 |
| **2017** | 12466 | 12924 | 12964 |
| **2018** | 12899 | 13776 | 13328 |
| **2019** | 13765 | 15635 | 14506 |
| **2020** | 13565 | 17221 | 14813 |
| **2021** | 20102 | 24782 | 22135 |
| **2022** | 16591 | 20688 | 18244 |
| **2023** | 15705 | 22422 | 17400 |
| **2024** | 20498 | 30910 | 23156 |
| **2025** | 21113 | 37343 | 25920 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 3.00% | 9.25% | 7.76% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Index<sup>Footnote Reference(b)</sup> | 11.94% | 11.84% | 9.99% |

---

**\*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) | $1775232 |
| Total Number of Portfolio Holdings | 830 |
| Total Advisory Fees Paid (thousands) | $15935 |
| Portfolio Turnover Rate | 55% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8648afdaf6238554e84cde42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 3.5% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia483a8a3bb72c9ba31012eb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 19.9% |
| Producer Durables | 18.5% |
| Health Care | 13.0% |
| Technology | 12.9% |
| Consumer Discretionary | 12.7% |
| Materials and Processing | 9.9% |
| Energy | 3.5% |
| Consumer Staples | 3.0% |
| Utilities | 2.8% |
| Other | 3.8% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Mid & Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTOUX

October 31, 2025

#### Class S

#### RTSSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap 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 | $123 | 1.21% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Two of the Fund's eight money managers outperformed their assigned benchmarks. Stock selection was negative, with selection in the information technology, financials and industrials sectors detracting from performance. Factor positioning was a negative contributor, with exposure towards higher quality and away from higher volatility stocks detracting from performance. Sector allocation decisions were mixed over the period, as an overweight to the healthcare sector detracted while an underweight to the real estate sector was beneficial. Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio that maintained a tilt away from the most expensive, lowest quality and most volatile stocks, detracted over the fiscal year.

RIM fully equitized the Fund's cash utilizing index futures over the fiscal year, which was beneficial given the positive return of the Russell 2500™ Index during the period.

# 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](i7d30506aa02701d0a30b08cd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10028 | 10424 | 10398 |
| **2017** | 12456 | 12924 | 12964 |
| **2018** | 12880 | 13776 | 13328 |
| **2019** | 13726 | 15635 | 14506 |
| **2020** | 13513 | 17221 | 14813 |
| **2021** | 20006 | 24782 | 22135 |
| **2022** | 16497 | 20688 | 18244 |
| **2023** | 15597 | 22422 | 17400 |
| **2024** | 20338 | 30910 | 23156 |
| **2025** | 20930 | 37343 | 25920 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 2.91% | 9.15% | 7.67% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Index<sup>Footnote Reference(a)</sup> | 11.94% | 11.84% | 9.99% |

---

**\*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) | $1775232 |
| Total Number of Portfolio Holdings | 830 |
| Total Advisory Fees Paid (thousands) | $15935 |
| Portfolio Turnover Rate | 55% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8648afdaf6238554e84cde42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 3.5% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia483a8a3bb72c9ba31012eb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 19.9% |
| Producer Durables | 18.5% |
| Health Care | 13.0% |
| Technology | 12.9% |
| Consumer Discretionary | 12.7% |
| Materials and Processing | 9.9% |
| Energy | 3.5% |
| Consumer Staples | 3.0% |
| Utilities | 2.8% |
| Other | 3.8% |

---

# Material Fund Changes
In March 2025, RIM terminated BAMCO Inc. as a money manager for the Fund and hired Lord, Abbett & Co. LLC as a money manager for the 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed U.S. Mid & Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RTSSX

October 31, 2025

#### Tax-Managed International Equity Fund

#### Class A

#### RTNAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed International Equity 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 | $143 | 1.29% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Four of the Fund's five money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's underweight to momentum and overweight to quality faced headwinds while an overweight to value was additive. Sector positioning was flat and stock selection detracted from performance over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and low volatility, lagged over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i2102e16abe5cf5da1b20c537.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI ACWI ex USA Index (Net)** | **Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 9429 | 10000 | 10000 |
| **2016** | 9590 | 10022 | 10026 |
| **2017** | 11917 | 12392 | 12420 |
| **2018** | 10632 | 11370 | 11405 |
| **2019** | 11493 | 12652 | 12691 |
| **2020** | 10620 | 12321 | 12359 |
| **2021** | 14097 | 15976 | 16025 |
| **2022** | 10441 | 12026 | 12063 |
| **2023** | 11707 | 13477 | 13519 |
| **2024** | 14056 | 16757 | 16808 |
| **2025** | 17177 | 20934 | 20998 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A - with sales charge | 15.21% | 8.80% | 5.56% |
| Class A - no sales charge | 22.21% | 10.09% | 6.18% |
| MSCI ACWI ex USA Index (Net) | 24.93% | 11.18% | 7.67% |
| Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 24.93% | 11.18% | 7.70% |

---

**\*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) | $5117982 |
| Total Number of Portfolio Holdings | 953 |
| Total Advisory Fees Paid (thousands) | $33001 |
| Portfolio Turnover Rate | 29% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i00a18e8e2612089b3c413db3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8990d928095a9070bf61647a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 11.7% |
| Japan | 11.6% |
| United Kingdom | 7.2% |
| United States | 6.8% |
| Germany | 6.1% |
| Taiwan | 6.0% |
| France | 5.9% |
| South Korea | 4.6% |
| India | 4.5% |
| Canada | 3.3% |
| Other Common Stocks | 27.5% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed International Equity Linked Benchmark represents the returns of the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RTNAX

October 31, 2025

#### Class C

#### RTNCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed International Equity 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 | $226 | 2.04% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Four of the Fund's five money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's underweight to momentum and overweight to quality faced headwinds while an overweight to value was additive. Sector positioning was flat and stock selection detracted from performance over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and low volatility, lagged over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i431c021041345fc911a0a051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI ACWI ex USA Index (Net)** | **Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10089 | 10022 | 10026 |
| **2017** | 12464 | 12392 | 12420 |
| **2018** | 11025 | 11370 | 11405 |
| **2019** | 11835 | 12652 | 12691 |
| **2020** | 10848 | 12321 | 12359 |
| **2021** | 14282 | 15976 | 16025 |
| **2022** | 10504 | 12026 | 12063 |
| **2023** | 11690 | 13477 | 13519 |
| **2024** | 13935 | 16757 | 16808 |
| **2025** | 16901 | 20934 | 20998 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C | 21.28% | 9.27% | 5.39% |
| MSCI ACWI ex USA Index (Net) | 24.93% | 11.18% | 7.67% |
| Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 24.93% | 11.18% | 7.70% |

---

**\*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) | $5117982 |
| Total Number of Portfolio Holdings | 953 |
| Total Advisory Fees Paid (thousands) | $33001 |
| Portfolio Turnover Rate | 29% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i00a18e8e2612089b3c413db3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8990d928095a9070bf61647a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 11.7% |
| Japan | 11.6% |
| United Kingdom | 7.2% |
| United States | 6.8% |
| Germany | 6.1% |
| Taiwan | 6.0% |
| France | 5.9% |
| South Korea | 4.6% |
| India | 4.5% |
| Canada | 3.3% |
| Other Common Stocks | 27.5% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed International Equity Linked Benchmark represents the returns of the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RTNCX

October 31, 2025

#### Class M

#### RTIUX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed International Equity 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 M | $105 | 0.94% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Four of the Fund's five money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's underweight to momentum and overweight to quality faced headwinds while an overweight to value was additive. Sector positioning was flat and stock selection detracted from performance over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and low volatility, lagged over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i3acc89a28151b9d401cae266.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M<sup>Footnote Reference(a)</sup>** | **MSCI ACWI ex USA Index (Net)** | **Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(b)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10183 | 10022 | 10026 |
| **2017** | 12709 | 12392 | 12420 |
| **2018** | 11370 | 11370 | 11405 |
| **2019** | 12342 | 12652 | 12691 |
| **2020** | 11432 | 12321 | 12359 |
| **2021** | 15238 | 15976 | 16025 |
| **2022** | 11324 | 12026 | 12063 |
| **2023** | 12749 | 13477 | 13519 |
| **2024** | 15366 | 16757 | 16808 |
| **2025** | 18826 | 20934 | 20998 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class M<sup>Footnote Reference(a)</sup> | 22.60% | 10.49% | 6.53% |
| MSCI ACWI ex USA Index (Net) | 24.93% | 11.18% | 7.67% |
| Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(b)</sup> | 24.93% | 11.18% | 7.70% |

---

**\*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) | $5117982 |
| Total Number of Portfolio Holdings | 953 |
| Total Advisory Fees Paid (thousands) | $33001 |
| Portfolio Turnover Rate | 29% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i00a18e8e2612089b3c413db3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8990d928095a9070bf61647a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 11.7% |
| Japan | 11.6% |
| United Kingdom | 7.2% |
| United States | 6.8% |
| Germany | 6.1% |
| Taiwan | 6.0% |
| France | 5.9% |
| South Korea | 4.6% |
| India | 4.5% |
| Canada | 3.3% |
| Other Common Stocks | 27.5% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Fund's performance inception date for Class M Shares was March 16, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class S Shares. For more information, see the Performance Notes section in the Fund's Prospectus. |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed International Equity Linked Benchmark represents the returns of the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTIUX

October 31, 2025

#### Class S

#### RTNSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed International Equity 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 | $116 | 1.04% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the fiscal year. Four of the Fund's five money managers outperformed their assigned benchmarks. With respect to factor exposures, the Fund's underweight to momentum and overweight to quality faced headwinds while an overweight to value was additive. Sector positioning was flat and stock selection detracted from performance over the period. Russell Investment Management, LLC's positioning strategy, which sought to control Fund-level exposures and risks through the purchase of a stock portfolio providing exposure to quality and low volatility, lagged over the fiscal year. The Fund's use of derivatives to provide preferred positioning with respect to countries and currencies detracted over the fiscal year while the use of index futures to equitize a portion of the Fund's cash performed as intended.

# 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](i008856796dbe15c5a7a21d00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI ACWI ex USA Index (Net)** | **Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup>** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10183 | 10022 | 10026 |
| **2017** | 12697 | 12392 | 12420 |
| **2018** | 11354 | 11370 | 11405 |
| **2019** | 12300 | 12652 | 12691 |
| **2020** | 11393 | 12321 | 12359 |
| **2021** | 15158 | 15976 | 16025 |
| **2022** | 11262 | 12026 | 12063 |
| **2023** | 12653 | 13477 | 13519 |
| **2024** | 15239 | 16757 | 16808 |
| **2025** | 18658 | 20934 | 20998 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class S | 22.44% | 10.37% | 6.44% |
| MSCI ACWI ex USA Index (Net) | 24.93% | 11.18% | 7.67% |
| Tax-Managed International Equity Linked Benchmark<sup>Footnote Reference(a)</sup> | 24.93% | 11.18% | 7.70% |

---

**\*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) | $5117982 |
| Total Number of Portfolio Holdings | 953 |
| Total Advisory Fees Paid (thousands) | $33001 |
| Portfolio Turnover Rate | 29% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i00a18e8e2612089b3c413db3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8990d928095a9070bf61647a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 11.7% |
| Japan | 11.6% |
| United Kingdom | 7.2% |
| United States | 6.8% |
| Germany | 6.1% |
| Taiwan | 6.0% |
| France | 5.9% |
| South Korea | 4.6% |
| India | 4.5% |
| Canada | 3.3% |
| Other Common Stocks | 27.5% |
| Other | 4.8% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed International Equity Linked Benchmark represents the returns of the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings) thereafter. This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that takes into account historical changes in the Fund's primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RTNSX

October 31, 2025

#### Tax-Managed Real Assets Fund

#### Class A

#### RTXAX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed Real Assets 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 | $136 | 1.32% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the period. Stock selection among office and specialized REITs detracted from performance. Stock selection within the energy and agriculture sectors also had a negative impact. An overweight to toll roads coupled with favorable stock selection within the gas utilities sector was additive.

Money manager performance was mixed for the fiscal year, with one manager outperforming its benchmark and two underperforming their respective benchmarks.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio providing broadly diversified exposure to the full set of real asset sub-sectors, outperformed the Fund's secondary benchmark. Underweight positioning in communications infrastructure and exposure to integrated oil companies both benefited performance.

During the fiscal year, RIM partially equitized the Fund's cash using index futures contracts to provide the Fund with greater market exposure and this strategy performed as intended.

# How did the Fund perform since inception?\*
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 since inception in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i4f4cd1ee430fd160e8cc8ba0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **MSCI World Index (Net)** | **Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup>** |
| **6/10/2019** | 9425 | 10000 | 10000 |
| **2019** | 9802 | 10525 | 10494 |
| **2020** | 8660 | 10985 | 8623 |
| **2021** | 12842 | 15425 | 12498 |
| **2022** | 11332 | 12575 | 11564 |
| **2023** | 10934 | 13893 | 11254 |
| **2024** | 13283 | 18572 | 14215 |
| **2025** | 14183 | 22661 | 15342 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class A - with sales charge | 0.65% | 9.06% | 5.62% |
| Class A - no sales charge | 6.85% | 10.37% | 6.60% |
| MSCI World Index (Net) | 22.02% | 15.58% | 13.65% |
| Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup> | 7.93% | 12.21% | 6.93% |

---

**\*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) | $1198128 |
| Total Number of Portfolio Holdings | 403 |
| Total Advisory Fees Paid (thousands) | $8258 |
| Portfolio Turnover Rate | 44% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1bd28482abde5a481f6f0f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.6% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.2% |
| Common Stocks | 96.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibac5ac57b76b25497874302f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.5% |
| Australia | 5.7% |
| Canada | 3.7% |
| France | 3.0% |
| Mexico | 2.7% |
| Brazil | 1.9% |
| Spain | 1.8% |
| China | 1.5% |
| United Kingdom | 1.4% |
| Argentina | 1.3% |
| Other Common Stocks | 10.5% |
| Other | 4.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE Nareit Equity REIT Index (Net), 30% S&P Global Infrastructure Index (Net) and 30% S&P Global Natural Resources Index (Net). This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed Real Assets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class A

Annual Shareholder Report

RTXAX

October 31, 2025

#### Class C

#### RTXCX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed Real Assets 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 | $213 | 2.07% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the period. Stock selection among office and specialized REITs detracted from performance. Stock selection within the energy and agriculture sectors also had a negative impact. An overweight to toll roads coupled with favorable stock selection within the gas utilities sector was additive.

Money manager performance was mixed for the fiscal year, with one manager outperforming its benchmark and two underperforming their respective benchmarks.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio providing broadly diversified exposure to the full set of real asset sub-sectors, outperformed the Fund's secondary benchmark. Underweight positioning in communications infrastructure and exposure to integrated oil companies both benefited performance.

During the fiscal year, RIM partially equitized the Fund's cash using index futures contracts to provide the Fund with greater market exposure and this strategy performed as intended.

# How did the Fund perform since inception?\*
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 since inception in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id9139db3bdc88db1b109861f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI World Index (Net)** | **Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup>** |
| **6/10/2019** | 10000 | 10000 | 10000 |
| **2019** | 10370 | 10525 | 10494 |
| **2020** | 9089 | 10985 | 8623 |
| **2021** | 13380 | 15425 | 12498 |
| **2022** | 11721 | 12575 | 11564 |
| **2023** | 11218 | 13893 | 11254 |
| **2024** | 13524 | 18572 | 14215 |
| **2025** | 14337 | 22661 | 15342 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class C | 6.09% | 9.54% | 5.80% |
| MSCI World Index (Net) | 22.02% | 15.58% | 13.65% |
| Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup> | 7.93% | 12.21% | 6.93% |

---

**\*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) | $1198128 |
| Total Number of Portfolio Holdings | 403 |
| Total Advisory Fees Paid (thousands) | $8258 |
| Portfolio Turnover Rate | 44% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1bd28482abde5a481f6f0f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.6% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.2% |
| Common Stocks | 96.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibac5ac57b76b25497874302f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.5% |
| Australia | 5.7% |
| Canada | 3.7% |
| France | 3.0% |
| Mexico | 2.7% |
| Brazil | 1.9% |
| Spain | 1.8% |
| China | 1.5% |
| United Kingdom | 1.4% |
| Argentina | 1.3% |
| Other Common Stocks | 10.5% |
| Other | 4.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE Nareit Equity REIT Index (Net), 30% S&P Global Infrastructure Index (Net) and 30% S&P Global Natural Resources Index (Net). This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed Real Assets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class C

Annual Shareholder Report

RTXCX

October 31, 2025

#### Class M

#### RTXMX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed Real Assets 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 M | $100 | 0.97% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the period. Stock selection among office and specialized REITs detracted from performance. Stock selection within the energy and agriculture sectors also had a negative impact. An overweight to toll roads coupled with favorable stock selection within the gas utilities sector was additive.

Money manager performance was mixed for the fiscal year, with one manager outperforming its benchmark and two underperforming their respective benchmarks.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio providing broadly diversified exposure to the full set of real asset sub-sectors, outperformed the Fund's secondary benchmark. Underweight positioning in communications infrastructure and exposure to integrated oil companies both benefited performance.

During the fiscal year, RIM partially equitized the Fund's cash using index futures contracts to provide the Fund with greater market exposure and this strategy performed as intended.

# How did the Fund perform since inception?\*
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 since inception in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib230a56f25677695821d08c7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **MSCI World Index (Net)** | **Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup>** |
| **6/10/2019** | 10000 | 10000 | 10000 |
| **2019** | 10410 | 10525 | 10494 |
| **2020** | 9224 | 10985 | 8623 |
| **2021** | 13738 | 15425 | 12498 |
| **2022** | 12169 | 12575 | 11564 |
| **2023** | 11783 | 13893 | 11254 |
| **2024** | 14358 | 18572 | 14215 |
| **2025** | 15391 | 22661 | 15342 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class M | 7.19% | 10.78% | 6.98% |
| MSCI World Index (Net) | 22.02% | 15.58% | 13.65% |
| Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup> | 7.93% | 12.21% | 6.93% |

---

**\*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) | $1198128 |
| Total Number of Portfolio Holdings | 403 |
| Total Advisory Fees Paid (thousands) | $8258 |
| Portfolio Turnover Rate | 44% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1bd28482abde5a481f6f0f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.6% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.2% |
| Common Stocks | 96.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibac5ac57b76b25497874302f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.5% |
| Australia | 5.7% |
| Canada | 3.7% |
| France | 3.0% |
| Mexico | 2.7% |
| Brazil | 1.9% |
| Spain | 1.8% |
| China | 1.5% |
| United Kingdom | 1.4% |
| Argentina | 1.3% |
| Other Common Stocks | 10.5% |
| Other | 4.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE Nareit Equity REIT Index (Net), 30% S&P Global Infrastructure Index (Net) and 30% S&P Global Natural Resources Index (Net). This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed Real Assets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class M

Annual Shareholder Report

RTXMX

October 31, 2025

#### Class S

#### RTXSX
![Image](if0731b966aa193de665349b1.jpg)

#### Annual Shareholder Report

#### October 31, 2025
![Image](i5102e61e6e20d8dd90026833.jpg)

This annual shareholder report contains important information about Tax-Managed Real Assets 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 | $111 | 1.07% |

---

# How did the Fund perform last year and what affected its performance?
The Fund underperformed its secondary benchmark for the period. Stock selection among office and specialized REITs detracted from performance. Stock selection within the energy and agriculture sectors also had a negative impact. An overweight to toll roads coupled with favorable stock selection within the gas utilities sector was additive.

Money manager performance was mixed for the fiscal year, with one manager outperforming its benchmark and two underperforming their respective benchmarks.

Russell Investment Management, LLC's ("RIM") positioning strategy, which sought to improve the Fund's after-tax returns and control Fund-level exposures and risks through the purchase of a stock portfolio providing broadly diversified exposure to the full set of real asset sub-sectors, outperformed the Fund's secondary benchmark. Underweight positioning in communications infrastructure and exposure to integrated oil companies both benefited performance.

During the fiscal year, RIM partially equitized the Fund's cash using index futures contracts to provide the Fund with greater market exposure and this strategy performed as intended.

# How did the Fund perform since inception?\*
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 since inception in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id368977f40eaa6070acb1700.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI World Index (Net)** | **Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup>** |
| **6/10/2019** | 10000 | 10000 | 10000 |
| **2019** | 10410 | 10525 | 10494 |
| **2020** | 9219 | 10985 | 8623 |
| **2021** | 13703 | 15425 | 12498 |
| **2022** | 12125 | 12575 | 11564 |
| **2023** | 11727 | 13893 | 11254 |
| **2024** | 14279 | 18572 | 14215 |
| **2025** | 15296 | 22661 | 15342 |

---

# Annual Fund Performance\*

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class S | 7.12% | 10.66% | 6.87% |
| MSCI World Index (Net) | 22.02% | 15.58% | 13.65% |
| Tax-Managed Real Assets Blended Benchmark<sup>Footnote Reference(a)</sup> | 7.93% | 12.21% | 6.93% |

---

**\*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) | $1198128 |
| Total Number of Portfolio Holdings | 403 |
| Total Advisory Fees Paid (thousands) | $8258 |
| Portfolio Turnover Rate | 44% |

---

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1bd28482abde5a481f6f0f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.6% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.2% |
| Common Stocks | 96.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibac5ac57b76b25497874302f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.5% |
| Australia | 5.7% |
| Canada | 3.7% |
| France | 3.0% |
| Mexico | 2.7% |
| Brazil | 1.9% |
| Spain | 1.8% |
| China | 1.5% |
| United Kingdom | 1.4% |
| Argentina | 1.3% |
| Other Common Stocks | 10.5% |
| Other | 4.0% |

---

#### 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.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;The Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE Nareit Equity REIT Index (Net), 30% S&P Global Infrastructure Index (Net) and 30% S&P Global Natural Resources Index (Net). This secondary benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund's performance relative to its secondary benchmark. For more information, see the Performance section in the Fund's Summary Prospectus. |

---

![Image](ie545c44d9854b86e342d9561.jpg)

#### Tax-Managed Real Assets Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i7dbc782eeb3421bd415f6207.jpg)

Class S

Annual Shareholder Report

RTXSX

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

Russell

Investment

Company

OCTOBER

31,

2025

FUND

SHARE

CLASS

#### U.S.

#### Equity

#### Funds
Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Aware

Equity

Fund

(formerly,

Sustainable

Equity

Fund)

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S,

Y

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

#### International

#### and

#### Global

#### Equity

#### Funds
Multifactor

International

Equity

Fund

M,

R6,

S,

Y

International

Developed

Markets

Fund

A,

C,

M,

S,

Y

Global

Equity

Fund

A,

C,

M,

S,

Y

Emerging

Markets

Fund

A,

C,

M,

R6,

S,

Y

#### Tax-Managed

#### Equity

#### Funds
Tax-Managed

U.S.

Large

Cap

Fund

A,

C,

M,

S

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

A,

C,

M,

S

Tax-Managed

International

Equity

Fund

A,

C,

M,

S

Tax-Managed

Real

Assets

Fund

A,

C,

M,

S

#### Fixed

#### Income

#### Funds
Opportunistic

Credit

Fund

A,

C,

M,

S,

Y

Long

Duration

Bond

Fund

M,

S,

Y

Strategic

Bond

Fund

A,

C,

M,

R6,

S,

Y

Investment

Grade

Bond

Fund

A,

C,

M,

R6,

S,

Y

Short

Duration

Bond

Fund

A,

C,

M,

R6,

S,

Y

#### Tax-Exempt

#### Fixed

#### Income

#### Funds
Tax-Exempt

High

Yield

Bond

Fund

A,

C,

M,

S

Tax-Exempt

Bond

Fund

A,

C,

M,

S

#### Alternative

#### Funds
Global

Infrastructure

Fund

A,

C,

M,

S,

Y

Global

Real

Estate

Securities

Fund

A,

C,

M,

R6,

S,

Y

#### Specialty

#### Funds
Multi-Strategy

Income

Fund

A,

C,

M,

S,

Y

Multi-Asset

Strategy

Fund

(formerly,

Multi-Asset

Growth

Strategy

Fund)

A,

C,

M,

S,

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

of

these

Funds.

Page

Multifactor

U.S.

Equity

Fund

(Form

N-CSR

Item

7)

Equity

Income

Fund

(Form

N-CSR

Item

7)

Sustainable

Aware

Equity

Fund

(Form

N-CSR

Item

7)

U.S.

Strategic

Equity

Fund

(Form

N-CSR

Item

7)

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

Item

7)

Multifactor

International

Equity

Fund

(Form

N-CSR

Item

7)

International

Developed

Markets

Fund

(Form

N-CSR

Item

7)

Global

Equity

Fund

(Form

N-CSR

Item7)

Emerging

Markets

Fund

(Form

N-CSR

Item

7)

Tax-Managed

U.S.

Large

Cap

Fund

(Form

N-CSR

Item

7)

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

(Form

N-CSR

Item

7)

Tax-Managed

International

Equity

Fund

(Form

N-CSR

Item

7)

Tax-Managed

Real

Assets

Fund

(Form

N-CSR

Item

7)

Opportunistic

Credit

Fund

(Form

N-CSR

Item

7)

Long

Duration

Bond

Fund

(Form

N-CSR

Item

7)

Strategic

Bond

Fund

(Form

N-CSR

Item

7)

Investment

Grade

Bond

Fund

(Form

N-CSR

Item

7)

Short

Duration

Bond

Fund

(Form

N-CSR

Item

7)

Tax-Exempt

High

Yield

Bond

Fund

(Form

N-CSR

Item

7)

Tax-Exempt

Bond

Fund

(Form

N-CSR

Item

7)

545

Global

Infrastructure

Fund

(Form

N-CSR

Item

7)

632

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

650

Multi-Strategy

Income

Fund

(Form

N-CSR

Item

7)

667

Multi-Asset

Strategy

Fund

(Form

N-CSR

Item

7)

708

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

742

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

744

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

745

Report

of

Independent

Registered

Public

Accounting

Firm

777

Tax

Information

779

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

781

Basis

for

Approval

of

Investment

Advisory

Agreements

(Form

N-CSR

Item

11)

782

Adviser,

Money

Managers

and

Service

Providers

796

Russell

Investment

Company

Annual

Financial

Statements

and

Other

Information

October

31,

2025

Table

of

Contents

Russell

Investment

Company

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

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.0%
Consumer

Discretionary

-

12.5%

Amazon.com,

Inc.(Æ)

39,154

9,562

Amer

Sports,

Inc.(Æ)

1,432

API

Group

Corp.(Æ)

2,920

AutoNation,

Inc.(Æ)

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

Bath

&

Body

Works,

Inc.

1,920

Best

Buy

Co.,

Inc.

2,328

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

1,997

BorgWarner,

Inc.

1,372

Boyd

Gaming

Corp.

723

Bright

Horizons

Family

Solutions,

Inc.(Æ)

Burlington

Stores,

Inc.(Æ)

CarMax,

Inc.(Æ)

1,077

Carnival

Corp.(Æ)

11,243

Carvana

Co.(Æ)

742

Cava

Group,

Inc.(Æ)

681

Charter

Communications,

Inc.

Class

A(Æ)

1,152

Chewy,

Inc.

Class

A(Æ)

1,975

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

5,551

Comcast

Corp.

Class

A

23,559

656

Costco

Wholesale

Corp.

1,733

1,580

Coupang

,

Inc.(Æ)

10,047

Crocs,

Inc.(Æ)

572

Curtiss-Wright

Corp.

515

Darden

Restaurants,

Inc.

819

Deckers

Outdoor

Corp.(Æ)

786

Dick's

Sporting

Goods,

Inc.

Dollar

General

Corp.

2,168

Domino's

Pizza,

Inc.

DR

Horton,

Inc.

2,403

DraftKings

,

Inc.

Class

A(Æ)

1,380

Duolingo

,

Inc.(Æ)

Dutch

Bros,

Inc.

Class

A(Æ)

998

eBay,

Inc.

3,381

Expedia

Group,

Inc.

958

FactSet

Research

Systems,

Inc.

Ferguson

Enterprises,

Inc.

502

Five

Below,

Inc.(Æ)

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

985

Flutter

Entertainment

PLC(Æ)

Ford

Motor

Co.

24,092

Fox

Corp.

Class

A

3,594

Freshpet

,

Inc.(Æ)

646

GameStop

Corp.

Class

A(Æ)

2,561

Gap,

Inc.

(The)

4,379

Garmin,

Ltd.

787

Gen

Digital,

Inc.

5,066

General

Motors

Co.

5,499

Genuine

Parts

Co.

569

Grand

Canyon

Education,

Inc.(Æ)

Hasbro,

Inc.

1,006

Hilton

Worldwide

Holdings,

Inc.

686

Home

Depot,

Inc.

(The)

2,210

839

Hubbell,

Inc.

Class

B

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Interpublic

Group

of

Cos.,

Inc.

(The)

2,693

Lear

Corp.

508

Lennar

Corp.

Class

A

2,509

Leonardo

DRS,

Inc.

1,182

Liberty

Broadband

Corp.

Class

C(Æ)

1,701

Liberty

Media

Corp.

Class

C(Æ)

1,106

Lithia

Motors,

Inc.

Class

A

Lowe's

Cos.,

Inc.

877

Lululemon

Athletica

,

Inc.(Æ)

Macy's,

Inc.

4,591

Marriott

International,

Inc.

Class

A

Mattel,

Inc.(Æ)

5,521

McDonald's

Corp.

1,404

MGM

Resorts

International(Æ)

1,835

Netflix,

Inc.

Class

B(Æ)

1,608

1,799

New

York

Times

Co.

(The)

Class

A

1,401

Nexstar

Media

Group,

Inc.

Class

A

NIKE,

Inc.

Class

B

2,680

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

1,565

nVent

Electric

PLC

732

NVR,

Inc.(Æ)

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

656

Omnicom

Group,

Inc.

2,040

On

Holding

AG

Class

A(Æ)

1,676

O'Reilly

Automotive,

Inc.(Æ)

1,290

Paramount

Skydance

Corp.

Class

B

2,878

Penske

Automotive

Group,

Inc.

Planet

Fitness,

Inc.

Class

A(Æ)

836

PulteGroup,

Inc.

2,498

PVH

Corp.

690

QXO,

Inc.(Æ)

2,549

Ralph

Lauren

Corp.

Class

A

627

RB

Global,

Inc.

1,676

Restaurant

Brands

International,

Inc.

1,149

Rivian

Automotive,

Inc.

Class

A(Æ)

5,631

Rocket

Lab

Corp.(Æ)

3,142

Ross

Stores,

Inc.

1,377

Royal

Caribbean

Cruises,

Ltd.

968

Sensata

Technologies

Holding

PLC

1,690

Service

Corp.

International

879

SharkNinja

,

Inc.(Æ)

855

Sirius

Xm

Holdings,

Inc.

2,231

Somnigroup

International,

Inc.

1,075

Tapestry,

Inc.

1,188

Target

Corp.

3,473

Tesla,

Inc.(Æ)

10,362

4,731

Texas

Roadhouse,

Inc.

Class

A

555

Thor

Industries,

Inc.

TJX

Cos.,

Inc.

(The)

4,590

643

TKO

Group

Holdings,

Inc.

Toll

Brothers,

Inc.

654

Tractor

Supply

Co.

3,229

Travel

+

Leisure

Co.

626

U-Haul

Holding

Co.

963

Ulta

Beauty,

Inc.(Æ)

Viking

Holdings,

Ltd.(Æ)

1,659

Walmart,

Inc.

16,389

1,658

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Walt

Disney

Co.

(The)

4,305

Wayfair,

Inc.

Class

A(Æ)

929

Whirlpool

Corp.

598

Williams-Sonoma,

Inc.

721

YETI

Holdings,

Inc.(Æ)

1,718

Yum!

Brands,

Inc.

757

Zillow

Group,

Inc.(Æ)

552

36,035

Consumer

Staples

-

3.1%

Albertsons

Cos.,

Inc.

Class

A

6,959

Altria

Group,

Inc.

6,537

Aramark

Services,

Inc.

2,155

Archer-Daniels-Midland

Co.

4,920

Brown-Forman

Corp.

Class

B

1,961

Bunge

Global

SA

844

Campbell's

Co.

(The)

2,489

Casey's

General

Stores,

Inc.

519

Celsius

Holdings,

Inc.(Æ)

1,234

Church

&

Dwight

Co.,

Inc.

1,685

Clorox

Co.

(The)

1,245

Coca-Cola

Co.

(The)

9,099

627

Coca-Cola

Consolidated,

Inc.

589

Colgate-Palmolive

Co.

1,473

Conagra

Brands,

Inc.

5,400

CVS

Health

Corp.

10,087

788

elf

Beauty,

Inc.(Æ)

Flowers

Foods,

Inc.

3,696

General

Mills,

Inc.

5,257

Hershey

Co.

(The)

877

Hormel

Foods

Corp.

3,167

Ingredion,

Inc.

1,340

JM

Smucker

Co.

(The)

1,742

Kellanova

951

Kenvue

,

Inc.

7,105

Keurig

Dr

Pepper,

Inc.

5,575

Kimberly-Clark

Corp.

1,606

Kraft

Heinz

Co.

(The)

7,779

Kroger

Co.

(The)

4,734

McCormick

&

Co.,

Inc.

926

Molson

Coors

Beverage

Co.

Class

B

1,732

Mondelez

International,

Inc.

Class

A

4,529

Monster

Beverage

Corp.(Æ)

6,452

PepsiCo,

Inc.

2,811

Performance

Food

Group

Co.(Æ)

526

Philip

Morris

International,

Inc.

3,625

523

Pilgrim's

Pride

Corp.

1,218

Post

Holdings,

Inc.(Æ)

731

Primo

Brands

Corp.

Class

A

4,398

Procter

&

Gamble

Co.

(The)

6,865

1,032

Sprouts

Farmers

Market,

Inc.(Æ)

1,306

Sysco

Corp.

1,923

Tyson

Foods,

Inc.

Class

A

2,967

US

Foods

Holding

Corp.(Æ)

2,740

8,975

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Energy

-

3.1%

Baker

Hughes

Co.

3,524

Chevron

Corp.

10,150

1,601

Coterra

Energy,

Inc.

10,723

Devon

Energy

Corp.

6,337

Diamondback

Energy,

Inc.

1,960

Eaton

Corp.

PLC

858

Enphase

Energy,

Inc.(Æ)

1,272

EOG

Resources,

Inc.

3,962

EQT

Corp.

5,582

Exxon

Mobil

Corp.

20,827

2,382

First

Solar,

Inc.(Æ)

Halliburton

Co.

5,508

HF

Sinclair

Corp.

2,382

Kinder

Morgan,

Inc.

3,685

Marathon

Petroleum

Corp.

1,691

Matador

Resources

Co.

1,417

NOV,

Inc.

3,971

Occidental

Petroleum

Corp.

4,026

ONEOK,

Inc.

3,401

Phillips

2,492

Range

Resources

Corp.

1,841

Schlumberger

NV

7,938

Targa

Resources

Corp.

513

TechnipFMC

PLC

1,748

Texas

Pacific

Land

Corp.

Valero

Energy

Corp.

2,302

Weatherford

International

PLC

1,080

Williams

Cos.,

Inc.

(The)

5,118

9,054

Financial

Services

-

13.3%

Affirm

Holdings,

Inc.(Æ)

582

Aflac,

Inc.

4,000

AGNC

Investment

Corp.(ö)

5,781

Agree

Realty

Corp.(ö)

1,083

Air

Lease

Corp.

Class

A

1,547

Allstate

Corp.

(The)

1,823

Ally

Financial,

Inc.

1,838

American

Express

Co.

955

American

Financial

Group,

Inc.

1,239

American

Homes

Rent

Class

A(ö)

3,337

American

International

Group,

Inc.

4,122

American

Tower

Corp.(ö)

523

Annaly

Capital

Management,

Inc.(ö)

5,862

Aon

PLC

Class

A

Apollo

Global

Management,

Inc.

816

Arch

Capital

Group,

Ltd.

3,538

Ares

Management

Corp.

Class

A

Arthur

J

Gallagher

&

Co.

1,028

Assurant,

Inc.

Assured

Guaranty,

Ltd.

571

AvalonBay

Communities,

Inc.(ö)

Axis

Capital

Holdings,

Ltd.

635

Bank

of

America

Corp.

33,870

1,810

Bank

of

New

York

Mellon

Corp.

(The)

5,283

570

Bank

OZK

1,058

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Berkshire

Hathaway,

Inc.

Class

B(Æ)

7,506

3,584

BlackRock,

Inc.

Blackstone,

Inc.

Class

A

Brixmor

Property

Group,

Inc.(ö)

2,193

Brown

&

Brown,

Inc.

3,540

Capital

One

Financial

Corp.

3,486

767

Cboe

Global

Markets,

Inc.

1,330

CBRE

Group,

Inc.

Class

A(Æ)

1,049

Charles

Schwab

Corp.

(The)

3,805

Chubb,

Ltd.

2,436

675

Cincinnati

Financial

Corp.

1,424

Citigroup,

Inc.

10,034

1,016

Citizens

Financial

Group,

Inc.

2,577

CME

Group,

Inc.

Class

A

1,328

Columbia

Banking

System,

Inc.

2,401

Comerica,

Inc.

782

Commerce

Bancshares,

Inc.

1,953

Crown

Castle,

Inc.(ö)

CubeSmart

(ö)

1,353

Cullen/Frost

Bankers,

Inc.

769

East

West

Bancorp,

Inc.

2,042

EastGroup

Properties,

Inc.(ö)

Equinix

,

Inc.(ö)

Equitable

Holdings,

Inc.

2,473

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,172

Equity

Residential(ö)

1,094

Essex

Property

Trust,

Inc.(ö)

Evercore

,

Inc.

Class

A

Everest

Re

Group,

Ltd.

Extra

Space

Storage,

Inc.(ö)

534

Federal

Realty

Investment

Trust(ö)

578

Fidelity

National

Financial,

Inc.

2,012

Fifth

Third

Bancorp

2,996

First

American

Financial

Corp.

657

First

Citizens

BancShares

,

Inc.

Class

A

First

Horizon

Corp.

5,857

First

Industrial

Realty

Trust,

Inc.(ö)

1,114

FNB

Corp.

3,415

Franklin

Resources,

Inc.

2,173

Gaming

and

Leisure

Properties,

Inc.(ö)

1,035

Globe

Life,

Inc.

1,222

Goldman

Sachs

Group,

Inc.

(The)

1,267

1,000

Hamilton

Lane,

Inc.

Class

A

Hanover

Insurance

Group,

Inc.

(The)

594

Hartford

Insurance

Group,

Inc.

(The)

3,140

Host

Hotels

&

Resorts,

Inc.(ö)

2,977

Houlihan

Lokey

,

Inc.

Class

A

672

Huntington

Bancshares,

Inc.

8,546

Interactive

Brokers

Group,

Inc.

Class

A

3,264

Intercontinental

Exchange,

Inc.

2,079

Invesco,

Ltd.

3,140

Invitation

Homes,

Inc.(ö)

3,896

Iron

Mountain,

Inc.(ö)

552

Jefferies

Financial

Group,

Inc.

675

Jones

Lang

LaSalle,

Inc.(Æ)

JPMorgan

Chase

&

Co.

11,490

3,575

KeyCorp

3,037

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kinsale

Capital

Group,

Inc.

KKR

&

Co.,

Inc.

Class

A

842

Lamar

Advertising

Co.

Class

A(ö)

Lazard,

Inc.

1,128

Loews

Corp.

2,050

LPL

Financial

Holdings,

Inc.

869

M&T

Bank

Corp.

1,016

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

715

Mastercard

,

Inc.

Class

A

3,519

1,942

MetLife,

Inc.

3,898

MGIC

Investment

Corp.

4,792

Mid-America

Apartment

Communities,

Inc.

(ö)

1,101

Morgan

Stanley

4,371

717

Morningstar,

Inc.

Nasdaq,

Inc.

3,291

NET

Lease

Office

Properties(ö)

—

NNN

REIT,

Inc.(ö)

1,981

Northern

Trust

Corp.

877

NU

Holdings,

Ltd.

Class

A(Æ)

18,818

Old

Republic

International

Corp.

2,417

Omega

Healthcare

Investors,

Inc.(ö)

989

OneMain

Holdings,

Inc.

721

Pinnacle

Financial

Partners,

Inc.

500

PNC

Financial

Services

Group,

Inc.

(The)

2,006

Popular,

Inc.

846

Primerica,

Inc.

Principal

Financial

Group,

Inc.

2,107

Progressive

Corp.

(The)

2,994

617

Prosperity

Bancshares,

Inc.

766

Prudential

Financial,

Inc.

1,607

Public

Storage(ö)

Raymond

James

Financial,

Inc.

1,162

Realty

Income

Corp.(ö)

3,225

Regency

Centers

Corp.(ö)

812

Regions

Financial

Corp.

4,074

Reinsurance

Group

of

America,

Inc.

Class

A

628

RenaissanceRe

Holdings,

Ltd.

Rexford

Industrial

Realty,

Inc.(ö)

1,480

Rithm

Capital

Corp.(ö)

5,142

RLI

Corp.

628

Robinhood

Markets,

Inc.

Class

A(Æ)

2,459

Rocket

Cos.,

Inc.

Class

A

4,466

SBA

Communications

Corp.(ö)

SEI

Investments

Co.

1,570

Shift4

Payments,

Inc.

Class

A(Æ)

528

Simon

Property

Group,

Inc.(ö)

SLM

Corp.

2,070

SoFi

Technologies,

Inc.(Æ)

8,465

SouthState

Bank

Corp.

560

STAG

Industrial,

Inc.(ö)

1,944

Starwood

Property

Trust,

Inc.(ö)

2,656

State

Street

Corp.

2,063

Stifel

Financial

Corp.

655

Sun

Communities,

Inc.(ö)

Synchrony

Financial

1,743

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Synovus

Financial

Corp.

1,598

T

Rowe

Price

Group,

Inc.

1,523

Tradeweb

Markets,

Inc.

Class

A

1,257

Travelers

Cos.,

Inc.

(The)

1,694

Truist

Financial

Corp.

5,907

Unum

Group

1,046

US

Bancorp

7,639

Ventas,

Inc.(ö)

1,559

VICI

Properties,

Inc.(ö)

9,131

Virtu

Financial,

Inc.

Class

A

1,241

Visa,

Inc.

Class

A

7,047

2,401

Voya

Financial,

Inc.

584

W.R.

Berkley

Corp.

4,443

Webster

Financial

Corp.

1,110

Welltower

,

Inc.(ö)

2,254

Western

Alliance

Bancorp

722

Western

Union

Co.

(The)

6,292

White

Mountains

Insurance

Group,

Ltd.

Wintrust

Financial

Corp.

614

WP

Carey,

Inc.(ö)

1,742

XP,

Inc.

Class

A

4,937

Zions

Bancorp

NA

829

38,630

Health

Care

-

8.8%

Abbott

Laboratories

6,511

805

AbbVie,

Inc.

4,758

1,037

Agilent

Technologies,

Inc.

1,500

Align

Technology,

Inc.(Æ)

Alnylam

Pharmaceuticals,

Inc.(Æ)

693

Amgen,

Inc.

1,389

Avantor

,

Inc.(Æ)

4,279

Baxter

International,

Inc.

2,024

Becton

Dickinson

&

Co.

1,637

Biogen,

Inc.(Æ)

1,205

BioMarin

Pharmaceutical,

Inc.(Æ)

2,388

Boston

Scientific

Corp.(Æ)

6,224

627

Bristol-Myers

Squibb

Co.

15,524

715

Cardinal

Health,

Inc.

1,935

Cencora

,

Inc.

Class

A

918

Centene

Corp.(Æ)

3,500

Charles

River

Laboratories

International,

Inc.(Æ)

Chemed

Corp.

Cigna

Group

(The)

2,517

615

Cooper

Cos,

Inc.

(The)(Æ)

727

Corcept

Therapeutics,

Inc.(Æ)

759

Danaher

Corp.

851

DaVita,

Inc.(Æ)

DexCom

,

Inc.(Æ)

2,790

Doximity

,

Inc.

Class

A(Æ)

642

Edwards

Lifesciences

Corp.(Æ)

2,920

Elanco

Animal

Health,

Inc.(Æ)

4,793

Elevance

Health,

Inc.

1,649

523

Eli

Lilly

&

Co.

2,581

2,227

Encompass

Health

Corp.

1,388

Exelixis

,

Inc.(Æ)

4,431

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Gilead

Sciences,

Inc.

6,171

739

Globus

Medical,

Inc.

Class

A(Æ)

951

Halozyme

Therapeutics,

Inc.(Æ)

1,006

HCA

Healthcare,

Inc.

809

Henry

Schein,

Inc.(Æ)

1,202

Hologic

,

Inc.(Æ)

742

Humana,

Inc.

801

IDEXX

Laboratories,

Inc.(Æ)

520

Illumina,

Inc.(Æ)

573

Incyte

Corp.(Æ)

1,607

Insulet

Corp.(Æ)

592

Intuitive

Surgical,

Inc.(Æ)

1,130

604

IQVIA

Holdings,

Inc.(Æ)

Jazz

Pharmaceuticals

PLC(Æ)

606

Johnson

&

Johnson

10,202

1,927

Labcorp

Holdings,

Inc.

1,077

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

4,582

Merck

&

Co.,

Inc.

15,516

1,334

Molina

Healthcare,

Inc.(Æ)

770

Natera

,

Inc.(Æ)

874

Neurocrine

Biosciences,

Inc.(Æ)

825

Penumbra,

Inc.(Æ)

Perrigo

Co.

PLC

2,003

Pfizer,

Inc.

33,875

835

QIAGEN

NV

1,874

Quest

Diagnostics,

Inc.

1,696

Regeneron

Pharmaceuticals,

Inc.

678

ResMed

,

Inc.

1,367

Royalty

Pharma

PLC

Class

A

2,939

Solventum

Corp.(Æ)

804

STERIS

PLC

1,196

Stryker

Corp.

1,193

Teleflex,

Inc.

587

Tenet

Healthcare

Corp.(Æ)

1,163

Thermo

Fisher

Scientific,

Inc.

United

Therapeutics

Corp.(Æ)

581

UnitedHealth

Group,

Inc.

4,485

1,532

Universal

Health

Services,

Inc.

Class

B

1,215

Veeva

Systems,

Inc.

Class

A(Æ)

1,226

Vertex

Pharmaceuticals,

Inc.(Æ)

915

Viatris

,

Inc.

9,504

Waters

Corp.(Æ)

650

West

Pharmaceutical

Services,

Inc.

Zimmer

Biomet

Holdings,

Inc.

1,068

Zoetis,

Inc.

Class

A

1,647

25,400

Materials

and

Processing

-

3.4%

AAON,

Inc.

1,024

Acuity,

Inc.

Advanced

Drainage

Systems,

Inc.

Air

Products

and

Chemicals,

Inc.

Albemarle

Corp.

580

Alcoa

Corp.

1,711

Allegheny

Technologies,

Inc.(Æ)

1,072

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Amcor

PLC

16,161

Anglogold

Ashanti

PLC

5,297

AptarGroup,

Inc.

565

Armstrong

World

Industries,

Inc.

841

Axalta

Coating

Systems,

Ltd.(Æ)

1,917

Ball

Corp.

1,012

Builders

FirstSource

,

Inc.(Æ)

1,485

Carpenter

Technology

Corp.

Carrier

Global

Corp.

2,182

Celanese

Corp.

Class

A

922

CF

Industries

Holdings,

Inc.

3,022

Copart

,

Inc.(Æ)

6,496

CRH

PLC

3,345

Crown

Holdings,

Inc.

1,574

Darling

Ingredients,

Inc.(Æ)

1,112

Eagle

Materials,

Inc.

Eastman

Chemical

Co.

673

Ecolab,

Inc.

1,064

Fastenal

Co.

8,612

FMC

Corp.

980

Fortune

Brands

Innovations,

Inc.

1,024

Freeport-McMoRan,

Inc.

1,189

General

Electric

Co.

1,325

Graphic

Packaging

Holding

Co.

3,975

International

Flavors

&

Fragrances,

Inc.

735

International

Paper

Co.

940

ITT,

Inc.

1,377

James

Hardie

Industries

PLC(Æ)

2,295

Johnson

Controls

International

PLC

2,637

Linde

PLC

555

LKQ

Corp.

2,493

Louisiana-Pacific

Corp.

798

LyondellBasell

Industries

NV

Class

A

1,742

Martin

Marietta

Materials,

Inc.

Masco

Corp.

757

MDU

Resources

Group,

Inc.

2,731

Mohawk

Industries,

Inc.(Æ)

Mosaic

Co.

(The)

4,168

NewMarket

Corp.

Newmont

Corp.

8,600

696

Nucor

Corp.

2,335

Owens

Corning

678

Packaging

Corp.

of

America

700

Pool

Corp.

PPG

Industries,

Inc.

629

Reliance,

Inc.

816

Royal

Gold,

Inc.

617

RPM

International,

Inc.

1,208

Sherwin-Williams

Co.

(The)

Silgan

Holdings,

Inc.

1,129

Simpson

Manufacturing

Co.,

Inc.

SiteOne

Landscape

Supply,

Inc.(Æ)

Smurfit

WestRock

PLC

5,128

Solstice

Advanced

Materials

Inc.(Æ)

Sonoco

Products

Co.

960

Southern

Copper

Corp.

601

Steel

Dynamics,

Inc.

1,629

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Timken

Co.

(The)

696

Trane

Technologies

PLC

1,243

558

Trex

Co.,

Inc.(Æ)

1,007

Valmont

Industries,

Inc.

Vulcan

Materials

Co.

873

Watsco

,

Inc.

9,709

Producer

Durables

-

7.4%

ADT,

Inc.

6,390

AECOM

1,594

AGCO

Corp.

863

Alaska

Air

Group,

Inc.(Æ)

2,082

Allison

Transmission

Holdings,

Inc.

Class

A

American

Airlines

Group,

Inc.(Æ)

7,130

AMETEK,

Inc.

Amphenol

Corp.

Class

A

7,292

1,016

AO

Smith

Corp.

1,104

Applied

Industrial

Technologies,

Inc.

Aptiv

PLC(Æ)

1,743

Automatic

Data

Processing,

Inc.

1,017

Avery

Dennison

Corp.

Boeing

Co.

(The)(Æ)

1,144

Booz

Allen

Hamilton

Holding

Corp.

Class

A

936

BWX

Technologies,

Inc.

Carlisle

Cos.,

Inc.

Caterpillar,

Inc.

CH

Robinson

Worldwide,

Inc.

957

Cintas

Corp.

2,144

Clean

Harbors,

Inc.(Æ)

CNH

Industrial

NV

10,911

Comfort

Systems

USA,

Inc.

Corpay

,

Inc.(Æ)

CoStar

Group,

Inc.(Æ)

781

Crane

Co.

586

CSX

Corp.

3,150

Cummins,

Inc.

687

Deere

&

Co.

706

Delta

Air

Lines,

Inc.

6,054

Donaldson

Co.,

Inc.

1,365

Dover

Corp.

905

EMCOR

Group,

Inc.

550

Emerson

Electric

Co.

1,892

Equifax,

Inc.

748

Euronet

Worldwide,

Inc.(Æ)

510

ExlService

Holdings,

Inc.(Æ)

2,308

Expeditors

International

of

Washington,

Inc.

1,417

FedEx

Corp.

1,705

Flowserve

Corp.

1,089

Fortive

Corp.

997

FTAI

Aviation,

Ltd.

FTI

Consulting,

Inc.(Æ)

Gartner,

Inc.(Æ)

719

Gates

Industrial

Corp.

PLC(Æ)

2,815

GE

Vernova

,

Inc.

1,043

610

Generac

Holdings,

Inc.(Æ)

526

General

Dynamics

Corp.

758

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Gentex

Corp.

3,393

Global

Payments,

Inc.

1,379

Graco

,

Inc.

1,759

HEICO

Corp.

661

HEICO

Corp.

Class

A

628

Honeywell

International,

Inc.

1,482

Howmet

Aerospace,

Inc.

1,713

Huntington

Ingalls

Industries,

Inc.

622

IDEX

Corp.

Illinois

Tool

Works,

Inc.

698

Ingersoll

Rand,

Inc.

903

Jacobs

Solutions,

Inc.

JB

Hunt

Transport

Services,

Inc.

695

Keysight

Technologies,

Inc.(Æ)

1,608

Kirby

Corp.(Æ)

531

Knight-Swift

Transportation

Holdings,

Inc.

1,301

L3Harris

Technologies,

Inc.

Landstar

System,

Inc.

Lincoln

Electric

Holdings,

Inc.

647

MarketAxess

Holdings,

Inc.

MasTec

,

Inc.(Æ)

603

Middleby

Corp.

(The)(Æ)

Moody's

Corp.

529

MSA

Safety,

Inc.

513

MSC

Industrial

Direct

Co.,

Inc.

Class

A

760

Mueller

Industries,

Inc.

1,238

Murphy

USA,

Inc.

Nordson

Corp.

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

Old

Dominion

Freight

Line,

Inc.

829

Oshkosh

Corp.

562

Otis

Worldwide

Corp.

989

PACCAR,

Inc.

4,207

Parker-Hannifin

Corp.

522

Paychex,

Inc.

2,455

Paylocity

Holding

Corp.(Æ)

PayPal

Holdings,

Inc.

5,906

Pentair

PLC

1,093

Quanta

Services,

Inc.

815

Ralliant

Corp.

RBC

Bearings,

Inc.(Æ)

Regal

Rexnord

Corp.

593

Republic

Services,

Inc.

Class

A

1,023

Robert

Half,

Inc.

1,622

Rockwell

Automation,

Inc.

710

Rollins,

Inc.

4,172

Ryder

System,

Inc.

S&P

Global,

Inc.

676

Saia,

Inc.(Æ)

Snap-on,

Inc.

867

Southwest

Airlines

Co.

3,763

StandardAero

,

Inc.(Æ)

1,821

Stanley

Black

&

Decker,

Inc.

985

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.

1,711

Toast,

Inc.

Class

A(Æ)

6,171

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TopBuild

Corp.(Æ)

Toro

Co.

(The)

1,632

Trade

Desk,

Inc.

(The)

Class

A(Æ)

1,669

TransDigm

Group,

Inc.

TransUnion

1,201

Trimble,

Inc.(Æ)

2,499

Union

Pacific

Corp.

742

United

Airlines,

Inc.(Æ)

3,320

United

Parcel

Service,

Inc.

Class

B

4,632

United

Rentals,

Inc.

Veralto

Corp.

502

Verisk

Analytics,

Inc.

Class

A

1,098

Vertiv

Holdings

Co.

Class

A

816

Vontier

Corp.

1,794

W.W.

Grainger,

Inc.

Waste

Management,

Inc.

663

WESCO

International,

Inc.

Westinghouse

Air

Brake

Technologies

Corp.

1,569

Woodward,

Inc.

529

XPO,

Inc.(Æ)

502

Xylem,

Inc.

1,131

Zebra

Technologies

Corp.

Class

A(Æ)

21,368

Technology

-

39.7%

Accenture

PLC

Class

A

2,266

567

Adobe,

Inc.(Æ)

1,427

Advanced

Micro

Devices,

Inc.(Æ)

1,316

Airbnb,

Inc.

Class

A(Æ)

1,139

Akamai

Technologies,

Inc.(Æ)

2,349

Allegion

PLC

1,275

Alphabet,

Inc.

Class

A

32,691

9,192

Alphabet,

Inc.

Class

C

13,595

3,831

Amdocs,

Ltd.

2,717

Amentum

Holdings,

Inc.(Æ)

2,302

Amkor

Technology,

Inc.

2,184

Analog

Devices,

Inc.

Appfolio

,

Inc.

Class

A(Æ)

Apple,

Inc.

62,510

16,901

Applied

Materials,

Inc.

2,159

503

AppLovin

Corp.

Class

A(Æ)

1,412

900

Arista

Networks,

Inc.(Æ)

3,779

596

Arrow

Electronics,

Inc.(Æ)

1,118

AST

SpaceMobile

,

Inc.(Æ)

1,242

Astera

Labs,

Inc.(Æ)

669

Atlassian

Corp.

Class

A(Æ)

844

Autodesk,

Inc.(Æ)

1,699

512

Avnet,

Inc.

941

Bentley

Systems,

Inc.

Class

B

1,775

Bio-

Techne

Corp.

1,097

Booking

Holdings,

Inc.

716

Broadcom,

Inc.

18,979

7,015

Broadridge

Financial

Solutions,

Inc.

630

CACI

International,

Inc.

Class

A(Æ)

Cadence

Design

Systems,

Inc.(Æ)

1,268

CDW

Corp.

Ciena

Corp.(Æ)

999

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cirrus

Logic,

Inc.(Æ)

933

Cisco

Systems,

Inc.

21,308

1,558

Cloudflare

,

Inc.

Class

A(Æ)

1,512

Cognex

Corp.

1,573

Cognizant

Technology

Solutions

Corp.

Class

A

9,413

686

Coherent

Corp.(Æ)

Concentrix

Corp.

917

Corning,

Inc.

3,291

Corteva

,

Inc.

3,279

Crane

NXT

Co.

922

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

955

519

Datadog

,

Inc.

Class

A(Æ)

1,396

Dell

Technologies,

Inc.

Class

C

DocuSign,

Inc.(Æ)

1,242

Dolby

Laboratories,

Inc.

Class

A

770

DoorDash

,

Inc.

Class

A(Æ)

2,085

530

Dropbox,

Inc.

Class

A(Æ)

1,886

DXC

Technology

Co.(Æ)

3,068

Dynatrace

,

Inc.(Æ)

3,935

Elastic

NV(Æ)

654

Electronic

Arts,

Inc.

1,782

Entegris

,

Inc.

EPAM

Systems,

Inc.(Æ)

1,019

F5,

Inc.(Æ)

1,012

Fair

Isaac

Corp.(Æ)

Fidelity

National

Information

Services,

Inc.

544

Fiserv,

Inc.(Æ)

1,439

Flextronics

International,

Ltd.(Æ)

5,747

Fortinet,

Inc.(Æ)

3,594

GCI

Liberty,

Inc.(Æ)(Š)

7,417

—

GCI

Liberty,

Inc.

Class

C(Æ)

Genpact

,

Ltd.

3,560

Gitlab

,

Inc.

Class

A(Æ)

1,330

Globant

SA(Æ)

549

Guidewire

Software,

Inc.(Æ)

674

Hewlett

Packard

Enterprise

Co.

13,122

HP,

Inc.

10,709

HubSpot

,

Inc.(Æ)

IBM

Corp.

2,326

715

Intel

Corp.(Æ)

5,257

Intuit,

Inc.

934

623

Jabil,

Inc.

556

Jack

Henry

&

Associates,

Inc.

1,164

KLA

Corp.

Kyndryl

Holdings,

Inc.(Æ)

1,595

Lam

Research

Corp.

5,237

825

Lattice

Semiconductor

Corp.(Æ)

979

Leidos

Holdings,

Inc.

1,856

Lumentum

Holdings,

Inc.

(Æ)

590

Lyft,

Inc.

Class

A(Æ)

4,300

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

Manhattan

Associates,

Inc.(Æ)

Maplebear

,

Inc.(Æ)

1,894

Marvell

Technology,

Inc.

1,201

Match

Group,

Inc.

1,117

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Meta

Platforms,

Inc.

Class

A

9,156

5,936

Micron

Technology,

Inc.

4,706

1,053

Microsoft

Corp.

33,323

17,255

MicroStrategy

,

Inc.

Class

A(Æ)

586

Millicom

International

Cellular

SA

1,460

MKS

Instruments,

Inc.

736

MongoDB,

Inc.(Æ)

Monolithic

Power

Systems,

Inc.

Motorola

Solutions,

Inc.

621

MSCI,

Inc.

Class

A

NetApp,

Inc.

Nutanix

,

Inc.

Class

A(Æ)

1,819

NVIDIA

Corp.

100,993

20,450

Okta

,

Inc.(Æ)

1,494

ON

Semiconductor

Corp.(Æ)

2,243

Oracle

Corp.

2,482

652

Palantir

Technologies,

Inc.

Class

A(Æ)

7,299

1,463

Palo

Alto

Networks,

Inc.(Æ)

2,381

524

Paycom

Software,

Inc.

555

Pegasystems

,

Inc.

1,332

Pinterest,

Inc.

Class

A(Æ)

3,778

Procore

Technologies,

Inc.(Æ)

641

PTC,

Inc.(Æ)

1,135

Pure

Storage,

Inc.

Class

A(Æ)

2,257

Qorvo

,

Inc.(Æ)

632

QUALCOMM,

Inc.

2,719

Reddit

,

Inc.

Class

A(Æ)

1,125

ROBLOX

Corp.

Class

A(Æ)

1,468

Roper

Technologies,

Inc.

549

Rubrik

,

Inc.

Class

A(Æ)

771

Salesforce,

Inc.

3,007

783

Samsara,

Inc.

Class

A(Æ)

3,505

Science

Applications

International

Corp.

559

SentinelOne

,

Inc.

Class

A(Æ)

3,048

ServiceNow

,

Inc.(Æ)

666

612

Skyworks

Solutions,

Inc.

2,707

Snowflake,

Inc.

Class

A(Æ)

1,239

Spotify

Technology

SA(Æ)

SS&C

Technologies

Holdings,

Inc.

3,525

Super

Micro

Computer,

Inc.(Æ)

4,502

Synopsys,

Inc.(Æ)

589

Take-Two

Interactive

Software,

Inc.(Æ)

TD

SYNNEX

Corp.

1,139

Teradyne,

Inc.

1,107

Texas

Instruments,

Inc.

2,675

Twilio

,

Inc.

Class

A(Æ)

1,230

Tyler

Technologies,

Inc.(Æ)

510

Uber

Technologies,

Inc.(Æ)

7,644

738

UiPath

,

Inc.

Class

A(Æ)

4,238

Unity

Software,

Inc.(Æ)

2,563

Universal

Display

Corp.

VeriSign,

Inc.

927

Western

Digital

Corp.

4,040

607

Workday,

Inc.

Class

A(Æ)

992

Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,663

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zscaler

,

Inc.(Æ)

1,044

114,998

Utilities

-

3.7%

AES

Corp.

(The)

4,471

Alliant

Energy

Corp.

2,487

Ameren

Corp.

1,995

American

Electric

Power

Co.,

Inc.

2,744

American

Water

Works

Co.,

Inc.

931

Antero

Midstream

Corp.

3,135

APA

Corp.

4,506

AT&T,

Inc.

49,879

1,235

Atmos

Energy

Corp.

1,156

CenterPoint

Energy,

Inc.

2,240

Cheniere

Energy,

Inc.

Chord

Energy

Corp.

638

Civitas

Resources,

Inc.

1,545

CMS

Energy

Corp.

1,711

ConocoPhillips

8,241

732

Consolidated

Edison,

Inc.

3,687

Constellation

Energy

Corp.

690

Dominion

Energy,

Inc.

3,956

DT

Midstream,

Inc.

533

DTE

Energy

Co.

1,595

Duke

Energy

Corp.

2,445

Edison

International

3,909

Entergy

Corp.

2,273

Essential

Utilities,

Inc.

3,021

Eversource

Energy

3,549

Exelon

Corp.

10,588

Expand

Energy

Corp.

2,139

FirstEnergy

Corp.

3,803

IDACORP,

Inc.

520

National

Fuel

Gas

Co.

1,113

NiSource,

Inc.

3,015

NRG

Energy,

Inc.

991

Ovintiv

,

Inc.

3,207

Permian

Resources

Corp.

5,311

PG&E

Corp.

14,035

Pinnacle

West

Capital

Corp.

1,472

Public

Service

Enterprise

Group,

Inc.

932

Sempra

4,164

Southern

Co.

(The)

3,278

T-Mobile

US,

Inc.

1,654

UGI

Corp.

2,112

Verizon

Communications,

Inc.

31,220

1,241

Vistra

Corp.

WEC

Energy

Group,

Inc.

1,417

Xcel

Energy,

Inc.

2,950

10,587

#### Total

#### Common

#### Stocks
(cost

$104,097)

274,756

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
ABIOMED,

Inc.(Š)

Rights

505

—

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
GameStop

Corp.(Æ)

2026 Warrants

Walgreens

Boots

Alliance,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

7,568

#### Total

#### Warrants

#### and

#### Rights
(cost

$5)

#### Short-Term

#### Investments

#### -

#### 4.9%
U.S.

Cash

Management

Fund(@)

14,190,188

(∞)

14,187

#### Total

#### Short-Term

#### Investments
(cost

$14,187)

14,187

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$118,289)

288,948

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%

#### Net

#### Assets

#### -

#### 100.0%
289,379

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

13,061

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

36,035

$

—

$

—

$

—

$

36,035

Consumer

Staples

8,975

—

—

—

8,975

Energy

9,054

—

—

—

9,054

Financial

Services

38,630

—

—

—

38,630

Health

Care

25,400

—

—

—

25,400

Materials

and

Processing

9,709

—

—

—

9,709

Producer

Durables

21,368

—

—

—

21,368

Technology

114,998

—

—

—

114,998

Utilities

10,587

—

—

—

10,587

Warrants

and

Rights

—

—

Short-Term

Investments

—

—

—

14,187

14,187

Total

Investments

274,757

—

14,187

288,948

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

625

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

118,289

Investments,

at

fair

value(>)

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

288,948

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

From

broker(a)

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

619

Variation

margin

on

futures

contracts

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

Total

assets

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

289,979

#### Liabilities
Payables:

Due

to

custodian

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

600

#### Net

#### Assets

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

289,379

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

239,753

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

49,461

#### Net

#### Assets

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

289,379

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

14,187

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

619

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

17.37 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

18.43 Class

A

—

Net

assets

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

$

10,486,388

Class

A

—

Shares

outstanding

($.01

par

value)

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

603,861

Net

asset

value

per

share:

Class

C

(#)

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

$

17.62 Class

C

—

Net

assets

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

$

4,640,254

Class

C

—

Shares

outstanding

($.01

par

value)

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

263,339

Net

asset

value

per

share:

Class

M

(#)

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

$

17.55 Class

M

—

Net

assets

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

$

1,445,547

Class

M

—

Shares

outstanding

($.01

par

value)

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

82,364

Net

asset

value

per

share:

Class

R6

(#)

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

$

17.54 Class

R6

—

Net

assets

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

$

535,109

Class

R6

—

Shares

outstanding

($.01

par

value)

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

30,501

Net

asset

value

per

share:

Class

S

(#)

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

$

17.52 Class

S

—

Net

assets

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

$

29,200,335

Class

S

—

Shares

outstanding

($.01

par

value)

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

1,666,437

Net

asset

value

per

share:

Class

Y

(#)

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

$

17.53 Class

Y

—

Net

assets

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

$

243,071,338

Class

Y

—

Shares

outstanding

($.01

par

value)

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

13,867,531

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

5,272

Dividends

from

affiliated

funds

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

602

Interest

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

Total

investment

income

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

5,906

#### Expenses
Advisory

fees

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

1,127

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

Transfer

agent

fees

-

Class

S

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

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

1,825

Expense

reductions

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

(2) Net

expenses

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

1,823

Net

investment

income

(loss)

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

4,083

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

117,069

Investments

in

affiliated

funds

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

(3) Futures

contracts

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

625

Net

realized

gain

(loss)

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

117,691

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(56,699)

Futures

contracts

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(56,419)

Net

realized

and

unrealized

gain

(loss)

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

61,272

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

65,355

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

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)

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

$

4,083

$

5,318

Net

realized

gain

(loss)

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

117,691

125,605

Net

change

in

unrealized

appreciation

(depreciation)

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

(56,419)

32,176

Net

increase

(decrease)

in

net

assets

from

operations

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

65,355

163,099

#### Distributions
To

shareholders

Class

A

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

(2,354)

(347) Class

C

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

(1,018)

(131) Class

M

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

(365) (593) Class

R6

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

(112) (16) Class

S

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

(13,709)

(3,209)

Class

Y

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

(83,185)

(19,986)

Net

decrease

in

net

assets

from

distributions

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

(100,743)

(24,282)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(96,362)

(245,142)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(131,750)

(106,325)

#### Net

#### Assets
Beginning

of

period

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

421,129

527,454

End

of

period

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

$

289,379

$

421,129

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

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

$

1,828

$

587

Proceeds

from

reinvestment

of

distributions

2,354

Payments

for

shares

redeemed

(149) (2,353)

(107) (1,895)

Net

increase

(decrease)

1,829

(52) (961) Class

C

Proceeds

from

shares

sold

1,361

902

Proceeds

from

reinvestment

of

distributions

1,011

Payments

for

shares

redeemed

(11

1)

(1,769)

(65) (1,118)

Net

increase

(decrease)

603

(5) (86) Class

M

Proceeds

from

shares

sold

1,658

Proceeds

from

reinvestment

of

distributions

592

Payments

for

shares

redeemed

(33) (530) (952) (16,865)

Net

increase

(decrease)

(818) (14,615)

Class

R6

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(—)

\*\*

(4) (1) (7) Net

increase

(decrease)

Class

S

Proceeds

from

shares

sold

3,666

788

13,730

Proceeds

from

reinvestment

of

distributions

895

13,709

3,209

Payments

for

shares

redeemed

(2,418)

(37,448)

(2,684)

(47,832)

Net

increase

(decrease)

(1,295)

(20,073)

(1,702)

(30,893)

Class

Y

Proceeds

from

shares

sold

1,051

15,044

3,258

Proceeds

from

reinvestment

of

distributions

5,427

83,110

1,201

19,966

Payments

for

shares

redeemed

(10,550)

(177,023)

(12,528)

(221,831)

Net

increase

(decrease)

(4,072)

(78,869)

(11,129)

(198,607)

Total

increase

(decrease)

(5,19

3)

$

(96,362)

(13,705)

$

(245,142)

\*\*

Less

than

500

shares.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### 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

19.26 14.78 14.41 17.74 12.83 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.11

.11

.14

.13

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.80 5.02 .97

(2.35)

5.21 $

Total

from

Investment

Operations

2.91 5.13 1.11 (2.22)

5.32 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.21)

(.08)

(.13)

(.15)

(.13)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.80)

(.65)

(.74)

(1.11)

(.41)

$

Net

Asset

Value,

End

of

Period

17.37 19.26 14.78 14.41 17.74 %

Total

Return

(±)

18.90 35.50 8.12 (13.28)

42.16 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 10,487

9,297

7,896

8,515

10,672

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.89

.88

.87

.86

.86

%

Expenses,

Net

(Ƃ)

.89

.86

.80

.80

.81

%

Net

Investment

Income

(Ƃ)

.68

.64

.92

.84

.68

%

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

19.49 15.00 14.62 17.95 12.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.01)

(.02)

.02

.01

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.84 5.08 1.00 (2.38)

5.27 $

Total

from

Investment

Operations

2.83 5.06 1.02 (2.37)

5.26 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

—

(.03)

—

(.02)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.70)

(.57)

(.64)

(.96)

(.30)

$

Net

Asset

Value,

End

of

Period

17.62 19.49 15.00 14.62 17.95 %

Total

Return

17.99 34.44 7.34 (13.94)

41.06 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,640

4,323

3,407

2,609

2,922

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.64 1.63 1.62 1.62 1.61 %

Expenses,

Net

(Ƃ)

1.64 1.61 1.55 1.55 1.56 %

Net

Investment

Income

(Ƃ)

(.07)

(.11)

.15

.09

(.08)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.42 14.91 14.52 17.86 12.91 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.18

.20

.20

.20

.17

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.83 5.04 1.00 (2.38)

5.24 $

Total

from

Investment

Operations

3.01 5.24 1.20 (2.18)

5.41 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.16)

(.20)

(.20)

(.18)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.88)

(.73)

(.81)

(1.16)

(.46)

$

Net

Asset

Value,

End

of

Period

17.55 19.42 14.91 14.52 17.86 %

Total

Return

19.37 35.94 8.64 (12.96)

42.64 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,446

1,518

13,360

11,640

22,361

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.64

.63

.62

.62

.61

%

Expenses,

Net

(Ƃ)

.49

.44

.40

.40

.41

%

Net

Investment

Income

(Ƃ)

1.08 1.17 1.31 1.25 1.07 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.42 14.91 14.52 17.86 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.18

.19

.20

.20

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.82 5.05 1.00 (2.37)

5.25 $

Total

from

Investment

Operations

3.00 5.24 1.20 (2.17)

5.43 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.16)

(.20)

(.21)

(.19)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.88)

(.73)

(.81)

(1.17)

(.47)

$

Net

Asset

Value,

End

of

Period

17.54 19.42 14.91 14.52 17.86 %

Total

Return

19.34 36.00 8.67 (12.94)

42.78 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 535

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.49

.48

.47

.47

.46

%

Expenses,

Net

(Ƃ)

.47

.44

.38

.38

.39

%

Net

Investment

Income

(Ƃ)

1.11 1.05 1.36 1.26 1.09 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### 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

19.40 14.89 14.51 17.84 12.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.15

.16

.18

.17

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.82 5.05 .98

(2.36)

5.24 $

Total

from

Investment

Operations

2.97 5.21 1.16 (2.19)

5.39 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.26)

(.13)

(.17)

(.18)

(.16)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.85)

(.70)

(.78)

(1.14)

(.44)

$

Net

Asset

Value,

End

of

Period

17.52 19.40 14.89 14.51 17.84 %

Total

Return

19.13 35.81 8.41 (13.05)

42.49 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 29,200

57,442

69,450

71,665

126,658

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.64

.63

.62

.61

.61

%

Expenses,

Net

(Ƃ)

.64

.61

.55

.55

.56

%

Net

Investment

Income

(Ƃ)

.92

.91

1.17 1.08 .93

%

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.40 14.90 14.51 17.85 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.19

.20

.21

.20

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.83 5.04 .99

(2.37)

5.24 $

Total

from

Investment

Operations

3.02 5.24 1.20 (2.17)

5.42 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.17)

(.20)

(.21)

(.19)

$

Distributions

from

Net

Realized

Gain

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.89)

(.74)

(.81)

(1.17)

(.47)

$

Net

Asset

Value,

End

of

Period

17.53 19.40 14.90 14.51 17.85 %

Total

Return

19.46 35.98 8.70 (12.93)

42.74 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 243,071

348,109

433,021

463,734

634,212

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.44

.43

.42

.42

.41

%

Expenses,

Net

(Ƃ)

.44

.41

.35

.35

.36

%

Net

Investment

Income

(Ƃ)

1.14 1.11 1.37 1.28 1.11 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

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

an

underlying

fund

which

is,

or

was,

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

$

73,881

Administrative

fees

11,698

Distribution

fees

5,126

Shareholder

servicing

fees

968

Transfer

agent

fees

8,500

Trustees'

fees

1,607

$

101,780

#### 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
U.S.

Cash

Management

Fund

$

10,067

$

232,525

$

228,402

$

(3)

$

—

$

14,187

$

602

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

120,759,787

$

172,643,803

$

(4,455,849)

$

168,187,954

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

1,236,451

$

70,328,483

$

168,187,954

$

—

$

239,752,888

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

10,884,292

$

89,858,679

$

—

$

4,415,034

$

19,867,447

$

—

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

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

equalization,

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):

Total

distributable

earnings

(losses)

$

(46,926)

Additional

paid-in

capital

46,926

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.9%
Consumer

Discretionary

-

10.2%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

8,490

616

Amazon.com,

Inc.(Æ)

8,146

1,989

Best

Buy

Co.,

Inc.

2,848

Comcast

Corp.

Class

A

77,548

2,159

Dillard's,

Inc.

Class

A

Dollar

General

Corp.

12,998

1,282

eBay,

Inc.

5,488

Ferguson

Enterprises,

Inc.

708

Five

Below,

Inc.(Æ)

816

Garmin,

Ltd.

1,303

General

Motors

Co.

8,985

621

Hasbro,

Inc.

1,735

Home

Depot,

Inc.

(The)

581

Hubbell,

Inc.

Class

B

573

Lennar

Corp.

Class

A

4,742

587

Lowe's

Cos.,

Inc.

McDonald's

Corp.

898

New

York

Times

Co.

(The)

Class

A

5,039

NIKE,

Inc.

Class

B

2,588

PulteGroup,

Inc.

1,982

Ralph

Lauren

Corp.

Class

A

795

RB

Global,

Inc.

2,781

RTX

Corp.

2,084

TJX

Cos.,

Inc.

(The)

2,441

TKO

Group

Holdings,

Inc.

2,473

Vail

Resorts,

Inc.

1,952

Walmart,

Inc.

12,797

1,295

Walt

Disney

Co.

(The)

8,873

999

Warner

Music

Group

Corp.

Class

A

18,987

607

Wayfair,

Inc.

Class

A(Æ)

4,059

Wendy's

Co.

(The)

34,815

Whirlpool

Corp.

4,606

16,394

Consumer

Staples

-

10.2%

Altria

Group,

Inc.

4,312

Ambev

SA

-

ADR

197,943

Archer-Daniels-Midland

Co.

14,209

860

Church

&

Dwight

Co.,

Inc.

1,172

Coca-Cola

Co.

(The)

6,760

Coca-Cola

Europacific

Partners

PLC

9,715

863

Conagra

Brands,

Inc.

23,678

CVS

Health

Corp.

41,081

3,211

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

7,050

682

Hershey

Co.

(The)

561

Kraft

Heinz

Co.

(The)

29,015

718

Kroger

Co.

(The)

25,637

1,631

Molson

Coors

Beverage

Co.

Class

B

15,362

672

Mondelez

International,

Inc.

Class

A

2,593

PepsiCo,

Inc.

1,802

Philip

Morris

International,

Inc.

8,697

1,255

Pilgrim's

Pride

Corp.

14,115

538

Procter

&

Gamble

Co.

(The)

10,117

1,521

Tyson

Foods,

Inc.

Class

A

19,417

998

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Unilever

PLC

-

ADR

20,719

1,247

16,379

Energy

-

7.2%

BP

PLC

-

ADR

15,882

558

Canadian

Natural

Resources,

Ltd.

22,113

708

Chevron

Corp.

15,372

2,424

Coterra

Energy,

Inc.

9,495

Devon

Energy

Corp.

7,302

Eaton

Corp.

PLC

1,413

539

Enbridge,

Inc.

21,977

1,024

EOG

Resources,

Inc.

2,551

Exxon

Mobil

Corp.

11,470

1,312

Kinder

Morgan,

Inc.

5,219

Magna

International,

Inc.

Class

A

9,109

ONEOK,

Inc.

2,341

Phillips

9,716

1,323

Plains

GP

Holdings,

LP

Class

A(Æ)

63,244

1,092

Schlumberger

NV

11,830

Shell

PLC

-

ADR

9,469

709

11,572

Financial

Services

-

24.3%

AerCap

Holdings

NV

11,457

1,492

Aflac,

Inc.

2,525

AGNC

Investment

Corp.(ö)

47,889

Allstate

Corp.

(The)

3,401

651

American

Express

Co.

569

American

Financial

Group,

Inc.

1,565

American

International

Group,

Inc.

2,408

Annaly

Capital

Management,

Inc.(ö)

62,732

1,328

Arch

Capital

Group,

Ltd.

2,537

AvalonBay

Communities,

Inc.(ö)

870

Bank

of

America

Corp.

36,257

1,938

Bank

of

Nova

Scotia

(The)

13,961

916

Bank

OZK

2,326

Berkshire

Hathaway,

Inc.

Class

B(Æ)

6,896

3,293

BlackRock,

Inc.

534

578

CBRE

Group,

Inc.

Class

A(Æ)

1,657

Charles

Schwab

Corp.

(The)

2,968

Chubb,

Ltd.

4,724

1,308

Citigroup,

Inc.

24,798

2,510

CME

Group,

Inc.

Class

A

1,340

Crown

Castle,

Inc.(ö)

1,752

Digital

Realty

Trust,

Inc.(ö)

1,300

Equinix

,

Inc.(ö)

Evercore

,

Inc.

Class

A

744

Everest

Re

Group,

Ltd.

2,125

668

Extra

Space

Storage,

Inc.(ö)

1,339

First

American

Financial

Corp.

14,651

916

Goldman

Sachs

Group,

Inc.

(The)

Hartford

Insurance

Group,

Inc.

(The)

1,862

Healthcare

Realty

Trust,

Inc.(ö)

11,408

Healthpeak

Properties,

Inc.(ö)

32,879

590

Host

Hotels

&

Resorts,

Inc.(ö)

38,781

621

Houlihan

Lokey

,

Inc.

Class

A

1,458

Howard

Hughes

Holdings,

Inc.(Æ)

4,683

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Intercontinental

Exchange,

Inc.

1,418

Invitation

Homes,

Inc.(ö)

4,537

JPMorgan

Chase

&

Co.

13,559

4,218

Lazard,

Inc.

1,661

M&T

Bank

Corp.

3,424

630

Mid-America

Apartment

Communities,

Inc.

(ö)

7,145

916

Northern

Trust

Corp.

10,115

1,302

Old

Republic

International

Corp.

5,622

Park

Hotels

&

Resorts,

Inc.(ö)

10,196

PNC

Financial

Services

Group,

Inc.

(The)

997

Principal

Financial

Group,

Inc.

1,726

Progressive

Corp.

(The)

1,312

Prologis,

Inc.(ö)

13,897

1,724

Public

Storage(ö)

5,383

1,499

Rayonier,

Inc.(ö)

4,663

Realty

Income

Corp.(ö)

3,758

Regions

Financial

Corp.

5,936

RLI

Corp.

2,361

SEI

Investments

Co.

2,976

Simon

Property

Group,

Inc.(ö)

1,024

T

Rowe

Price

Group,

Inc.

2,422

Tradeweb

Markets,

Inc.

Class

A

2,510

Travelers

Cos.,

Inc.

(The)

963

Wells

Fargo

&

Co.

27,234

2,369

Welltower

,

Inc.(ö)

2,747

Willis

Towers

Watson

PLC

2,645

828

XP,

Inc.

Class

A

9,211

39,205

Health

Care

-

11.5%

Abbott

Laboratories

5,589

691

Amgen,

Inc.

532

AstraZeneca

PLC

-

ADR

4,429

BioMarin

Pharmaceutical,

Inc.(Æ)

10,346

554

Bio-

Techne

Corp.

970

Boston

Scientific

Corp.(Æ)

4,917

Bristol-Myers

Squibb

Co.

4,858

Danaher

Corp.

1,611

Elevance

Health,

Inc.

Genmab

A/S

-

ADR(Æ)

10,680

Gilead

Sciences,

Inc.

4,905

588

GSK

PLC

-

ADR

14,651

686

Humana,

Inc.

6,760

1,881

Icon

PLC(Æ)

3,859

663

Johnson

&

Johnson

7,806

1,474

Medtronic

PLC

25,575

2,320

Merck

&

Co.,

Inc.

17,707

1,522

Pfizer,

Inc.

25,055

618

QIAGEN

NV

6,493

Regeneron

Pharmaceuticals,

Inc.

ResMed

,

Inc.

1,090

Royalty

Pharma

PLC

Class

A

12,918

Sanofi

SA

-

ADR

39,333

1,989

STERIS

PLC

999

Stryker

Corp.

856

UnitedHealth

Group,

Inc.

3,635

1,242

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Viatris

,

Inc.

42,177

West

Pharmaceutical

Services,

Inc.

18,620

Materials

and

Processing

-

5.3%

Air

Products

and

Chemicals,

Inc.

6,165

1,496

AptarGroup,

Inc.

1,341

Carrier

Global

Corp.

4,354

Celanese

Corp.

Class

A

13,552

521

CRH

PLC

1,827

Crown

Holdings,

Inc.

4,431

Dow,

Inc.

4,671

DuPont

de

Nemours,

Inc.

16,757

1,368

Ecolab,

Inc.

913

Fastenal

Co.

4,671

FMC

Corp.

22,909

International

Flavors

&

Fragrances,

Inc.

7,330

International

Paper

Co.

3,659

Johnson

Controls

International

PLC

6,942

794

Linde

PLC

1,067

LyondellBasell

Industries

NV

Class

A

1,725

Newmont

Corp.

3,583

O-I

Glass,

Inc.(Æ)

20,400

Packaging

Corp.

of

America

1,023

Royal

Gold,

Inc.

1,685

Solstice

Advanced

Materials

Inc.(Æ)

Watsco

,

Inc.

563

8,493

Producer

Durables

-

9.2%

3M

Co.

2,543

AMETEK,

Inc.

757

AO

Smith

Corp.

2,751

Caterpillar,

Inc.

1,075

621

CoStar

Group,

Inc.(Æ)

1,780

Crane

Co.

1,353

Cummins,

Inc.

842

Delta

Air

Lines,

Inc.

13,646

783

EMCOR

Group,

Inc.

723

Emerson

Electric

Co.

1,873

Equifax,

Inc.

873

FedEx

Corp.

2,638

670

Fortive

Corp.

12,409

625

FTI

Consulting,

Inc.(Æ)

1,071

General

Dynamics

Corp.

5,209

1,797

Global

Payments,

Inc.

18,081

1,406

Graco

,

Inc.

2,015

Honeywell

International,

Inc.

1,280

Illinois

Tool

Works,

Inc.

709

JB

Hunt

Transport

Services,

Inc.

972

L3Harris

Technologies,

Inc.

3,477

1,005

Nordson

Corp.

Parker-Hannifin

Corp.

532

Paychex,

Inc.

2,364

Quanta

Services,

Inc.

828

Ralliant

Corp.

4,102

Regal

Rexnord

Corp.

4,203

592

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Republic

Services,

Inc.

Class

A

808

S&P

Global,

Inc.

686

Saia,

Inc.(Æ)

Snap-on,

Inc.

619

Southwest

Airlines

Co.

4,260

United

Parcel

Service,

Inc.

Class

B

3,483

United

Rentals,

Inc.

Vontier

Corp.

15,310

589

Xylem,

Inc.

1,747

14,775

Technology

-

9.7%

Accenture

PLC

Class

A

1,675

Adobe,

Inc.(Æ)

2,521

858

Advanced

Micro

Devices,

Inc.(Æ)

787

Alphabet,

Inc.

Class

A

9,425

2,650

Alphabet,

Inc.

Class

C

2,365

666

Analog

Devices,

Inc.

1,929

Applied

Materials,

Inc.

998

Broadridge

Financial

Solutions,

Inc.

629

Cisco

Systems,

Inc.

12,945

946

Cognizant

Technology

Solutions

Corp.

Class

A

2,702

Electronic

Arts,

Inc.

1,856

Fidelity

National

Information

Services,

Inc.

16,460

1,029

Globant

SA(Æ)

565

Hewlett

Packard

Enterprise

Co.

12,483

IBM

Corp.

2,581

793

Microchip

Technology,

Inc.

17,498

1,092

Micron

Technology,

Inc.

3,377

756

Millicom

International

Cellular

SA

2,519

Motorola

Solutions,

Inc.

NetApp,

Inc.

1,107

ON

Semiconductor

Corp.(Æ)

15,976

800

Oracle

Corp.

3,406

894

QUALCOMM,

Inc.

1,544

Roper

Technologies,

Inc.

515

Salesforce,

Inc.

5,498

1,432

Skyworks

Solutions,

Inc.

1,310

Synopsys,

Inc.(Æ)

Texas

Instruments,

Inc.

2,221

15,710

Utilities

-

8.3%

AT&T,

Inc.

78,565

1,945

Brookfield

Renewable

Corp.

6,502

Chord

Energy

Corp.

1,798

Civitas

Resources,

Inc.

3,186

ConocoPhillips

10,490

932

Dominion

Energy,

Inc.

2,544

Edison

International

12,409

687

Entergy

Corp.

13,142

1,263

Eversource

Energy

10,244

756

FirstEnergy

Corp.

11,423

524

IDACORP,

Inc.

1,451

NextEra

Energy,

Inc.

2,720

NRG

Energy,

Inc.

2,905

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pinnacle

West

Capital

Corp.

17,534

1,552

Sempra

10,555

971

Southern

Co.

(The)

1,458

T-Mobile

US,

Inc.

747

Verizon

Communications,

Inc.

12,362

Xcel

Energy,

Inc.

30,339

2,463

13,470

#### Total

#### Common

#### Stocks
(cost

$110,473)

154,618

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Walgreens

Boots

Alliance,

Inc.

(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

30,792

#### Total

#### Warrants

#### and

#### Rights
(cost

$16)

#### Short-Term

#### Investments

#### -

#### 3.9%
U.S.

Cash

Management

Fund(@)

6,385,823

(∞)

6,385

#### Total

#### Short-Term

#### Investments
(cost

$6,384)

6,385

#### Total

#### Investments

#### -

#### 99.8%
(identified

cost

$116,873)

161,019

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%

#### Net

#### Assets

#### -

#### 100.0%
161,264

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

5,843

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

16,394

$

—

$

—

$

—

$

16,394

Consumer

Staples

16,379

—

—

—

16,379

Energy

11,572

—

—

—

11,572

Financial

Services

39,205

—

—

—

39,205

Health

Care

18,620

—

—

—

18,620

Materials

and

Processing

8,493

—

—

—

8,493

Producer

Durables

14,775

—

—

—

14,775

Technology

15,710

—

—

—

15,710

Utilities

13,470

—

—

—

13,470

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

6,385

6,385

Total

Investments

154,618

—

6,385

161,019

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

927

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

116,873

Investments,

at

fair

value(>)

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

161,019

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

Fund

shares

sold

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

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Total

assets

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

161,623

#### Liabilities
Payables:

Due

to

custodian

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

161,264

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

58,936

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

102,263

#### Net

#### Assets

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

161,264

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

6,385

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

25.24 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

26.78 Class

A

—

Net

assets

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

$

16,573,919

Class

A

—

Shares

outstanding

($.01

par

value)

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

656,715

Net

asset

value

per

share:

Class

C

(#)

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

$

23.55 Class

C

—

Net

assets

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

$

15,549,366

Class

C

—

Shares

outstanding

($.01

par

value)

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

660,392

Net

asset

value

per

share:

Class

S

(#)

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

$

25.01 Class

S

—

Net

assets

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

$

114,927,427

Class

S

—

Shares

outstanding

($.01

par

value)

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

4,595,073

Net

asset

value

per

share:

Class

Y

(#)

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

$

24.93 Class

Y

—

Net

assets

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

$

14,213,253

Class

Y

—

Shares

outstanding

($.01

par

value)

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

570,187

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

4,260

Dividends

from

affiliated

funds

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

Interest

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

Total

investment

income

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

4,633

#### Expenses
Advisory

fees

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

924

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

S

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

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

1,764

Expense

reductions

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

(172) Net

expenses

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

1,592

Net

investment

income

(loss)

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

3,041

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

17,064

Investments

in

affiliated

funds

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

(2) Futures

contracts

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

927

Net

realized

gain

(loss)

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

17,989

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(7,813)

Futures

contracts

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,679)

Net

realized

and

unrealized

gain

(loss)

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

10,310

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

13,351

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

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)

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

$

3,041

$

3,424

Net

realized

gain

(loss)

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

17,989

23,820

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,679)

18,280

Net

increase

(decrease)

in

net

assets

from

operations

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

13,351

45,524

#### Distributions
To

shareholders

Class

A

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

(2,300)

(1,949)

Class

C

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

(2,305)

(2,050)

Class

S

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

(18,285)

(16,844)

Class

Y

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

(1,842)

(1,499)

Net

decrease

in

net

assets

from

distributions

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

(24,732)

(22,342)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(15,378)

(7,832)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(26,759)

15,350

#### Net

#### Assets
Beginning

of

period

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

188,023

172,673

End

of

period

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

$

161,264

$

188,023

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

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

$

1,893

$

1,072

Proceeds

from

reinvestment

of

distributions

2,292

1,942

Payments

for

shares

redeemed

(145) (3,531)

(166) (4,230)

Net

increase

(decrease)

654

(43) (1,216)

Class

C

Proceeds

from

shares

sold

505

856

Proceeds

from

reinvestment

of

distributions

2,301

2,049

Payments

for

shares

redeemed

(161) (3,633)

(164) (3,894)

Net

increase

(decrease)

(33) (827) (37) (989) Class

S

Proceeds

from

shares

sold

6,239

7,521

Proceeds

from

reinvestment

of

distributions

781

17,929

702

16,634

Payments

for

shares

redeemed

(1,708)

(40,827)

(1,204)

(30,497)

Net

increase

(decrease)

(668) (16,659)

(201) (6,342)

Class

Y

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

1,842

1,499

Payments

for

shares

redeemed

(26) (628) (33) (829) Net

increase

(decrease)

1,454

715

Total

increase

(decrease)

(608) $

(15,378)

(249) $

(7,832)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### 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

26.85 23.79 27.74 33.38 23.86 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.40

.41

.38

.30

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.49 5.69 .28

(2.62)

10.11 $

Total

from

Investment

Operations

1.89 6.10 .66

(2.32)

10.33 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.51)

(.32)

(.36)

(.28)

(.24)

$

Distributions

from

Net

Realized

Gain

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.50)

(3.04)

(4.61)

(3.32)

(.81)

$

Net

Asset

Value,

End

of

Period

25.24 26.85 23.79 27.74 33.38 %

Total

Return

(±)

8.39 27.35 2.47 (7.76)

44.01 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 16,574

16,872

15,970

19,714

23,189

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.19 1.20 1.19 1.17 1.16 %

Expenses,

Net

(Ƃ)

1.12 1.13 1.14 1.12 1.11 %

Net

Investment

Income

(Ƃ)

1.63 1.63 1.50 .99

.71

%

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

25.29 22.57 26.55 32.11 23.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.20

.21

.18

.07

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.39 5.37 .27

(2.51)

9.75 $

Total

from

Investment

Operations

1.59 5.58 .45

(2.44)

9.74 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.14)

(.18)

(.08)

(.06)

$

Distributions

from

Net

Realized

Gain

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.33)

(2.86)

(4.43)

(3.12)

(.63)

$

Net

Asset

Value,

End

of

Period

23.55 25.29 22.57 26.55 32.11 %

Total

Return

7.59 26.41 1.70 (8.49)

42.96 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,549

17,533

16,485

19,593

23,097

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.94 1.95 1.94 1.92 1.91 %

Expenses,

Net

(Ƃ)

1.87 1.88 1.89 1.87 1.86 %

Net

Investment

Income

(Ƃ)

.89

.88

.74

.24

(.04)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### 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

26.64 23.62 27.59 33.23 23.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.47

.48

.45

.38

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.47 5.65 .26

(2.61)

10.08 $

Total

from

Investment

Operations

1.94 6.13 .71

(2.23)

10.38 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.39)

(.43)

(.37)

(.33)

$

Distributions

from

Net

Realized

Gain

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.57)

(3.11)

(4.68)

(3.41)

(.90)

$

Net

Asset

Value,

End

of

Period

25.01 26.64 23.62 27.59 33.23 %

Total

Return

8.70 27.75 2.72 (7.51)

44.45 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 114,928

140,204

129,070

171,669

187,082

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.94

.95

.94

.92

.91

%

Expenses,

Net

(Ƃ)

.83

.84

.85

.83

.82

%

Net

Investment

Income

(Ƃ)

1.93 1.92 1.79 1.28 1.00 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.56 23.56 27.53 33.17 23.71 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.50

.52

.49

.42

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.48 5.63 .26

(2.60)

10.06 $

Total

from

Investment

Operations

1.98 6.15 .75

(2.18)

10.41 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.62)

(.43)

(.47)

(.42)

(.38)

$

Distributions

from

Net

Realized

Gain

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.61)

(3.15)

(4.72)

(3.46)

(.95)

$

Net

Asset

Value,

End

of

Period

24.93 26.56 23.56 27.53 33.17 %

Total

Return

8.91 27.92 2.89 (7.38)

44.67 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 14,213

13,414

11,148

17,636

20,411

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.75

.75

.74

.72

.71

%

Expenses,

Net

(Ƃ)

.67

.68

.69

.67

.66

%

Net

Investment

Income

(Ƃ)

2.07 2.07 1.97 1.44 1.17 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

78,991

Administrative

fees

6,582

Distribution

fees

13,675

Shareholder

servicing

fees

3,363

Transfer

agent

fees

21,428

Trustees'

fees

748

$

124,787

#### 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
U.S.

Cash

Management

Fund

$

4,830

$

38,822

$

37,265

$

(2)

$

—

$

6,385

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

119,054,068

$

48,368,158

$

(6,403,235)

$

41,964,923

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

607,128

$

16,364,000

$

41,964,921

$

—

$

58,936,049

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

5,933,765

$

18,797,961

$

—

$

3,363,142

$

18,978,381

$

—

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(1,369)

Additional

paid-in

capital

$

1,369

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 100.7%
Consumer

Discretionary

-

11.1%

Amazon.com,

Inc.(Æ)(Û)

22,203

5,422

Autoliv,

Inc.

812

AutoNation,

Inc.(Æ)(Ð)

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

Best

Buy

Co.,

Inc.

867

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,029

Cinemark

Holdings,

Inc.

2,791

Comcast

Corp.

Class

A

42,317

1,178

Costco

Wholesale

Corp.

Coupang,

Inc.(Æ)

12,448

Deckers

Outdoor

Corp.(Æ)

Dollar

General

Corp.

695

Domino's

Pizza,

Inc.

661

DR

Horton,

Inc.

736

eBay,

Inc.

11,068

900

Expedia

Group,

Inc.

FactSet

Research

Systems,

Inc.

Ferrari

NV

682

Fox

Corp.

Class

A(Ð)

936

Garmin,

Ltd.

General

Motors

Co.(Û)

9,481

655

Grand

Canyon

Education,

Inc.(Æ)(Ð)

Home

Depot,

Inc.

(The)

1,009

Hubbell,

Inc.

Class

B

IAC,

Inc.(Æ)(Ð)

2,211

Laureate

Education,

Inc.

Class

A(Æ)

3,259

Lear

Corp.(Ð)

1,098

Lennar

Corp.

Class

A(Û)

3,118

Leonardo

DRS,

Inc.

2,092

Lowe's

Cos.,

Inc.

Lululemon

Athletica,

Inc.(Æ)

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)(Ð)

McDonald's

Corp.

Netflix,

Inc.

Class

B(Æ)

649

726

NIKE,

Inc.

Class

B

1,041

NVR,

Inc.(Æ)

Omnicom

Group,

Inc.

12,574

943

O'Reilly

Automotive,

Inc.(Æ)(Û)

6,064

573

PulteGroup,

Inc.

800

Ross

Stores,

Inc.

755

Tapestry,

Inc.

Target

Corp.(Ð)

5,231

Tesla,

Inc.(Æ)

2,843

1,298

TJX

Cos.,

Inc.

(The)

1,538

Tractor

Supply

Co.

835

Tri

Pointe

Homes,

Inc.(Æ)

1,830

Ulta

Beauty,

Inc.(Æ)

Walmart,

Inc.

4,094

Walt

Disney

Co.

(The)

Warner

Music

Group

Corp.

Class

A

2,706

Yum!

Brands,

Inc.

17,935

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Consumer

Staples

-

4.3%

Archer-Daniels-Midland

Co.(Ð)

6,069

Campbell's

Co.

(The)

23,308

702

Church

&

Dwight

Co.,

Inc.(Ð)

1,901

Clorox

Co.

(The)

2,675

Coca-Cola

Co.

(The)

8,692

599

Colgate-Palmolive

Co.

556

Conagra

Brands,

Inc.

2,207

Constellation

Brands,

Inc.

Class

A(Ð)

849

CVS

Health

Corp.

938

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

General

Mills,

Inc.

941

Hershey

Co.

(The)

JM

Smucker

Co.

(The)

507

Kellanova

567

Kenvue,

Inc.

1,441

Keurig

Dr

Pepper,

Inc.

1,709

Kimberly-Clark

Corp.

11,403

1,365

Kraft

Heinz

Co.

(The)

2,311

Kroger

Co.

(The)

2,742

Marzetti,

Co.(The)

545

McCormick

&

Co.,

Inc.

Mondelez

International,

Inc.

Class

A

932

Monster

Beverage

Corp.(Æ)(Ð)(Û)

9,863

659

PepsiCo,

Inc.

1,342

Pilgrim's

Pride

Corp.(Ð)

3,532

Procter

&

Gamble

Co.

(The)

2,281

Reynolds

Consumer

Products,

Inc.

4,082

Smithfield

Foods,

Inc.

3,166

Sysco

Corp.

Tyson

Foods,

Inc.

Class

A

5,177

Unilever

PLC

-

ADR

8,903

536

Co.(Ð)

578

6,938

Energy

-

1.6%

Chevron

Corp.

2,109

Coterra

Energy,

Inc.(Ð)

12,233

Devon

Energy

Corp.

947

Diamondback

Energy,

Inc.

Eaton

Corp.

PLC

EOG

Resources,

Inc.(Ð)

2,455

Exxon

Mobil

Corp.

3,759

HF

Sinclair

Corp.(Ð)

4,484

Kinder

Morgan,

Inc.

1,982

Phillips

66(Û)

3,233

Valero

Energy

Corp.(Û)

2,862

Williams

Cos.,

Inc.

(The)

561

2,675

Financial

Services

-

12.8%

Aflac,

Inc.

562

Ally

Financial,

Inc.

6,232

American

Express

Co.

2,665

961

American

Homes

Rent

Class

A(ö)

6,820

American

International

Group,

Inc.

American

Tower

Corp.(ö)

2,600

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aon

PLC

Class

A

Arch

Capital

Group,

Ltd.

816

Arthur

J

Gallagher

&

Co.

Assurant,

Inc.

AvalonBay

Communities,

Inc.(ö)

Bank

of

America

Corp.

4,239

Bank

of

New

York

Mellon

Corp.

(The)(Û)

6,524

704

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,713

1,296

BlackRock,

Inc.

510

BOK

Financial

Corp.(Ð)

1,271

Broadstone

Net

Lease,

Inc.(ö)

5,062

Brown

&

Brown,

Inc.

648

Camden

Property

Trust(Ð)(ö)

1,965

Capital

One

Financial

Corp.

636

Carlyle

Group,

Inc.

(The)

10,728

572

Cboe

Global

Markets,

Inc.

Chubb,

Ltd.

4,937

1,367

Citigroup,

Inc.

1,261

Citizens

Financial

Group,

Inc.

1,126

CME

Group,

Inc.

Class

A

CNA

Financial

Corp.

1,826

Corebridge

Financial,

Inc.(Ð)

4,455

Crown

Castle,

Inc.(ö)

Cullen/Frost

Bankers,

Inc.(Ð)

1,485

Equinix,

Inc.(ö)

Equity

Residential(ö)

Erie

Indemnity

Co.

Class

A

Essex

Property

Trust,

Inc.(Ð)(ö)

1,109

Everest

Re

Group,

Ltd.(Ð)

973

Fifth

Third

Bancorp

1,149

First

American

Financial

Corp.

2,366

Genworth

Financial,

Inc.

Class

A(Æ)

10,948

Globe

Life,

Inc.

1,225

Goldman

Sachs

Group,

Inc.

(The)

Hanover

Insurance

Group,

Inc.

(The)

960

Hartford

Insurance

Group,

Inc.

(The)

1,112

HCI

Group,

Inc.

Howard

Hughes

Holdings,

Inc.(Æ)(Ð)

1,357

Huntington

Bancshares,

Inc.

3,401

Interactive

Brokers

Group,

Inc.

Class

A(Û)

7,712

543

Intercontinental

Exchange,

Inc.

4,377

640

InvenTrust

Properties

Corp.(ö)

1,220

Invitation

Homes,

Inc.(ö)

10,678

Janus

Henderson

Group

PLC

2,534

JPMorgan

Chase

&

Co.

2,150

669

Lineage,

Inc.(Ð)(ö)

1,998

M&T

Bank

Corp.

Marsh

&

McLennan

Cos.,

Inc.

Mastercard,

Inc.

Class

A

2,044

1,128

MetLife,

Inc.(Û)

5,629

Mid-America

Apartment

Communities,

Inc.

(ö)

Morgan

Stanley

592

Nasdaq,

Inc.

609

National

Storage

Affiliates

Trust(Ð)(ö)

3,263

Northern

Trust

Corp.

2,383

Old

Republic

International

Corp.

4,789

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PNC

Financial

Services

Group,

Inc.

(The)

Popular,

Inc.

1,909

Progressive

Corp.

(The)

817

Prudential

Financial,

Inc.

3,452

Public

Storage(ö)

Raymond

James

Financial,

Inc.

Realty

Income

Corp.(ö)

817

Regions

Financial

Corp.

1,897

Reinsurance

Group

of

America,

Inc.

Class

A

1,682

RenaissanceRe

Holdings,

Ltd.

648

RLI

Corp.

1,582

SEI

Investments

Co.

7,092

572

Selective

Insurance

Group,

Inc.

785

SLM

Corp.(Ð)

6,622

State

Street

Corp.(Ð)

3,469

Stewart

Information

Services

Corp.

616

Synchrony

Financial

890

Texas

Capital

Bancshares,

Inc.(Æ)

1,634

Travelers

Cos.,

Inc.

(The)

US

Bancorp

1,563

Valley

National

Bancorp

6,420

VICI

Properties,

Inc.(ö)

1,508

Visa,

Inc.

Class

A

7,352

2,505

W.R.

Berkley

Corp.

2,070

20,770

Health

Care

-

11.3%

Abbott

Laboratories

1,922

AbbVie,

Inc.

1,498

Agilent

Technologies,

Inc.

515

Align

Technology,

Inc.(Æ)

1,019

Amgen,

Inc.

4,364

1,302

Becton

Dickinson

&

Co.

Boston

Scientific

Corp.(Æ)

658

Bristol-Myers

Squibb

Co.(Û)

12,955

597

Cardinal

Health,

Inc.

2,883

550

Cencora,

Inc.

Class

A

956

Centene

Corp.(Æ)

3,070

Cigna

Group

(The)

Cooper

Cos,

Inc.

(The)(Æ)

1,603

Danaher

Corp.

6,800

1,465

Edwards

Lifesciences

Corp.(Æ)

7,808

644

Elevance

Health,

Inc.

2,289

726

Eli

Lilly

&

Co.

512

Exelixis,

Inc.(Æ)(Ð)

7,573

GE

HealthCare

Technologies,

Inc.(Û)

5,367

Gilead

Sciences,

Inc.

1,815

HCA

Healthcare,

Inc.

Henry

Schein,

Inc.(Æ)

554

Hologic,

Inc.(Æ)

IDEXX

Laboratories,

Inc.(Æ)

Illumina,

Inc.(Æ)(Ð)

2,579

Incyte

Corp.(Æ)

3,977

Intuitive

Surgical,

Inc.(Æ)

947

506

Johnson

&

Johnson

8,407

1,588

Labcorp

Holdings,

Inc.

McKesson

Corp.(Û)

873

708

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Medtronic

PLC

13,776

1,249

Merck

&

Co.,

Inc.

17,367

1,493

Molina

Healthcare,

Inc.(Æ)(Ð)

1,330

Pfizer,

Inc.

3,213

QIAGEN

NV

907

Quest

Diagnostics,

Inc.

Regeneron

Pharmaceuticals,

Inc.

736

ResMed,

Inc.

STERIS

PLC

Stryker

Corp.

2,766

985

Thermo

Fisher

Scientific,

Inc.

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

1,987

UnitedHealth

Group,

Inc.

1,631

557

Universal

Health

Services,

Inc.

Class

B

Veeva

Systems,

Inc.

Class

A(Æ)

1,325

Vertex

Pharmaceuticals,

Inc.(Æ)

Waters

Corp.(Æ)

West

Pharmaceutical

Services,

Inc.

Zimmer

Biomet

Holdings,

Inc.

692

Zoetis,

Inc.

Class

A

736

18,315

Materials

and

Processing

-

4.2%

Acuity,

Inc.(Û)

524

Amcor

PLC

3,543

Armstrong

World

Industries,

Inc.

804

Ball

Corp.(Û)

4,854

Builders

FirstSource,

Inc.(Æ)

CF

Industries

Holdings,

Inc.

Copart,

Inc.(Æ)

1,567

Crown

Holdings,

Inc.

3,216

Ecolab,

Inc.

Fastenal

Co.(Û)

5,356

General

Electric

Co.

1,994

616

Hayward

Holdings,

Inc.(Æ)(Ð)

5,590

Huntsman

Corp.(Ð)

7,188

Linde

PLC

2,636

1,103

Louisiana-Pacific

Corp.(Ð)

1,448

Masco

Corp.(Ð)

11,775

763

MDU

Resources

Group,

Inc.(Ð)

6,347

Nucor

Corp.

Packaging

Corp.

of

America

Pool

Corp.

PPG

Industries,

Inc.

11,025

1,078

Reliance,

Inc.

569

Sherwin-Williams

Co.

(The)

Smurfit

WestRock

PLC

1,901

Solstice

Advanced

Materials

Inc.(Æ)

Sonoco

Products

Co.

651

Southern

Copper

Corp.

1,872

Steel

Dynamics,

Inc.

Trane

Technologies

PLC

Vulcan

Materials

Co.

1,083

Watsco,

Inc.(Ð)

Westlake

Corp.(Ð)

1,423

6,811

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Producer

Durables

-

11.7%

Alarm.com

Holdings,

Inc.(Æ)(Ð)

1,538

AMETEK,

Inc.

4,486

907

Amphenol

Corp.

Class

A

11,966

1,667

AO

Smith

Corp.(Ð)

2,633

Automatic

Data

Processing,

Inc.(Û)

1,890

Avery

Dennison

Corp.

Caterpillar,

Inc.

CH

Robinson

Worldwide,

Inc.

Cintas

Corp.

988

CoStar

Group,

Inc.(Æ)

4,238

CSX

Corp.

1,356

Cummins,

Inc.

1,595

698

Deere

&

Co.

Dover

Corp.

527

Emerson

Electric

Co.

534

Equifax,

Inc.

1,722

Expeditors

International

of

Washington,

Inc.

(Ð)

2,422

FedEx

Corp.

509

Flowserve

Corp.

11,201

764

Fortive

Corp.

1,037

FTI

Consulting,

Inc.(Æ)(Ð)

902

Gartner,

Inc.(Æ)

General

Dynamics

Corp.

Global

Payments,

Inc.

Graco,

Inc.

3,066

HEICO

Corp.

1,173

Honeywell

International,

Inc.

Huntington

Ingalls

Industries,

Inc.

620

IDEX

Corp.

Illinois

Tool

Works,

Inc.

Ingersoll

Rand,

Inc.

Jacobs

Solutions,

Inc.(Ð)

1,652

JB

Hunt

Transport

Services,

Inc.

1,671

Keysight

Technologies,

Inc.(Æ)

L3Harris

Technologies,

Inc.

Landstar

System,

Inc.

1,119

Lockheed

Martin

Corp.(Û)

1,154

568

ManpowerGroup,

Inc.

2,383

MarketAxess

Holdings,

Inc.

MasTec,

Inc.(Æ)

584

Mettler-Toledo

International,

Inc.(Æ)

636

Moody's

Corp.

2,218

1,065

Murphy

USA,

Inc.

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

Old

Dominion

Freight

Line,

Inc.

1,079

Otis

Worldwide

Corp.(Û)

4,925

PACCAR,

Inc.

865

Parker-Hannifin

Corp.

Paychex,

Inc.

859

PayPal

Holdings,

Inc.

559

Pentair

PLC

Quanta

Services,

Inc.

Ralliant

Corp.

Republic

Services,

Inc.

Class

A

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Robert

Half,

Inc.(Ð)

2,074

Rockwell

Automation,

Inc.

Rollins,

Inc.

1,871

Ryder

System,

Inc.

978

S&P

Global,

Inc.

927

Schneider

National,

Inc.

Class

B(Ð)

1,212

Scotts

Miracle-Gro

Co.

(The)

Class

A

1,731

Snap-on,

Inc.

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.(Ð)(Û)

1,433

TransDigm

Group,

Inc.

1,047

1,370

Trimble,

Inc.(Æ)

TriNet

Group,

Inc.

737

U-Haul

Holding

Co.(Æ)

Union

Pacific

Corp.

United

Parcel

Service,

Inc.

Class

B

797

United

Rentals,

Inc.

Veralto

Corp.

6,767

668

Verisk

Analytics,

Inc.

Class

A

2,868

627

W.W.

Grainger,

Inc.(Ð)

Waste

Connections,

Inc.

2,559

Waste

Management,

Inc.

Westinghouse

Air

Brake

Technologies

Corp.

6,291

1,286

Zebra

Technologies

Corp.

Class

A(Æ)

18,889

Technology

-

42.6%

Accenture

PLC

Class

A

674

Adobe,

Inc.(Æ)

1,946

662

Advanced

Micro

Devices,

Inc.(Æ)

1,295

Airbnb,

Inc.

Class

A(Æ)(Û)

2,740

Akamai

Technologies,

Inc.(Æ)

869

Alphabet,

Inc.

Class

A

12,287

3,455

Alphabet,

Inc.

Class

C(Û)

11,423

3,219

Amdocs,

Ltd.

14,961

1,261

Analog

Devices,

Inc.

3,268

765

Appfolio,

Inc.

Class

A(Æ)

Apple,

Inc.(Û)

34,054

9,207

Applied

Materials,

Inc.

3,402

793

Arista

Networks,

Inc.(Æ)

1,035

Atlassian

Corp.

Class

A(Æ)

821

Autodesk,

Inc.(Æ)

1,246

Blackbaud,

Inc.(Æ)

1,126

Booking

Holdings,

Inc.(Û)

868

Broadcom,

Inc.(Û)

7,508

2,775

Broadridge

Financial

Solutions,

Inc.(Ð)

2,462

543

Cadence

Design

Systems,

Inc.(Æ)

Cargurus,

Inc.(Æ)(Ð)

1,496

CDW

Corp.

748

Cirrus

Logic,

Inc.(Æ)(Ð)

3,426

Cisco

Systems,

Inc.

5,243

Cognizant

Technology

Solutions

Corp.

Class

A

2,205

Corteva,

Inc.(Û)

982

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

Dropbox,

Inc.

Class

A(Æ)(Ð)

9,839

Electronic

Arts,

Inc.

631

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
F5,

Inc.(Æ)

Fidelity

National

Information

Services,

Inc.

(Ð)

4,195

Fiserv,

Inc.(Æ)

Fortinet,

Inc.(Æ)

5,581

GoDaddy,

Inc.

Class

A(Æ)(Ð)

1,432

Grindr,

Inc.(Æ)

3,450

Hewlett

Packard

Enterprise

Co.

3,161

HP,

Inc.

1,860

IBM

Corp.

Ingram

Micro

Holding,

Corp.

1,134

InterDigital,

Inc.(Ð)

Intuit,

Inc.

2,688

1,794

IPG

Photonics

Corp.(Æ)

873

Jabil,

Inc.

Jack

Henry

&

Associates,

Inc.

KBR,

Inc.

2,475

KLA

Corp.

Lam

Research

Corp.

1,601

Leidos

Holdings,

Inc.

Lyft,

Inc.

Class

A(Æ)

11,424

Maplebear,

Inc.(Æ)(Ð)

3,908

Match

Group,

Inc.(Ð)

3,896

Meta

Platforms,

Inc.

Class

A

4,010

2,600

Microchip

Technology,

Inc.

Microsoft

Corp.

20,501

10,616

Monolithic

Power

Systems,

Inc.

Motorola

Solutions,

Inc.

MSCI,

Inc.

Class

A

NetApp,

Inc.

12,527

1,475

Nutanix,

Inc.

Class

A(Æ)

6,296

NVIDIA

Corp.

61,929

12,540

ON

Semiconductor

Corp.(Æ)

527

Oracle

Corp.

5,732

1,505

Palantir

Technologies,

Inc.

Class

A(Æ)

692

Palo

Alto

Networks,

Inc.(Æ)

Pegasystems,

Inc.(Ð)

2,482

QUALCOMM,

Inc.(Ð)

10,508

1,901

RingCentral,

Inc.

Class

A(Æ)(Ð)

2,126

Roper

Technologies,

Inc.

681

Salesforce,

Inc.

3,931

1,024

SAP

SE

-

ADR

3,394

883

ServiceNow,

Inc.(Æ)

Skyworks

Solutions,

Inc.

Super

Micro

Computer,

Inc.(Æ)

620

Synopsys,

Inc.(Æ)

930

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

1,738

522

TE

Connectivity

PLC

946

Teradata

Corp.(Æ)(Ð)

3,456

Teradyne,

Inc.

Texas

Instruments,

Inc.

780

Twilio,

Inc.

Class

A(Æ)(Ð)

2,428

VeriSign,

Inc.

1,897

Workiva,

Inc.(Æ)(Ð)

973

Yelp,

Inc.

Class

A(Æ)(Ð)

3,536

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,437

68,967

Utilities

-

1.1%

American

Electric

Power

Co.,

Inc.

533

American

States

Water

Co.

582

American

Water

Works

Co.,

Inc.

Array

Digital

Infrastructure,

Inc.(Û)

678

AT&T,

Inc.

6,325

Atmos

Energy

Corp.

Avista

Corp.

1,945

ConocoPhillips

1,645

Consolidated

Edison,

Inc.

702

Dominion

Energy,

Inc.

DTE

Energy

Co.

Duke

Energy

Corp.

Edison

International

Eversource

Energy

528

Exelon

Corp.

1,721

FirstEnergy

Corp.

657

NRG

Energy,

Inc.

PG&E

Corp.

2,472

Public

Service

Enterprise

Group,

Inc.(Ð)(Û)

5,442

Sempra

Southwest

Gas

Holdings,

Inc.(Ð)

1,468

T-Mobile

US,

Inc.

Verizon

Communications,

Inc.

3,513

WEC

Energy

Group,

Inc.

1,791

#### Total

#### Common

#### Stocks
(cost

$102,470)

163,091

#### Short-Term

#### Investments

#### -

#### 5.1%
U.S.

Cash

Management

Fund(@)

8,337,899

(∞)

8,336

#### Total

#### Short-Term

#### Investments
(cost

$8,336)

8,336

#### Total

#### Investments

#### -

#### 105.8%
(identified

cost

$110,806)

171,427

#### Securities

#### Sold

#### Short

#### -

#### (6.0)%
Consumer

Discretionary

-

(0.6)%

Archer

Aviation,

Inc.

Class

A(Æ)

(1,754)

(20) Avis

Budget

Group,

Inc.(Æ)

(690) (94) Dutch

Bros,

Inc.

Class

A(Æ)

(2,483)

(138) Hilton

Grand

Vacations,

Inc.(Æ)

(637) (26) Joby

Aviation,

Inc.(Æ)

(6,496)

(113) Lithia

Motors,

Inc.

Class

A

(485) (152) QXO,

Inc.(Æ)

(475) (8) Rocket

Lab

Corp.(Æ)

(1,271)

(80) Somnigroup

International,

Inc.

(1,937)

(154) Stride,

Inc.(Æ)

(366) (25) Vail

Resorts,

Inc.

(576) (85) (895) Consumer

Staples

-

(0.1)%

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kraft

Heinz

Co.

(The)

(4,763)

(118) Primo

Brands

Corp.

Class

A

(4,267)

(94) (212) Energy

-

(0.9)%

Centrus

Energy

Corp.

Class

A(Æ)

(228) (84) Cleanspark,

Inc.(Æ)

(1,461)

(26) Core

Natural

Resources,

Inc.

(1,992)

(157) Diamondback

Energy,

Inc.

(1,161)

(166) EQT

Corp.

(3,574)

(191) Patterson-UTI

Energy,

Inc.

(15,012)

(94) Sunrun,

Inc.(Æ)

(5,193)

(108) Texas

Pacific

Land

Corp.

(168) (158) Uranium

Energy

Corp.(Æ)

(12,535)

(190) Viper

Energy,

Inc.

Class

A

(3,298)

(124) Warrior

Met

Coal,

Inc.

(1,543)

(105) (1,403)

Financial

Services

-

(0.8)%

AGNC

Investment

Corp.(ö)

(19,490)

(195) Applied

Digital

Corp.(Æ)

(900) (31) Atlantic

Union

Bankshares

Corp.

(2,733)

(89) Cipher

Mining,

Inc.(Æ)

(2,583)

(48) Dave,

Inc.(Æ)

(67) (16) Erie

Indemnity

Co.

Class

A

(199) (58) Iron

Mountain,

Inc.(ö)

(1,517)

(156) Old

National

Bancorp

(1,025)

(21) Piper

Sandler

Cos.

(284) (91) Realty

Income

Corp.(ö)

(3,532)

(205) Rocket

Cos.,

Inc.

Class

A

(8,889)

(148) Shift4

Payments,

Inc.

Class

A(Æ)

(1,768)

(122) UWM

Holdings

Corp.

(20,734)

(117) (1,297)

Health

Care

-

(1.1)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(4,416)

(95) Addus

HomeCare

Corp.(Æ)

(1,455)

(170) Certara,

Inc.(Æ)

(5,328)

(62) Elanco

Animal

Health,

Inc.(Æ)

(9,951)

(221) HealthEquity,

Inc.(Æ)

(1,026)

(97) IDEXX

Laboratories,

Inc.(Æ)

(255) (161) Labcorp

Holdings,

Inc.

(631) (160) Nuvalent,

Inc.

Class

A(Æ)

(432) (43) PROCEPT

BioRobotics

Corp.(Æ)

(889) (30) Protagonist

Therapeutics,

Inc.(Æ)

(1,690)

(133) Quest

Diagnostics,

Inc.

(934) (164) RadNet,

Inc.(Æ)

(2,187)

(166) Revolution

Medicines,

Inc.(Æ)

(3,251)

(191) Scholar

Rock

Holding

Corp.(Æ)

(384) (11) Soleno

Therapeutics,

Inc.(Æ)

(389) (26) Vaxcyte,

Inc.(Æ)

(1,110)

(50) Zimmer

Biomet

Holdings,

Inc.

(143) (15) (1,795)

Materials

and

Processing

-

(0.2)%

International

Paper

Co.

(3,603)

(140) Quaker

Chemical

Corp.

(476) (66) VSE

Corp.

(632) (114) #### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $(320) Producer

Durables

-

(1.0)%

AeroVironment,

Inc.(Æ)

(398) (147) Bloom

Energy

Corp.

Class

A(Æ)

(410) (54) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,789)

(158) CBIZ,

Inc.(Æ)

(1,364)

(75) CoreCivic,

Inc.(Æ)

(3,654)

(68) Dorman

Products,

Inc.(Æ)

(1,024)

(137) Emerson

Electric

Co.

(1,203)

(168) First

Advantage

Corp.(Æ)

(8,994)

(114) GEO

Group,

Inc.

(The)(Æ)

(3,157)

(54) JBT

Marel

Corp.

(1,304)

(164) MARA

Holdings,

Inc.(Æ)

(1,314)

(24) Mercury

Systems,

Inc.(Æ)

(1,417)

(110) NuScale

Power

Corp.(Æ)

(2,238)

(100) OSI

Systems,

Inc.(Æ)

(44) (12) Standex

International

Corp.

(521) (122) Zurn

Elkay

Water

Solutions

Corp.

(1,795)

(85) (1,592)

Technology

-

(0.8)%

Advanced

Micro

Devices,

Inc.(Æ)

(864) (221) Analog

Devices,

Inc.

(588) (138) Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(8,080)

(149) Crane

NXT

Co.

(60) (4) DigitalBridge

Group,

Inc.

(7,984)

(94) D-Wave

Quantum,

Inc.(Æ)

(789) (29) Globalstar,

Inc.(Æ)

(648) (35) Impinj,

Inc.(Æ)

(374) (76) IonQ,

Inc.(Æ)

(522) (32) Oracle

Corp.

(658) (173) Quantum

Computing,

Inc.(Æ)

(939) (16) TTM

Technologies,

Inc.(Æ)

(2,772)

(186) Unity

Software,

Inc.(Æ)

(5,040)

(191) (1,344)

Utilities

-

(0.5)%

American

Electric

Power

Co.,

Inc.

(853) (103) Crescent

Energy

Co.

Class

A

(4,629)

(39) Dominion

Energy,

Inc.

(2,678)

(157) Expand

Energy

Corp.

(1,672)

(173) Northern

Oil

and

Gas,

Inc.

(3,404)

(75) UGI

Corp.

(4,658)

(156) Xcel

Energy,

Inc.

(1,964)

(159) (862) #### Total

#### Securities

#### Sold

#### Short
(proceeds

$8,437)

(9,720)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%

#### Net

#### Assets

#### -

#### 100.0%
162,030

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

7,905

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

17,935

$

—

$

—

$

—

$

17,935

Consumer

Staples

6,938

—

—

—

6,938

Energy

2,675

—

—

—

2,675

Financial

Services

20,770

—

—

—

20,770

Health

Care

18,315

—

—

—

18,315

Materials

and

Processing

6,811

—

—

—

6,811

Producer

Durables

18,889

—

—

—

18,889

Technology

68,967

—

—

—

68,967

Utilities

1,791

—

—

—

1,791

Short-Term

Investments

—

—

—

8,336

8,336

Total

Investments

163,091

—

—

8,336

171,427

Securities

Sold

Short

\*

(9,720)

—

—

—

(9,720)

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

722

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

Amounts

in

thousands

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Short

Sales

Securities

sold

short,

at

fair

value

$

9,720

$

—

$

9,720

Total

Financial

and

Derivative

Liabilities

9,720

—

9,720

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

9,720

$

—

$

9,720

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

9,720

$

—

$

9,720

$

—

Total

$

9,720

$

—

$

9,720

$

—

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

110,806

Investments,

at

fair

value(>)

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

171,427

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Total

assets

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

172,348

#### Liabilities
Payables:

Due

to

custodian

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

Investments

purchased

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

9,720

Total

liabilities

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

10,318

#### Net

#### Assets

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

162,030

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

74,720

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

87,277

#### Net

#### Assets

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

162,030

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

8,336

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

8,437

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

48.54 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

51.50 Class

A

—

Net

assets

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

$

17,834,338

Class

A

—

Shares

outstanding

($.01

par

value)

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

367,435

Net

asset

value

per

share:

Class

C

(#)

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

$

45.48 Class

C

—

Net

assets

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

$

17,808,508

Class

C

—

Shares

outstanding

($.01

par

value)

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

391,581

Net

asset

value

per

share:

Class

S

(#)

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

$

48.89 Class

S

—

Net

assets

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

$

115,553,031

Class

S

—

Shares

outstanding

($.01

par

value)

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

2,363,612

Net

asset

value

per

share:

Class

Y

(#)

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

$

48.72 Class

Y

—

Net

assets

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

$

10,834,140

Class

Y

—

Shares

outstanding

($.01

par

value)

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

222,374

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,498

Dividends

from

affiliated

funds

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

Interest

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

Total

investment

income

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

2,860

#### Expenses
Advisory

fees

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

916

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

on

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

2,045

Expense

reductions

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

(179) Net

expenses

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

1,866

Net

investment

income

(loss)

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

994

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

21,911

Futures

contracts

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

722

Securities

sold

short

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

(1,266)

Net

realized

gain

(loss)

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

21,367

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(2,296)

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

Securities

sold

short

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

(685) Net

change

in

unrealized

appreciation

(depreciation)

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

(2,861)

Net

realized

and

unrealized

gain

(loss)

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

18,506

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

19,500

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

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)

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

$

994

$

809

Net

realized

gain

(loss)

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

21,367

21,283

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,861)

25,047

Net

increase

(decrease)

in

net

assets

from

operations

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

19,500

47,139

#### Distributions
To

shareholders

Class

A

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

(2,401)

(1,149)

Class

C

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

(2,619)

(1,385)

Class

S

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

(16,313)

(8,682)

Class

Y

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

(1,289)

(607) Net

decrease

in

net

assets

from

distributions

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

(22,622)

(11,823)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(16,732)

(21,228)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(19,854)

14,088

#### Net

#### Assets
Beginning

of

period

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

181,884

167,796

End

of

period

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

$

162,030

$

181,884

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

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

$

930

$

1,084

Proceeds

from

reinvestment

of

distributions

2,358

1,135

Payments

for

shares

redeemed

(97) (4,438)

(58) (2,656)

Net

increase

(decrease)

(23) (1,150)

(9) (437) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

2,615

1,385

Payments

for

shares

redeemed

(120) (5,125)

(84) (3,696)

Net

increase

(decrease)

(53) (2,331)

(45) (2,081)

Class

S

Proceeds

from

shares

sold

1,547

3,174

Proceeds

from

reinvestment

of

distributions

15,738

8,458

Payments

for

shares

redeemed

(685) (31,536)

(651) (30,082)

Net

increase

(decrease)

(295) (14,251)

(386) (18,450)

Class

Y

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

1,289

607

Payments

for

shares

redeemed

(11) (527) (20) (907) Net

increase

(decrease)

1,000

(5) (260) Total

increase

(decrease)

(347) $

(16,732)

(445) $

(21,228)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### 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

49.36 40.66 43.52 59.98 51.21 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.20

.13

.16

.11

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.23 11.51 1.83 (4.92)

16.63 $

Total

from

Investment

Operations

5.43 11.64 1.99 (4.81)

16.74 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.41)

(.09)

(.15)

(.09)

(.33)

$

Distributions

from

Net

Realized

Gain

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(6.25)

(2.94)

(4.85)

(11.65)

(7.97)

$

Net

Asset

Value,

End

of

Period

48.54 49.36 40.66 43.52 59.98 %

Total

Return

(±)

12.36 29.62 5.09 (10.28)

35.97 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 17,834

19,252

16,229

18,283

24,380

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.35 1.49 1.45 1.37 1.33 %

Expenses,

Net

(Ƃ)

(∆)

1.27 1.39 1.36 1.29 1.28 %

Net

Investment

Income

(Ƃ)

.45

.29

.38

.24

.21

%

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

46.68 38.80 41.89 58.42 50.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.13)

(.20)

(.15)

(.24)

(.29)

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.90 10.94 1.76 (4.73)

16.27 $

Total

from

Investment

Operations

4.77 10.74 1.61 (4.97)

15.98 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.13)

(.01)

—

—

(.19)

$

Distributions

from

Net

Realized

Gain

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(5.97)

(2.86)

(4.70)

(11.56)

(7.83)

$

Net

Asset

Value,

End

of

Period

45.48 46.68 38.80 41.89 58.42 %

Total

Return

11.53 28.67 4.28 (10.94)

34.97 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 17,809

20,744

18,994

22,260

31,130

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.10 2.24 2.20 2.12 2.08 %

Expenses,

Net

(Ƃ)

(∆)

2.02 2.14 2.11 2.04 2.03 %

Net

Investment

Income

(Ƃ)

(.30)

(.46)

(.37)

(.52)

(.54)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### 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

49.67 40.82 43.66 60.11 51.29 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.34

.27

.28

.25

.28

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.26 11.56 1.83 (4.93)

16.65 $

Total

from

Investment

Operations

5.60 11.83 2.11 (4.68)

16.93 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.54)

(.13)

(.25)

(.21)

(.47)

$

Distributions

from

Net

Realized

Gain

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(6.38)

(2.98)

(4.95)

(11.77)

(8.11)

$

Net

Asset

Value,

End

of

Period

48.89 49.67 40.82 43.66 60.11 %

Total

Return

12.70 30.01 5.37 (10.00)

36.37 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 115,553

132,043

124,288

165,484

225,751

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.10 1.24 1.20 1.12 1.08 %

Expenses,

Net

(Ƃ)

(∆)

.98

1.10 1.07 1.00 .99

%

Net

Investment

Income

(Ƃ)

.74

.58

.67

.53

.50

%

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

49.52 40.66 43.51 59.95 51.18 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.41

.34

.35

.33

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.25 11.51 1.82 (4.92)

16.60 $

Total

from

Investment

Operations

5.66 11.85 2.17 (4.59)

16.97 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.62)

(.14)

(.32)

(.29)

(.56)

$

Distributions

from

Net

Realized

Gain

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(6.46)

(2.99)

(5.02)

(11.85)

(8.20)

$

Net

Asset

Value,

End

of

Period

48.72 49.52 40.66 43.51 59.95 %

Total

Return

12.88 30.22 5.54 (9.86)

36.57 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 10,834

9,845

8,285

8,066

11,331

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.89

1.04 1.01 .92

.88

%

Expenses,

Net

(Ƃ)

(∆)

.82

.94

.92

.84

.83

%

Net

Investment

Income

(Ƃ)

.89

.74

.83

.69

.66

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

86,860

Administrative

fees

6,561

Distribution

fees

15,544

Shareholder

servicing

fees

3,908

Transfer

agent

fees

21,952

Trustees'

fees

683

$

135,508

#### 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
U.S.

Cash

Management

Fund

$

5,531

$

50,598

$

47,792

$

—

$

(1) $

8,336

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

105,413,030

$

62,622,368

$

(6,328,646)

$

56,293,722

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

1,370,182

$

17,056,130

$

56,293,722

$

—

$

74,720,034

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

.

#### 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
$

4,744,513

$

17,877,016

$

—

$

713,541

$

11,108,968

$

—

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(1,591)

Additional

paid-in

capital

1,591

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 103.4%
Consumer

Discretionary

-

13.4%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

66,061

4,793

Amazon.com,

Inc.(Æ)(Û)

500,302

122,184

Atkore,

Inc.

11,923

826

AutoZone,

Inc.(Æ)

1,387

5,096

Axon

Enterprise,

Inc.(Æ)

4,709

3,448

Best

Buy

Co.,

Inc.

30,302

2,489

Carnival

Corp.(Æ)

93,642

2,700

Cava

Group,

Inc.(Æ)

44,389

2,385

Charter

Communications,

Inc.

Class

A(Æ)

4,845

1,133

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

312,222

9,894

Cinemark

Holdings,

Inc.(Ð)

20,246

547

Columbia

Sportswear

Co.(Ð)

5,659

Comcast

Corp.

Class

A

409,089

11,387

Costco

Wholesale

Corp.

22,459

20,470

Coupang,

Inc.(Æ)

276,928

8,853

Deckers

Outdoor

Corp.(Æ)(Ð)

50,875

4,146

Dollar

General

Corp.

122,846

12,120

Domino's

Pizza,

Inc.(Ð)

11,693

4,659

Expedia

Group,

Inc.

7,150

1,573

Ford

Motor

Co.

220,920

2,901

General

Motors

Co.(Û)

276,682

19,116

Hilton

Worldwide

Holdings,

Inc.

9,054

2,327

Home

Depot,

Inc.

(The)

21,129

8,020

Las

Vegas

Sands

Corp.(Ð)

14,028

833

Lear

Corp.(Ð)

51,541

5,394

Lennar

Corp.

Class

A

17,317

2,143

Live

Nation

Entertainment,

Inc.(Æ)

54,883

8,207

Lowe's

Cos.,

Inc.

63,321

15,079

Marriott

International,

Inc.

Class

A

10,530

2,744

McDonald's

Corp.

45,075

13,452

MercadoLibre,

Inc.(Æ)

871

2,027

Netflix,

Inc.

Class

B(Æ)

13,955

15,614

NIKE,

Inc.

Class

B

30,833

1,991

O'Reilly

Automotive,

Inc.(Æ)(Û)

235,968

22,285

Royal

Caribbean

Cruises,

Ltd.

12,447

3,570

RTX

Corp.

18,552

3,312

Starbucks

Corp.

21,259

1,719

Target

Corp.(Û)

98,596

9,142

Tesla,

Inc.(Æ)

75,664

34,545

TJX

Cos.,

Inc.

(The)

26,326

3,689

Walmart,

Inc.

186,016

18,821

Walt

Disney

Co.

(The)

156,161

17,587

Wayfair,

Inc.

Class

A(Æ)(Ð)

33,138

3,430

Whirlpool

Corp.

36,032

2,581

Williams-Sonoma,

Inc.

17,461

3,393

Wingstop,

Inc.(Ð)

3,066

664

Yum!

Brands,

Inc.

13,410

1,853

445,423

Consumer

Staples

-

3.8%

Altria

Group,

Inc.

53,420

3,012

Ambev

SA

-

ADR

1,571,671

3,631

Archer-Daniels-Midland

Co.(Ð)

224,865

13,611

Coca-Cola

Co.

(The)

63,256

4,358

Conagra

Brands,

Inc.

196,875

3,384

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CVS

Health

Corp.

226,439

17,696

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

42,540

4,113

General

Mills,

Inc.

34,830

1,623

Kenvue,

Inc.

64,769

931

Kimberly-Clark

Corp.

17,535

2,099

Kroger

Co.

(The)

207,516

13,204

Marzetti,

Co.(The)

1,352

Mondelez

International,

Inc.

Class

A

114,176

6,561

Monster

Beverage

Corp.(Æ)(Ð)(Û)

306,064

20,454

PepsiCo,

Inc.

33,233

4,855

Philip

Morris

International,

Inc.

37,170

5,365

Pilgrim's

Pride

Corp.

63,719

2,428

Procter

&

Gamble

Co.

(The)

45,185

6,794

Smithfield

Foods,

Inc.

58,578

1,298

Sysco

Corp.

30,414

2,259

Tyson

Foods,

Inc.

Class

A(Û)

160,707

8,262

Co.(Ð)

5,881

1,143

127,293

Energy

-

3.2%

Baker

Hughes

Co.

244,138

11,819

BP

PLC

-

ADR

120,662

4,239

Canadian

Natural

Resources,

Ltd.

172,557

5,525

Chevron

Corp.

32,490

5,124

CVR

Energy,

Inc.(Ð)

69,623

2,478

Devon

Energy

Corp.

121,536

3,949

Eaton

Corp.

PLC

28,747

10,969

EOG

Resources,

Inc.(Ð)

60,214

6,373

Exxon

Mobil

Corp.

107,331

12,274

HF

Sinclair

Corp.(Ð)

76,178

3,931

ONEOK,

Inc.

23,778

1,593

Phillips

66(Û)

78,866

10,737

Schlumberger

NV

137,076

4,943

Shell

PLC

-

ADR

74,426

5,576

Valero

Energy

Corp.(Ð)

70,731

11,993

Williams

Cos.,

Inc.

(The)

63,469

3,673

105,196

Financial

Services

-

14.1%

AerCap

Holdings

NV

89,087

11,603

Affiliated

Managers

Group,

Inc.

17,613

4,191

Aflac,

Inc.

40,232

4,312

Allstate

Corp.

(The)

31,074

5,951

Ally

Financial,

Inc.(Ð)

215,971

8,416

American

Express

Co.

47,712

17,211

American

International

Group,

Inc.

26,856

2,121

American

Tower

Corp.(ö)

10,858

1,943

Ameriprise

Financial,

Inc.

13,570

6,144

Annaly

Capital

Management,

Inc.(ö)

257,256

5,446

Aon

PLC

Class

A

6,583

2,243

Arthur

J

Gallagher

&

Co.

37,585

9,377

Bank

of

America

Corp.

356,402

19,050

Bank

of

New

York

Mellon

Corp.

(The)(Û)

113,403

12,240

Berkshire

Hathaway,

Inc.

Class

B(Æ)

40,048

19,125

BlackRock,

Inc.

4,391

4,755

Blackstone,

Inc.

Class

A

65,138

9,552

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Blue

Owl

Capital,

Inc.

176,048

2,776

BOK

Financial

Corp.(Ð)

11,834

1,238

Bread

Financial

Holdings,

Inc.(Ð)

52,497

3,289

Brown

&

Brown,

Inc.

21,166

1,688

Camden

Property

Trust(Ð)(ö)(Û)

61,968

6,165

Capital

One

Financial

Corp.

17,038

3,748

Carlyle

Group,

Inc.

(The)

183,445

9,781

Charles

Schwab

Corp.

(The)

36,460

3,446

Chubb,

Ltd.

8,665

2,400

Citigroup,

Inc.

222,444

22,518

CME

Group,

Inc.

Class

A

11,253

2,988

CNA

Financial

Corp.(Û)

20,040

893

Compass,

Inc.

Class

A(Æ)

71,376

550

Corebridge

Financial,

Inc.(Ð)

242,304

7,889

Cullen/Frost

Bankers,

Inc.(Ð)

24,401

3,005

Essex

Property

Trust,

Inc.(Ð)(ö)

24,531

6,176

Federated

Hermes,

Inc.

Class

B(Ð)

15,920

772

First

American

Financial

Corp.

52,281

3,268

First

Industrial

Realty

Trust,

Inc.(ö)

11,650

644

Globe

Life,

Inc.

44,350

5,832

Goldman

Sachs

Group,

Inc.

(The)

8,011

6,324

Hanover

Insurance

Group,

Inc.

(The)

17,975

3,072

HCI

Group,

Inc.

4,995

1,019

Healthpeak

Properties,

Inc.(ö)

273,804

4,915

Host

Hotels

&

Resorts,

Inc.(ö)

304,920

4,885

Howard

Hughes

Holdings,

Inc.(Æ)

39,173

3,106

Interactive

Brokers

Group,

Inc.

Class

A

146,772

10,327

Intercontinental

Exchange,

Inc.

11,239

1,644

JPMorgan

Chase

&

Co.

73,254

22,791

KKR

&

Co.,

Inc.

Class

A

18,548

2,195

M&T

Bank

Corp.

24,560

4,516

Marsh

&

McLennan

Cos.,

Inc.

15,630

2,784

Mastercard,

Inc.

Class

A

85,059

46,952

Mercury

General

Corp.

10,588

818

MetLife,

Inc.

28,649

2,287

Morgan

Stanley

65,069

10,671

NU

Holdings,

Ltd.

Class

A(Æ)(Ð)

590,865

9,519

Popular,

Inc.

38,507

4,292

Progressive

Corp.

(The)

32,869

6,771

Prologis,

Inc.(ö)

43,847

5,441

Public

Storage(ö)

5,005

1,394

Realty

Income

Corp.(ö)

33,843

1,962

Reinsurance

Group

of

America,

Inc.

Class

A(Ð)(Û)

32,009

5,840

Selective

Insurance

Group,

Inc.

19,645

1,480

Synchrony

Financial

131,339

9,769

Synovus

Financial

Corp.

35,020

1,563

Travelers

Cos.,

Inc.

(The)

23,856

6,408

Truist

Financial

Corp.

56,302

2,513

US

Bancorp

76,610

3,576

VICI

Properties,

Inc.(ö)

71,461

2,143

Visa,

Inc.

Class

A

37,120

12,648

Wells

Fargo

&

Co.

260,609

22,665

Welltower,

Inc.(ö)

13,483

2,441

Willis

Towers

Watson

PLC

20,523

6,426

467,903

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Health

Care

-

10.3%

Abbott

Laboratories

47,238

5,840

AbbVie,

Inc.

66,393

14,476

Acadia

Pharmaceuticals,

Inc.(Æ)

31,182

708

Agilent

Technologies,

Inc.

98,833

14,465

Align

Technology,

Inc.(Æ)

39,612

5,462

Alnylam

Pharmaceuticals,

Inc.(Æ)

15,980

7,288

Amgen,

Inc.

10,301

3,074

AstraZeneca

PLC

-

ADR

36,966

3,046

Becton

Dickinson

&

Co.

11,110

1,985

BioMarin

Pharmaceutical,

Inc.(Æ)

72,097

3,862

Boston

Scientific

Corp.(Æ)

27,177

2,737

Bristol-Myers

Squibb

Co.

54,853

2,527

Cardinal

Health,

Inc.

14,878

2,838

Cencora,

Inc.

Class

A

6,803

2,298

Centene

Corp.(Æ)

121,242

4,288

Cigna

Group

(The)

12,575

3,073

Dentsply

Sirona,

Inc.(Ð)

184,350

2,325

DexCom,

Inc.(Æ)

22,183

1,291

Edwards

Lifesciences

Corp.(Æ)

171,815

14,166

Elevance

Health,

Inc.

10,071

3,195

Eli

Lilly

&

Co.

25,634

22,119

Exelixis,

Inc.(Æ)(Ð)

62,263

2,408

GE

HealthCare

Technologies,

Inc.(Û)

116,009

8,695

Genmab

A/S

-

ADR(Æ)

82,928

2,373

Gilead

Sciences,

Inc.

42,941

5,144

GSK

PLC

-

ADR

114,791

5,379

HCA

Healthcare,

Inc.

6,606

3,037

Humana,

Inc.

20,467

5,694

Icon

PLC(Æ)

26,790

4,603

IDEXX

Laboratories,

Inc.(Æ)

21,286

13,400

Illumina,

Inc.(Æ)(Ð)

53,411

6,598

Incyte

Corp.(Æ)

104,517

9,770

Intuitive

Surgical,

Inc.(Æ)

8,581

4,585

Johnson

&

Johnson

85,691

16,184

Lantheus

Holdings,

Inc.(Æ)(Ð)

14,179

818

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

2,388

McKesson

Corp.(Û)

17,116

13,887

Medtronic

PLC

163,226

14,805

Merck

&

Co.,

Inc.

65,904

5,666

Moderna,

Inc.(Æ)(Ð)

93,263

2,533

Molina

Healthcare,

Inc.(Æ)(Ð)

—

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

22,018

Pfizer,

Inc.

286,523

7,063

Quest

Diagnostics,

Inc.

10,950

1,927

Regeneron

Pharmaceuticals,

Inc.

20,028

13,054

ResMed,

Inc.

9,099

2,246

Royalty

Pharma

PLC

Class

A

107,479

4,035

Sanofi

SA

-

ADR

114,461

5,789

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

58,306

1,400

Stryker

Corp.

22,930

8,169

Thermo

Fisher

Scientific,

Inc.

4,399

2,496

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

73,075

2,528

UnitedHealth

Group,

Inc.

49,503

16,908

Veeva

Systems,

Inc.

Class

A(Æ)

29,339

8,543

Vertex

Pharmaceuticals,

Inc.(Æ)

16,424

6,990

Viatris,

Inc.

343,776

3,562

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
West

Pharmaceutical

Services,

Inc.(Ð)

25,636

7,231

Zoetis,

Inc.

Class

A

22,096

3,184

342,620

Materials

and

Processing

-

3.6%

Acuity,

Inc.

772

Air

Products

and

Chemicals,

Inc.

6,852

1,662

Boise

Cascade

Co.

11,636

820

Carrier

Global

Corp.

52,028

3,095

Celanese

Corp.

Class

A

181,165

6,964

Commercial

Metals

Co.

54,135

3,213

Copart,

Inc.(Æ)

231,045

9,937

Crown

Holdings,

Inc.

114,225

11,100

Ecolab,

Inc.

13,335

3,419

Fastenal

Co.

56,757

2,336

FMC

Corp.(Ð)

266,525

4,043

Freeport-McMoRan,

Inc.

51,818

2,161

General

Electric

Co.

14,591

4,508

Huntsman

Corp.(Ð)

189,051

1,565

James

Hardie

Industries

PLC(Æ)(Û)

129,344

2,707

Johnson

Controls

International

PLC

18,463

2,112

Linde

PLC

21,601

9,036

Louisiana-Pacific

Corp.(Ð)

48,236

4,202

Martin

Marietta

Materials,

Inc.

10,937

6,705

Masco

Corp.(Ð)

90,049

5,832

Newmont

Corp.

51,267

4,151

O-I

Glass,

Inc.(Æ)

159,570

1,802

Reliance,

Inc.(Û)

5,153

1,455

Solstice

Advanced

Materials

Inc.(Æ)

2,940

Southern

Copper

Corp.(Ð)

18,648

2,588

Trane

Technologies

PLC

18,762

8,418

Trex

Co.,

Inc.(Æ)

23,809

1,150

Vulcan

Materials

Co.

29,295

8,481

Watsco,

Inc.(Ð)

8,007

2,947

Westlake

Corp.(Ð)

19,539

1,345

118,169

Producer

Durables

-

7.3%

3M

Co.

12,131

2,020

Amphenol

Corp.

Class

A

34,000

4,738

Argan,

Inc.

6,889

2,109

Automatic

Data

Processing,

Inc.

7,372

1,919

Boeing

Co.

(The)(Æ)

9,224

1,854

Caterpillar,

Inc.

9,544

5,509

Cintas

Corp.

11,485

2,105

Comfort

Systems

USA,

Inc.(Ð)

10,548

10,185

CSX

Corp.

69,688

2,510

Deere

&

Co.

15,638

7,219

Delta

Air

Lines,

Inc.

149,870

8,600

EMCOR

Group,

Inc.

12,032

8,131

Emerson

Electric

Co.

18,168

2,536

Expeditors

International

of

Washington,

Inc.

(Ð)

11,636

1,418

FedEx

Corp.

35,156

8,923

FTI

Consulting,

Inc.(Æ)(Ð)(Û)

18,814

3,104

Gartner,

Inc.(Æ)

4,513

1,121

GE

Vernova,

Inc.(Û)

12,969

7,589

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Global

Payments,

Inc.

140,853

10,953

Graco,

Inc.

42,636

3,486

Honeywell

International,

Inc.

11,763

2,368

Howmet

Aerospace,

Inc.

21,245

4,375

Huntington

Ingalls

Industries,

Inc.(Ð)

29,229

9,412

Illinois

Tool

Works,

Inc.

7,772

1,896

JB

Hunt

Transport

Services,

Inc.(Û)

22,851

3,859

Keysight

Technologies,

Inc.(Æ)

16,906

3,093

Landstar

System,

Inc.

28,545

3,666

Lockheed

Martin

Corp.(Û)

23,983

11,797

Magna

International,

Inc.

Class

A

76,544

3,614

ManpowerGroup,

Inc.

43,753

1,341

MasTec,

Inc.(Æ)

29,917

6,108

Moody's

Corp.

4,107

1,973

Norfolk

Southern

Corp.

9,112

2,582

Northrop

Grumman

Corp.

17,026

9,934

Old

Dominion

Freight

Line,

Inc.

8,677

1,218

Otis

Worldwide

Corp.(Ð)

42,658

3,957

PACCAR,

Inc.

33,767

3,323

Paychex,

Inc.

25,517

2,986

PayPal

Holdings,

Inc.

25,874

1,792

Powell

Industries,

Inc.(Ð)

2,966

1,137

Quanta

Services,

Inc.

6,431

2,888

Regal

Rexnord

Corp.

33,107

4,664

Republic

Services,

Inc.

Class

A

14,242

2,966

Robert

Half,

Inc.

47,869

1,254

Rockwell

Automation,

Inc.

8,901

3,279

Rollins,

Inc.(Ð)

23,327

1,344

Ryder

System,

Inc.

19,459

3,293

S&P

Global,

Inc.

6,268

3,054

Schneider

National,

Inc.

Class

B(Ð)

68,200

1,457

Scotts

Miracle-Gro

Co.

(The)

Class

A(Ð)

51,500

2,756

Teledyne

Technologies,

Inc.(Æ)

3,768

1,985

Tetra

Tech,

Inc.(Ð)(Û)

24,209

774

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

86,955

4,372

TransDigm

Group,

Inc.

1,351

1,768

TransUnion

109,755

8,910

TriNet

Group,

Inc.

24,562

1,474

Tutor

Perini

Corp.(Ð)

2,210

Union

Pacific

Corp.

11,140

2,455

United

Airlines,

Inc.(Æ)

22,402

2,107

United

Parcel

Service,

Inc.

Class

B

23,115

2,229

United

Rentals,

Inc.

1,986

1,730

Verisk

Analytics,

Inc.

Class

A

6,110

1,337

Vontier

Corp.

121,707

4,686

Waste

Management,

Inc.

14,696

2,936

Westinghouse

Air

Brake

Technologies

Corp.

9,304

1,902

242,229

Technology

-

44.5%

Accenture

PLC

Class

A

16,519

4,131

Adobe,

Inc.(Æ)(Û)

53,998

18,376

Advanced

Micro

Devices,

Inc.(Æ)

36,707

9,401

Airbnb,

Inc.

Class

A(Æ)

13,725

1,737

Alphabet,

Inc.

Class

A

359,300

101,032

Alphabet,

Inc.

Class

C(Û)

124,596

35,114

Amkor

Technology,

Inc.(Ð)

8,655

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Appfolio,

Inc.

Class

A(Æ)(Ð)

9,274

2,360

Apple,

Inc.(Û)

748,280

202,312

Applied

Materials,

Inc.

37,772

8,805

Arista

Networks,

Inc.(Æ)

110,712

17,458

ASML

Holding

NV

Class

G

1,231

1,304

Atlassian

Corp.

Class

A(Æ)

36,253

6,142

Autodesk,

Inc.(Æ)

7,909

2,383

AvePoint,

Inc.(Æ)

50,372

709

Booking

Holdings,

Inc.

3,003

15,248

Braze,

Inc.

Class

A(Æ)

41,108

1,178

Broadcom,

Inc.(Û)

267,412

98,843

Broadridge

Financial

Solutions,

Inc.

7,825

1,725

Cadence

Design

Systems,

Inc.(Æ)

9,568

3,241

Cirrus

Logic,

Inc.(Æ)(Ð)

31,659

4,200

Cisco

Systems,

Inc.

101,643

7,431

Clear

Secure,

Inc.

Class

A(Ð)

58,892

1,794

Cognizant

Technology

Solutions

Corp.

Class

A

51,333

3,741

Confluent,

Inc.

Class

A(Æ)

41,420

968

Corteva,

Inc.

31,711

1,948

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

11,554

6,274

Datadog,

Inc.

Class

A(Æ)

17,410

2,834

DigitalOcean

Holdings,

Inc.(Æ)

40,364

1,641

DoorDash,

Inc.

Class

A(Æ)

17,401

4,426

Dropbox,

Inc.

Class

A(Æ)(Ð)

263,456

7,640

Fiserv,

Inc.(Æ)

24,819

1,655

Fortinet,

Inc.(Æ)

49,620

4,289

Grindr,

Inc.(Æ)

94,350

1,308

Hewlett

Packard

Enterprise

Co.

92,845

2,267

IBM

Corp.

18,650

5,733

Ingram

Micro

Holding,

Corp.

11,850

Intel

Corp.(Æ)

110,990

4,438

Intuit,

Inc.

32,535

21,719

IPG

Photonics

Corp.(Æ)(Ð)

10,847

923

Jabil,

Inc.(Ð)

34,832

7,694

KBR,

Inc.(Ð)(Û)

52,152

2,234

KLA

Corp.

6,633

8,018

Kulicke

&

Soffa

Industries,

Inc.

25,620

1,023

Lam

Research

Corp.

171,015

26,928

Lyft,

Inc.

Class

A(Æ)

332,091

6,795

Manhattan

Associates,

Inc.(Æ)

33,808

6,155

Maplebear,

Inc.(Æ)

62,469

2,303

Marqeta,

Inc.

Class

A(Æ)

264,826

1,200

Match

Group,

Inc.(Ð)

164,180

5,310

Meta

Platforms,

Inc.

Class

A(Û)

123,090

79,805

Micron

Technology,

Inc.

41,624

9,314

Microsoft

Corp.(Û)

406,056

210,260

Monolithic

Power

Systems,

Inc.

4,350

4,372

Motorola

Solutions,

Inc.

10,616

4,318

Nutanix,

Inc.

Class

A(Æ)

68,325

4,867

NVIDIA

Corp.

1,329,223

269,154

NXP

Semiconductors

NV

43,321

9,059

ON

Semiconductor

Corp.(Æ)

170,419

8,535

Oracle

Corp.

71,368

18,742

Palantir

Technologies,

Inc.

Class

A(Æ)

49,322

9,888

Palo

Alto

Networks,

Inc.(Æ)

29,280

6,449

Pegasystems,

Inc.(Ð)

96,336

6,132

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
QUALCOMM,

Inc.(Ð)

107,830

19,506

RingCentral,

Inc.

Class

A(Æ)(Ð)

64,692

1,949

Roblox

Corp.

Class

A(Æ)(Ð)

78,553

8,933

Roku,

Inc.(Æ)

70,035

7,433

Roper

Technologies,

Inc.

9,857

4,398

Salesforce,

Inc.

47,001

12,240

ServiceNow,

Inc.(Æ)

25,751

23,672

Silicon

Laboratories,

Inc.(Æ)(Ð)

20,849

2,733

Snap,

Inc.

Class

A(Æ)(Ð)

75,967

593

Snowflake,

Inc.

Class

A(Æ)

38,142

10,484

Sonos,

Inc.(Æ)

18,300

Spotify

Technology

SA(Æ)(Ð)(Û)

9,956

6,524

Super

Micro

Computer,

Inc.(Æ)

52,364

2,721

Synopsys,

Inc.(Æ)

4,434

2,012

TE

Connectivity

PLC

14,950

3,693

Teradata

Corp.(Æ)(Ð)

64,190

1,338

Teradyne,

Inc.

20,166

3,665

Texas

Instruments,

Inc.

12,620

2,038

Tyler

Technologies,

Inc.(Æ)

21,333

10,160

Uber

Technologies,

Inc.(Æ)

134,829

13,011

UiPath,

Inc.

Class

A(Æ)

236,620

3,753

VeriSign,

Inc.

31,070

7,451

Western

Digital

Corp.

31,630

4,751

Workday,

Inc.

Class

A(Æ)

7,531

1,807

1,481,013

Utilities

-

3.2%

American

Electric

Power

Co.,

Inc.

23,182

2,788

Array

Digital

Infrastructure,

Inc.

3,710

AT&T,

Inc.

708,697

17,540

ConocoPhillips

91,952

8,171

Consolidated

Edison,

Inc.

19,745

1,923

Duke

Energy

Corp.

19,826

2,464

Edison

International

85,920

4,758

Entergy

Corp.

52,255

5,021

Eversource

Energy

78,989

5,830

Exelon

Corp.

83,271

3,841

FirstEnergy

Corp.

88,086

4,037

NextEra

Energy,

Inc.

96,467

7,853

NRG

Energy,

Inc.

23,681

4,070

Sempra

111,932

10,291

Southern

Co.

(The)

87,382

8,217

T-Mobile

US,

Inc.

17,061

3,584

Verizon

Communications,

Inc.

119,618

4,754

WEC

Energy

Group,

Inc.

18,286

2,043

Xcel

Energy,

Inc.

116,764

9,478

106,845

#### Total

#### Common

#### Stocks
(cost

$2,042,115)

3,436,691

#### Short-Term

#### Investments

#### -

#### 1.9%
U.S.

Cash

Management

Fund(@)

62,437,897

(∞)

62,425

#### Total

#### Short-Term

#### Investments
(cost

$62,422)

62,425

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 105.3%
(identified

cost

$2,104,537)

3,499,116

#### Securities

#### Sold

#### Short

#### -

#### (5.3)%
Consumer

Discretionary

-

(0.5)%

Advanced

Energy

Industries,

Inc.

(2,457)

(498) Avis

Budget

Group,

Inc.(Æ)

(11,320)

(1,540)

Caesars

Entertainment,

Inc.(Æ)

(97,062)

(1,951)

Dutch

Bros,

Inc.

Class

A(Æ)

(57,460)

(3,191)

Hilton

Grand

Vacations,

Inc.(Æ)

(63,269)

(2,623)

Hims

&

Hers

Health,

Inc.(Æ)

(19,798)

(900) Joby

Aviation,

Inc.(Æ)

(174,871)

(3,032)

Lithia

Motors,

Inc.

Class

A

(8,426)

(2,647)

(16,382)

Consumer

Staples

-

(0.0)%

Primo

Brands

Corp.

Class

A

(42,540)

(934) Energy

-

(0.6)%

Core

Natural

Resources,

Inc.

(23,715)

(1,873)

Diamondback

Energy,

Inc.

(20,395)

(2,920)

EQT

Corp.

(56,740)

(3,040)

Patterson-UTI

Energy,

Inc.

(68,087)

(427) Sunrun,

Inc.(Æ)

(74,880)

(1,555)

Texas

Pacific

Land

Corp.

(3,236)

(3,053)

Uranium

Energy

Corp.(Æ)

(235,555)

(3,564)

Viper

Energy,

Inc.

Class

A

(5,273)

(198) Warrior

Met

Coal,

Inc.

(53,018)

(3,597)

(20,227)

Financial

Services

-

(0.3)%

AGNC

Investment

Corp.(ö)

(56,523)

(565) Apollo

Global

Management,

Inc.

(1,763)

(219) Applied

Digital

Corp.(Æ)

(17,613)

(611) Atlantic

Union

Bankshares

Corp.

(12,380)

(403) HA

Sustainable

Infrastructure

Capital,

Inc.

(6,050)

(168) Old

National

Bancorp

(32,933)

(673) Rocket

Cos.,

Inc.

Class

A

(169,530)

(2,824)

Shift4

Payments,

Inc.

Class

A(Æ)

(32,205)

(2,225)

UWM

Holdings

Corp.

(302,357)

(1,702)

(9,390)

Health

Care

-

(0.8)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(134,226)

(2,886)

Agios

Pharmaceuticals,

Inc.(Æ)

(42,461)

(1,836)

Arrowhead

Pharmaceuticals,

Inc.(Æ)

(32,900)

(1,395)

Certara,

Inc.(Æ)

(120,339)

(1,399)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(46,421)

(2,019)

Elanco

Animal

Health,

Inc.(Æ)

(132,457)

(2,934)

HealthEquity,

Inc.(Æ)

(17,859)

(1,689)

Immunovant,

Inc.(Æ)

(6,840)

(169) Labcorp

Holdings,

Inc.

(728) (185) PROCEPT

BioRobotics

Corp.(Æ)

(28,084)

(956) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Protagonist

Therapeutics,

Inc.(Æ)

(17,310)

(1,361)

RadNet,

Inc.(Æ)

(48,098)

(3,655)

Revolution

Medicines,

Inc.(Æ)

(67,169)

(3,952)

Surgery

Partners,

Inc.(Æ)

(5,060)

(111) Vaxcyte,

Inc.(Æ)

(36,236)

(1,641)

(26,188)

Materials

and

Processing

-

(0.2)%

Cleveland-Cliffs,

Inc.(Æ)

(108,486)

(1,348)

International

Paper

Co.

(71,624)

(2,768)

Knife

River

Corp.(Æ)

(47,551)

(2,875)

(6,991)

Producer

Durables

-

(1.2)%

AeroVironment,

Inc.(Æ)

(10,432)

(3,859)

Bloom

Energy

Corp.

Class

A(Æ)

(5,998)

(793) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(35,041)

(3,103)

CBIZ,

Inc.(Æ)

(52,810)

(2,905)

CoreCivic,

Inc.(Æ)

(59,154)

(1,096)

Emerson

Electric

Co.

(21,938)

(3,062)

First

Advantage

Corp.(Æ)

(136,392)

(1,723)

GEO

Group,

Inc.

(The)(Æ)

(78,988)

(1,340)

JBT

Marel

Corp.

(22,636)

(2,854)

Loar

Holdings,

Inc.(Æ)

(37,654)

(2,980)

MARA

Holdings,

Inc.(Æ)

(18,823)

(344) Mercury

Systems,

Inc.(Æ)

(42,431)

(3,285)

Mirion

Technologies,

Inc.(Æ)

(122,142)

(3,587)

NuScale

Power

Corp.(Æ)

(72,683)

(3,261)

OSI

Systems,

Inc.(Æ)

(16,085)

(4,479)

Zurn

Elkay

Water

Solutions

Corp.

(37,392)

(1,761)

(40,432)

Technology

-

(1.4)%

Advanced

Micro

Devices,

Inc.(Æ)

(6,058)

(1,552)

Amentum

Holdings,

Inc.(Æ)

(92,587)

(2,075)

Analog

Devices,

Inc.

(15,111)

(3,538)

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

(27,216)

(237) Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(145,401)

(2,677)

Coherent

Corp.(Æ)

(23,593)

(3,113)

Concentrix

Corp.

(56,289)

(2,269)

Crane

NXT

Co.

(24,280)

(1,536)

EchoStar

Corp.

Class

A(Æ)

(40,578)

(3,038)

Entegris,

Inc.

(35,584)

(3,259)

Five9,

Inc.(Æ)

(61,955)

(1,504)

Freshworks,

Inc.

Class

A(Æ)

(83,544)

(927) Impinj,

Inc.(Æ)

(14,647)

(2,961)

IonQ,

Inc.(Æ)

(6,266)

(391) Lattice

Semiconductor

Corp.(Æ)

(32,863)

(2,398)

Oracle

Corp.

(12,767)

(3,353)

Progress

Software

Corp.(Æ)

(32,349)

(1,379)

Rambus,

Inc.(Æ)

(24,747)

(2,545)

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TTM

Technologies,

Inc.(Æ)

(59,061)

(3,969)

Unity

Software,

Inc.(Æ)

(91,196)

(3,456)

(46,177)

Utilities

-

(0.3)%

Chord

Energy

Corp.

(19,313)

(1,752)

Dominion

Energy,

Inc.

(22,968)

(1,348)

Expand

Energy

Corp.

(30,225)

(3,123)

Northern

Oil

and

Gas,

Inc.

(27,900)

(617) UGI

Corp.

(69,103)

(2,310)

(9,150)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$146,765)

(175,871)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.0%
1,313

#### Net

#### Assets

#### -

#### 100.0%
3,324,558

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

,

866

12/25

1,768

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,768

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

445,423

$

—

$

—

$

—

$

445,423

Consumer

Staples

127,293

—

—

—

127,293

Energy

105,196

—

—

—

105,196

Financial

Services

467,903

—

—

—

467,903

Health

Care

342,620

—

—

—

342,620

Materials

and

Processing

118,169

—

—

—

118,169

Producer

Durables

242,229

—

—

—

242,229

Technology

1,481,013

—

—

—

1,481,013

Utilities

106,845

—

—

—

106,845

Short-Term

Investments

—

—

—

62,425

62,425

Total

Investments

3,436,691

—

—

62,425

3,499,116

Securities

Sold

Short

\*

(175,871)

—

—

—

(175,871)

Other

Financial

Instruments

Assets

Futures

Contracts

1,768

—

—

—

1,768

Total

Other

Financial

Instruments

\*\*

$

1,768

$

—

$

—

$

—

$

1,768

\*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

1,768

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

8,112

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,549

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Short

Sales

Securities

sold

short,

at

fair

value

$

175,871

$

—

$

175,871

Total

Financial

and

Derivative

Liabilities

175,871

—

175,871

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

175,871

$

—

$

175,871

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

175,871

$

—

$

175,871

$

—

Total

$

175,871

$

—

$

175,871

$

—

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

2,104,537

Investments,

at

fair

value(>)

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

3,499,116

Receivables:

Dividends

and

interest

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

1,344

Dividends

from

affiliated

funds

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

Investments

sold

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

4,804

Fund

shares

sold

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

3,105

From

broker(a)

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

2,232

Variation

margin

on

futures

contracts

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

1,768

Total

assets

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

3,512,635

#### Liabilities
Payables:

Due

to

custodian

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

602

Investments

purchased

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

4,715

Fund

shares

redeemed

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

4,572

Accrued

fees

to

affiliates

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

1,895

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

175,871

Total

liabilities

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

188,077

#### Net

#### Assets

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

3,324,558

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

1,618,942

Shares

of

beneficial

interest

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

1,777

Additional

paid-in

capital

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

1,703,839

#### Net

#### Assets

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

3,324,558

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

62,425

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

2,232

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

146,765

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

18.66 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

19.80 Class

A

—

Net

assets

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

$

28,668,593

Class

A

—

Shares

outstanding

($.01

par

value)

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

1,536,054

Net

asset

value

per

share:

Class

C

(#)

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

$

18.18 Class

C

—

Net

assets

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

$

6,896,536

Class

C

—

Shares

outstanding

($.01

par

value)

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

379,423

Net

asset

value

per

share:

Class

M

(#)

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

$

18.69 Class

M

—

Net

assets

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

$

632,052,944

Class

M

—

Shares

outstanding

($.01

par

value)

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

33,819,874

Net

asset

value

per

share:

Class

S

(#)

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

$

18.72 Class

S

—

Net

assets

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

$

2,461,436,804

Class

S

—

Shares

outstanding

($.01

par

value)

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

131,487,007

Net

asset

value

per

share:

Class

Y

(#)

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

$

18.69 Class

Y

—

Net

assets

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

$

195,503,260

Class

Y

—

Shares

outstanding

($.01

par

value)

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

10,460,180

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

42,880

Dividends

from

affiliated

funds

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

4,070

Interest

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

Total

investment

income

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

47,194

#### Expenses
Advisory

fees

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

17,594

Administrative

fees

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

1,526

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

1,192

Transfer

agent

fees

-

Class

S

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

4,783

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

1,447

Interest

expense

paid

on

securities

sold

short

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

1,435

Miscellaneous

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

Expenses

before

reductions

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

29,385

Expense

reductions

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

(3,774)

Net

expenses

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

25,611

Net

investment

income

(loss)

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

21,583

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

343,721

Investments

in

affiliated

funds

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

(2) Futures

contracts

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

8,112

Securities

sold

short

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

(25,778)

Foreign

currency-related

transactions

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

(1) Net

realized

gain

(loss)

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

326,052

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

169,025

Investments

in

affiliated

funds

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

Futures

contracts

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

3,549

Securities

sold

short

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

(10,522)

Net

change

in

unrealized

appreciation

(depreciation)

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

162,053

Net

realized

and

unrealized

gain

(loss)

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

488,105

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

509,688

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

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)

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

$

21,583

$

22,815

Net

realized

gain

(loss)

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

326,052

310,171

Net

change

in

unrealized

appreciation

(depreciation)

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

162,053

593,740

Net

increase

(decrease)

in

net

assets

from

operations

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

509,688

926,726

#### Distributions
To

shareholders

Class

A

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

(2,320)

(599) Class

C

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

(643) (189) Class

M

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

(59,964)

(22,990)

Class

S

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

(250,995)

(90,937)

Class

Y

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

(16,216)

(6,246)

Net

decrease

in

net

assets

from

distributions

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

(330,138)

(120,961)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(96,315)

(401,965)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
83,235

403,800

#### Net

#### Assets
Beginning

of

period

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

3,241,323

2,837,523

End

of

period

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

$

3,324,558

$

3,241,323

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

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

525

$

8,873

$

5,579

Proceeds

from

reinvestment

of

distributions

2,319

599

Payments

for

shares

redeemed

(338) (5,651)

(223) (3,665)

Net

increase

(decrease)

5,541

2,513

Class

C

Proceeds

from

shares

sold

712

1,103

Proceeds

from

reinvestment

of

distributions

643

Payments

for

shares

redeemed

(76) (1,274)

(74) (1,202)

Net

increase

(decrease)

Class

M

Proceeds

from

shares

sold

6,118

103,439

5,863

97,463

Proceeds

from

reinvestment

of

distributions

3,644

59,938

1,502

22,990

Payments

for

shares

redeemed

(11,734)

(205,727)

(8,762)

(143,410)

Net

increase

(decrease)

(1,972)

(42,350)

(1,397)

(22,957)

Class

S

Proceeds

from

shares

sold

14,881

260,962

10,328

168,257

Proceeds

from

reinvestment

of

distributions

15,218

250,662

5,936

90,793

Payments

for

shares

redeemed

(34,706)

(595,936)

(38,565)

(619,076)

Net

increase

(decrease)

(4,607)

(84,312)

(22,301)

(360,026)

Class

Y

Proceeds

from

shares

sold

2,676

41,688

Proceeds

from

reinvestment

of

distributions

985

16,216

6,246

Payments

for

shares

redeemed

(1,922)

(33,179)

(1,711)

(27,854)

Net

increase

(decrease)

1,739

24,725

(1,302)

(21,585)

Total

increase

(decrease)

(4,507)

$

(96,315)

(24,830)

$

(401,965)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### 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

17.75 13.68 13.31 17.88 12.88 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.07

.07

.09

.06

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.63 4.58 1.12 (3.31)

5.02 $

Total

from

Investment

Operations

2.70 4.65 1.21 (3.25)

5.04 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10)

(.07)

(.09)

(.06)

(.04)

$

Distributions

from

Net

Realized

Gain

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.79)

(.58)

(.84)

(1.32)

(.04)

$

Net

Asset

Value,

End

of

Period

18.66 17.75 13.68 13.31 17.88 %

Total

Return

(±)

16.65 34.67 9.67 (19.47)

39.21 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 28,669

21,457

14,309

11,144

12,928

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.18 1.24 1.39 1.26 1.25 %

Expenses,

Net

(Ƃ)

(Δ)

1.08 1.10 1.12 1.00 .99

%

Net

Investment

Income

(Ƃ)

.40

.43

.63

.41

.15

%

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

17.36 13.44 13.11 17.68 12.80 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.06)

(.05)

(.01)

(.05)

(.10)

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.58 4.49 1.09 (3.26)

4.99 $

Total

from

Investment

Operations

2.52 4.44 1.08 (3.31)

4.89 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.01)

(.01)

—

—

(.01)

$

Distributions

from

Net

Realized

Gain

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.70)

(.52)

(.75)

(1.26)

(.01)

$

Net

Asset

Value,

End

of

Period

18.18 17.36 13.44 13.11 17.68 %

Total

Return

15.84 33.69 8.80 (20.06)

38.18 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,896

6,499

4,938

5,302

7,142

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.93 2.00 2.14 2.01 2.00 %

Expenses,

Net

(Ƃ)

(Δ)

1.83 1.85 1.87 1.75 1.74 %

Net

Investment

Income

(Ƃ)

(.35)

(.31)

(.10)

(.34)

(.60)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.77 13.69 13.32 17.90 12.88 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.13

.13

.14

.11

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.64 4.58 1.12 (3.31)

5.04 $

Total

from

Investment

Operations

2.77 4.71 1.26 (3.20)

5.12 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.12)

(.14)

(.12)

(.10)

$

Distributions

from

Net

Realized

Gain

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.85)

(.63)

(.89)

(1.38)

(.10)

$

Net

Asset

Value,

End

of

Period

18.69 17.77 13.69 13.32 17.90 %

Total

Return

17.09 35.16 10.03 (19.20)

39.83 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 632,053

636,086

509,184

525,351

704,072

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.93

1.00 1.14 1.01 .99

%

Expenses,

Net

(Ƃ)

(Δ)

.73

.75

.77

.65

.64

%

Net

Investment

Income

(Ƃ)

.75

.79

1.00 .76

.50

%

Portfolio

Turnover

Rate

#### 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

17.80 13.71 13.34 17.92 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.11

.11

.12

.10

.07

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.65 4.59 1.12 (3.32)

5.03 $

Total

from

Investment

Operations

2.76 4.70 1.24 (3.22)

5.10 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.15)

(.10)

(.12)

(.10)

(.08)

$

Distributions

from

Net

Realized

Gain

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.84)

(.61)

(.87)

(1.36)

(.08)

$

Net

Asset

Value,

End

of

Period

18.72 17.80 13.71 13.34 17.92 %

Total

Return

16.94 35.05 9.90 (19.27)

39.62 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,461,437

2,422,271

2,171,846

2,526,335

3,565,540

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.93

1.00 1.14 1.01 .99

%

Expenses,

Net

(Ƃ)

(Δ)

.83

.85

.87

.75

.74

%

Net

Investment

Income

(Ƃ)

.65

.70

.90

.66

.40

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ƶ)

#### Per-Share

#### Data
–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17. 77

13. 69

.

Income

(loss)

from

investment

operations:

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.14

.14

.01

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.65 4.58 (.81)

$

Total

from

Investment

Operations

2.79 4.72 (.80)

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.13)

(.03)

$

Distributions

from

Net

Realized

Gain

(1.69)

(.51)

—

$

Total

Distributions

(1.87)

(.64)

(.03)

$

Net

Asset

Value,

End

of

Period

18.69 17.77 13.69 %

Total

Return

(ǿ)

17.18 35.26 (5.50)

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

$

Net

Assets,

End

of

Period

(000) 195,503

155,010

137,246

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.73

.80

.94

%

Expenses,

Net

(Ƃ)

(Δ)(ɯ)

.65

.67

.69

%

Net

Investment

Income

(Ƃ)

(ɯ)

.82

.87

.59

%

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

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

an

underlying

fund

which

is,

or

was,

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:

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

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

equalization,

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.

Advisory

fees

$

1,317,837

Administrative

fees

133,037

Distribution

fees

10,337

Shareholder

servicing

fees

1,465

Transfer

agent

fees

422,277

Trustees'

fees

10,280

$

1,895,233

#### 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
U.S.

Cash

Management

Fund

$

109,156

$

710,695

$

757,425

$

(2)

$

$

62,425

$

4,070

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,000,826,055

$

1,449,189,959

$

(126,860,361)

$

1,322,329,598

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

20,246,

$

,

,

616

$

1,322,329,785

$

—

$

1,6

,

941

,

#### 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
$

47,516,270

$

282,621,319

$

—

$

54,208,086

$

66,752,693

$

—

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(33,639)

Additional

paid-in

capital

33,639

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.8%
Consumer

Discretionary

-

12.1%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,259

Academy

Sports

&

Outdoors,

Inc.

11,604

556

Accel

Entertainment,

Inc.(Æ)

3,835

Adtalem

Global

Education,

Inc.(Æ)

2,463

Advance

Auto

Parts,

Inc.

5,902

Advanced

Energy

Industries,

Inc.

2,122

AerSale

Corp.(Æ)

38,419

AMC

Networks,

Inc.

Class

A(Æ)

4,607

Amer

Sports,

Inc.(Æ)(Û)

19,351

604

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

40,931

American

Eagle

Outfitters,

Inc.

173,374

2,897

American

Outdoor

Brands,

Inc.(Æ)

651

American

Public

Education,

Inc.(Æ)

9,751

America's

Car-Mart,

Inc.(Æ)

4,688

Asbury

Automotive

Group,

Inc.(Æ)

1,714

Atkore

,

Inc.

6,211

Axon

Enterprise,

Inc.(Æ)

Bath

&

Body

Works,

Inc.

11,504

Best

Buy

Co.,

Inc.(Û)

1,636

Beyond,

Inc.(Æ)

9,409

Birkenstock

Holding

PLC(Æ)

11,767

Blade

Air

Mobility,

Inc.(Æ)

89,931

BlueLinx

Holdings,

Inc.(Æ)

1,371

Boot

Barn

Holdings,

Inc.(Æ)

16,832

3,192

BorgWarner,

Inc.

16,903

726

Brilliant

Earth

Group,

Inc.

Class

A

130,335

Brinker

International,

Inc.(Æ)

3,269

Brunswick

Corp.

32,218

2,130

Buckle,

Inc.

(The)

7,219

Cadre

Holdings,

Inc.

37,064

1,574

Cava

Group,

Inc.(Æ)(Ð)

3,295

Cavco

Industries,

Inc.(Æ)

643

Celestica,

Inc.(Æ)

732

Central

Garden

&

Pet

Co.

Class

A(Æ)(Û)

1,800

Century

Communities,

Inc.

17,516

1,040

Chegg

,

Inc.(Æ)

9,281

Citi

Trends,

Inc.(Æ)

1,515

Clarus

Corp.

405,086

1,353

Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

(Ð)

11,100

Cooper-Standard

Holdings,

Inc.(Æ)

2,771

Coty,

Inc.

Class

A(Æ)(Ð)

53,893

CuriosityStream

,

Inc.

57,753

Dana,

Inc.

21,156

Dave

&

Buster's

Entertainment,

Inc.(Æ)

3,096

Denny's

Corp.(Æ)

131,486

514

Designer

Brands,

Inc.

Class

A

13,492

Dillard's,

Inc.

Class

A(Ð)(Û)

503

Douglas

Dynamics,

Inc.

54,849

1,658

Driven

Brands

Holdings,

Inc.(Æ)

39,770

571

Enovix

Corp.(Æ)(Ð)

9,073

Ethan

Allen

Interiors,

Inc.

13,213

EW

Scripps

Co.

(The)

Class

A(Æ)

62,322

FIGS,

Inc.

Class

A(Æ)

36,876

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
FirstCash

Holdings,

Inc.

5,088

806

Five

Below,

Inc.(Æ)(Ð)(Û)

10,754

1,691

Forestar

Group,

Inc.(Æ)

3,975

Funko

,

Inc.

Class

A(Æ)(Ð)

12,678

Genesco,

Inc.(Æ)

2,894

Genius

Sports,

Ltd.(Æ)

83,190

937

Gentherm

,

Inc.(Æ)

8,516

G-III

Apparel

Group,

Ltd.(Æ)

5,520

Gildan

Activewear

,

Inc.

Class

A

4,589

Golden

Entertainment,

Inc.

49,719

1,004

GoPro,

Inc.

Class

A(Æ)

19,859

Gray

Television,

Inc.(Ð)

78,441

Green

Brick

Partners,

Inc.(Æ)

23,109

1,496

Group

Automotive,

Inc.

1,014

Haverty

Furniture

Cos.,

Inc.

46,967

1,024

HealthStream

,

Inc.

1,191

Hillenbrand,

Inc.

21,005

664

IAC,

Inc.(Æ)

8,756

International

Game

Technology

PLC

32,869

548

iRobot

Corp.(Æ)

12,608

Johnson

Outdoors,

Inc.

Class

A

31,120

1,268

Karman

Holdings

Inc.(Æ)

9,519

802

KB

Home

13,072

816

Kura

Sushi

USA,

Inc.

Class

A(Æ)

30,707

1,748

Lands'

End,

Inc.(Æ)

2,913

Lear

Corp.(Ð)

8,769

918

Legacy

Education,

Inc.(Æ)

35,973

Leonardo

DRS,

Inc.

12,539

Leslie's,

Inc.(Æ)(Ð)

1,123

LGI

Homes,

Inc.(Æ)

6,585

Life

Time

Group

Holdings,

Inc.(Æ)

15,581

Lincoln

Educational

Services

Corp.(Æ)

9,230

Madison

Square

Garden

Entertainment

Corp.(Æ)

7,892

Magnite

,

Inc.(Æ)

10,061

Marine

Products

Corp.

85,821

725

Marriott

Vacations

Worldwide

Corp.

9,781

645

MasterCraft

Boat

Holdings,

Inc.(Æ)

2,923

Matthews

International

Corp.

Class

A

28,556

669

Monro

Muffler

Brake,

Inc.

16,250

Motorcar

Parts

of

America,

Inc.(Æ)

29,792

508

Movado

Group,

Inc.(Ð)

75,989

1,384

Neonode

Inc.(Æ)

3,226

Newell

Brands,

Inc.

281,969

959

Nu

Skin

Enterprises,

Inc.

Class

A

31,962

OneSpaWorld

Holdings,

Ltd.

95,560

2,224

OptimizeRx

Corp.(Æ)

35,612

730

Papa

John's

International,

Inc.

60,889

3,094

Patrick

Industries,

Inc.

5,189

542

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

34,566

QuinStreet

,

Inc.(Æ)

51,143

756

Reservoir

Media,

Inc.(Æ)

136,649

1,039

REV

Group,

Inc.

13,184

676

Rocky

Brands,

Inc.

38,263

1,079

Rush

Street

Interactive,

Inc.(Æ)(Û)

78,353

1,329

Sally

Beauty

Holdings,

Inc.(Æ)

35,846

542

Scholastic

Corp.

5,190

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Shake

Shack,

Inc.

Class

A(Æ)

3,868

SharkNinja

,

Inc.(Æ)(Ð)

6,213

531

Shoe

Carnival,

Inc.(Ð)

4,311

Signet

Jewelers,

Ltd.

5,081

502

Sonic

Automotive,

Inc.

Class

A(Ð)

4,856

Sportradar

Holding

AG

Class

A(Æ)

5,940

Stitch

Fix,

Inc.

Class

A(Æ)

32,840

Stride,

Inc.(Æ)

1,741

Sturm

Ruger

&

Co.,

Inc.

26,888

1,140

Super

Group

SGHC,

Ltd.

64,978

702

Superior

Group

of

Cos.,

Inc.

622

TEGNA,

Inc.

30,013

590

Texas

Roadhouse,

Inc.

Class

A

6,281

1,027

Thor

Industries,

Inc.

8,372

874

Toll

Brothers,

Inc.(Û)

8,639

1,166

Topgolf

Callaway

Brands

Corp.(Æ)(Ð)

25,824

Tri

Pointe

Homes,

Inc.(Æ)

5,531

Udemy

,

Inc.(Æ)

24,443

Under

Armour

,

Inc.

Class

A(Æ)

50,852

Upbound

Group,

Inc.

Class

A

15,716

Urban

Outfitters,

Inc.(Æ)

7,023

VF

Corp.

39,299

552

Visteon

Corp.

3,407

Wabash

National

Corp.

13,684

Wayfair,

Inc.

Class

A(Æ)(Ð)

9,165

949

Wingstop

,

Inc.(Ð)

5,238

1,135

Winmark

Corp.

863

Winnebago

Industries,

Inc.

29,073

1,096

Wyndham

Hotels

&

Resorts,

Inc.

2,364

Zumiez

,

Inc.(Æ)

4,245

75,965

Consumer

Staples

-

2.4%

Andersons,

Inc.

(The)

12,281

569

Arko

Corp.

11,323

Beauty

Health

Co.

(The)(Æ)

16,833

BellRing

Brands,

Inc.(Æ)

3,306

Calavo

Growers,

Inc.

25,584

568

Cal-Maine

Foods,

Inc.

8,882

780

Celsius

Holdings,

Inc.(Æ)

13,014

784

Dole

PLC

9,415

elf

Beauty,

Inc.(Æ)

1,224

Fresh

Del

Monte

Produce,

Inc.

7,591

Grocery

Outlet

Holding

Corp.(Æ)

28,692

Helen

of

Troy,

Ltd.(Æ)(Ð)

8,270

Herbalife,

Ltd.(Æ)(Û)

19,052

Ingles

Markets,

Inc.

Class

A

3,594

Lifevantage

Corp.

984

National

Beverage

Corp.(Æ)(Ð)

3,505

National

Vision

Holdings,

Inc.(Æ)

40,422

1,041

Nomad

Foods,

Ltd.

24,603

Olaplex

Holdings,

Inc.(Æ)

132,069

Pilgrim's

Pride

Corp.(Ð)(Û)

18,492

705

Quanex

Building

Products

Corp.

147,208

2,092

Smithfield

Foods,

Inc.(Û)

14,460

Sprouts

Farmers

Market,

Inc.(Æ)

1,602

United

Natural

Foods,

Inc.(Æ)

14,371

541

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Universal

Corp.

5,528

USANA

Health

Sciences,

Inc.(Æ)

2,051

Vita

Coco

Co.,

Inc.

(The)(Æ)

36,868

1,518

Vital

Farms,

Inc.(Æ)(Ð)

52,051

1,710

Warby

Parker,

Inc.

Class

A(Æ)

75,501

1,479

14,757

Energy

-

5.0%

Antero

Resources

Corp.(Æ)

10,287

Atlas

Energy

Solutions,

Inc.

22,139

CVR

Energy,

Inc.

11,924

Delek

US

Holdings,

Inc.

14,494

547

DNOW,

Inc.(Æ)

31,548

Expro

Group

Holdings

NV(Æ)

23,114

Fluence

Energy,

Inc.(Æ)

15,110

Forum

Energy

Technologies,

Inc.(Æ)

780

Green

Plains,

Inc.(Æ)

15,337

Hallador

Energy

Co.(Æ)

14,185

Helmerich

&

Payne,

Inc.

11,122

HF

Sinclair

Corp.(Ð)

13,751

710

Innovex

International,

Inc.(Æ)

19,932

Kodiak

Gas

Services,

Inc.

21,100

778

Liberty

Energy,

Inc.

Class

A

18,106

Matrix

Service

Co.(Æ)

91,139

1,369

National

Energy

S

ervicees

Reunited

Corp.

(Æ)

122,744

1,549

Natural

Gas

Services

Group,

Inc.

23,904

665

Noble

Corp.

PLC

23,972

704

NPK

International,

Inc.(Æ)

203,768

2,506

Oceaneering

International,

Inc.(Æ)

49,145

1,145

Oil

States

International,

Inc.(Æ)

46,992

Ormat

Technologies,

Inc.

4,983

530

Par

Pacific

Holdings,

Inc.(Æ)

7,617

Patterson-UTI

Energy,

Inc.

210,014

1,317

PBF

Energy,

Inc.

Class

A

9,945

Ranger

Energy

Services,

Inc.

Class

A

984

RPC,

Inc.

56,536

Select

Water

Solutions,

Inc.

Class

A

348,639

4,030

SM

Energy

Co.

12,662

SolarEdge

Technologies,

Inc.(Æ)(Ð)

1,678

Solaris

Energy

Infrastructure,

Inc.

Class

A

51,140

2,722

TechnipFMC

PLC(Û)

36,640

1,515

TETRA

Technologies,

Inc.(Æ)

274,684

1,939

United

States

Antimony

Corp.(Æ)

53,428

Viper

Energy,

Inc.

Class

A

6,162

W&T

Offshore,

Inc.

429,528

902

Warrior

Met

Coal,

Inc.

8,348

566

WaterBridge

Infrastructure

LLC

Class

A(Æ)

40,557

973

Weatherford

International

PLC

10,497

774

World

Kinect

Corp.(Ð)

14,527

31,452

Financial

Services

-

20.9%

1st

Source

Corp.

4,029

Acadian

Asset

Management

Inc

5,252

Ally

Financial,

Inc.

29,321

1,143

Alpine

Income

Property

Trust,

Inc.(ö)

44,048

647

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ambac

Financial

Group,

Inc.(Æ)

15,751

American

Assets

Trust,

Inc.(ö)

15,714

American

Integrity

Insurance

Group,

Inc.

(Æ)

34,978

833

Ameris

Bancorp

7,033

504

Arbor

Realty

Trust,

Inc.(ö)

36,954

Artisan

Partners

Asset

Management,

Inc.

Class

A

1,804

Axos

Financial,

Inc.(Æ)

7,828

610

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

10,389

Banc

of

California,

Inc.

38,805

658

Bancorp,

Inc.

(The)(Æ)

8,657

566

Bank

of

Hawaii

Corp.

3,281

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

12,630

584

Bank

OZK

9,652

BankUnited

,

Inc.

19,307

774

Banner

Corp.

14,390

869

BGC

Group,

Inc.

Class

A

93,697

856

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

32,588

602

BOK

Financial

Corp.(Ð)

3,546

Bowhead

Specialty

Holdings,

Inc.(Æ)

24,989

599

Bread

Financial

Holdings,

Inc.

18,881

1,183

Brighthouse

Financial,

Inc.(Æ)(Ð)

8,576

Brixmor

Property

Group,

Inc.(ö)

31,546

825

Broadstone

Net

Lease,

Inc.(ö)

57,501

1,030

Business

First

Bancshares,

Inc.

70,003

1,716

Cadence

Bank

25,962

980

Camden

Property

Trust(Ð)(ö)(Û)

10,113

1,006

Capital

Bancorp,

Inc.

34,361

955

Capital

City

Bank

Group,

Inc.

22,101

860

Cathay

General

Bancorp

8,862

Centerspace

(ö)

11,884

704

Central

Pacific

Financial

Corp.

25,090

715

Chatham

Lodging

Trust(ö)

3,555

City

Holding

Co.

2,462

CNA

Financial

Corp.(Û)

4,057

CNO

Financial

Group,

Inc.

28,466

1,139

Coastal

Financial

Corp.(Æ)

14,076

1,499

Community

Bank

System,

Inc.

15,323

850

Community

Healthcare

Trust,

Inc.(ö)

103,997

1,525

Compass,

Inc.

Class

A(Æ)

81,951

632

COPT

Defense

Properties(ö)

14,009

Core

Scientific

Inc.(Æ)

6,213

Corebridge

Financial,

Inc.(Ð)

32,427

1,056

CTO

Realty

Growth,

Inc.(ö)

44,029

734

Cullen/Frost

Bankers,

Inc.(Ð)

10,491

1,292

Cushman

&

Wakefield

PLC(Æ)

34,702

545

Dave,

Inc.(Æ)

7,108

1,701

DiamondRock

Hospitality

Co.(ö)

60,959

Dime

Community

Bancshares,

Inc.

27,912

733

Donegal

Group,

Inc.

Class

A

507

Douglas

Elliman

,

Inc.(Æ)

65,852

Eastern

Bankshares

,

Inc.

19,926

Employers

Holdings,

Inc.

Enact

Holdings,

Inc.

10,094

Encore

Capital

Group,

Inc.(Æ)

9,965

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Enova

International,

Inc.(Æ)

5,141

615

Enterprise

Financial

Services

Corp.

20,303

1,063

Esquire

Financial

Holdings,

Inc.

5,662

531

eXp

World

Holdings,

Inc.(Ð)

22,100

EZCORP,

Inc.

Class

A(Æ)

9,275

Farmers

&

Merchants

Bancorp,

Inc.

5,568

FB

Financial

Corp.

20,002

1,080

Federal

Agricultural

Mortgage

Corp.

Class

C

4,453

706

Fidelis

Insurance

Holdings,

Ltd.

12,535

Financial

Institutions,

Inc.

11,058

First

American

Financial

Corp.

11,996

750

First

BanCorp

47,147

1,143

First

Busey

Corp.

16,261

First

Commonwealth

Financial

Corp.

18,527

First

Internet

Bancorp

1,620

First

Interstate

BancSystem

,

Inc.

Class

A

9,169

First

Merchants

Corp.

9,683

First

Mid

Bancshares,

Inc.

30,143

1,077

Five

Star

Bancorp

33,000

1,172

Flagstar

Bank

NA

41,380

Fulton

Financial

Corp.

19,770

Genworth

Financial,

Inc.

Class

A(Æ)

86,268

728

German

American

Bancorp,

Inc.

49,211

1,897

Getty

Realty

Corp.(ö)

25,760

707

Glacier

Bancorp,

Inc.

32,467

1,326

Globe

Life,

Inc.(Û)

4,004

527

Goosehead

Insurance,

Inc.

Class

A(Ð)

4,536

Grid

Dynamics

Holdings,

Inc.(Æ)(Ð)

11,823

Hamilton

Insurance

Group,

Ltd.

Class

B(Æ)

15,629

Hancock

Holding

Co.

6,962

Hanover

Insurance

Group,

Inc.

(The)

6,385

1,091

HCI

Group,

Inc.

1,401

Heritage

Financial

Corp.

44,015

977

Heritage

Insurance

Holdings,

Inc.(Æ)

8,051

Hilltop

Holdings,

Inc.

4,445

Hippo

Holdings,

Inc.(Æ)(Ð)

2,958

Home

BancShares

,

Inc.

11,130

Horace

Mann

Educators

Corp.

2,069

Horizon

Bancorp,

Inc.

111,794

1,744

Independence

Realty

Trust,

Inc.(ö)

24,789

Independent

Bank

Corp.

47,519

2,379

International

Bancshares

Corp.

6,750

InvenTrust

Properties

Corp.(ö)

45,466

1,246

Jackson

Financial,

Inc.

Class

A

8,388

846

James

River

Group

Holdings,

Ltd.

7,911

John

Wiley

&

Sons,

Inc.

Class

A

7,662

Jones

Lang

LaSalle,

Inc.(Æ)

2,896

884

Kearny

Financial

Corp.

4,022

Kemper

Corp.

7,553

Kingstone

Cos.,

Inc.

14,802

Kite

Realty

Group

Trust(ö)

24,909

551

Lazard,

Inc.

21,690

1,058

Legacy

Housing

Corp.(Æ)

36,391

817

Legalzoom.com,

Inc.(Æ)

12,644

LendingClub

Corp.(Æ)

28,580

LendingTree

,

Inc.(Æ)

3,838

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Live

Oak

Bancshares,

Inc.

11,996

LiveRamp

Holdings,

Inc.(Æ)

17,458

Macerich

Co.

(The)(ö)

20,566

Marcus

&

Millichap,

Inc.

55,617

1,625

McGrath

RentCorp

5,239

563

Mercury

General

Corp.

8,505

657

Metropolitan

Bank

Holding

Corp.

26,000

1,723

Mid

Penn

Bancorp,

Inc.

41,016

1,167

Moelis

&

Co.

Class

A

5,198

National

Bank

Holdings

Corp.

Class

A

70,213

2,504

NBT

Bancorp,

Inc.

27,171

1,100

Nelnet,

Inc.

Class

A

874

NerdWallet

,

Inc.

Class

A(Æ)

8,974

NETSTREIT

Corp.(ö)

140,362

2,614

New

York

Mortgage

Trust,

Inc.(ö)

46,159

Newmark

Group,

Inc.

Class

A

42,881

765

NexPoint

Residential

Trust,

Inc.(ö)

3,123

NMI

Holdings,

Inc.

Class

A(Æ)

10,363

NNN

REIT,

Inc.(ö)

17,262

698

Northeast

Bank

13,855

1,195

Northpointe

Bancshares,

Inc.

57,281

908

Northwest

Bancshares,

Inc.

18,056

OceanFirst

Financial

Corp.

36,267

659

OFG

Bancorp

16,349

632

OppFi

,

Inc.

20,567

Origin

Bancorp,

Inc.

18,231

632

OUTFRONT

Media,

Inc.(ö)

27,857

Pagseguro

Digital,

Ltd.

Class

A(Ð)

39,431

Paysign

,

Inc.(Æ)

12,356

Peapack

-Gladstone

Financial

Corp.

19,224

PennyMac

Financial

Services,

Inc.

4,170

525

Perella

Weinberg

Partners(Ð)

109,710

2,049

Phillips

Edison

&

Co.,

Inc.(ö)

2,433

Piedmont

Office

Realty

Trust,

Inc.

Class

A(Ð)(ö)

13,487

Piper

Sandler

Cos.

1,545

Popular,

Inc.

11,948

1,332

PotlatchDeltic

Corp.(ö)

47,764

1,911

PRA

Group,

Inc.(Æ)

6,853

Preferred

Bank

4,212

Primerica,

Inc.

1,850

Progyny

,

Inc.(Æ)(Ð)

1,204

Prosperity

Bancshares,

Inc.

16,459

1,083

Provident

Financial

Services,

Inc.

11,268

Radian

Group,

Inc.

11,288

RE/MAX

Holdings,

Inc.

Class

A(Æ)

1,000

Real

Brokerage,

Inc.

(The)(Æ)(Ð)

32,191

Regional

Management

Corp.

Reinsurance

Group

of

America,

Inc.

Class

A

6,102

1,113

Renasant

Corp.

14,261

RLI

Corp.

2,043

RLJ

Lodging

Trust(ö)

57,011

RMR

Group,

Inc.

(The)

Class

A

13,730

Root,

Inc.

Class

A(Æ)

3,878

Ryman

Hospitality

Properties,

Inc.(ö)

4,417

S&T

Bancorp,

Inc.

8,740

Seacoast

Banking

Corp.

of

Florida

56,056

1,698

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Selective

Insurance

Group,

Inc.

4,669

ServisFirst

Bancshares,

Inc.

14,483

1,018

SiriusPoint

,

Ltd.(Æ)

28,786

524

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)(Ð)

7,260

SL

Green

Realty

Corp.(ö)

8,416

SLM

Corp.(Ð)

54,551

1,465

SmartFinancial

,

Inc.

31,323

1,095

South

Plains

Financial,

Inc.

30,210

1,103

Stewart

Information

Services

Corp.

7,923

541

Stock

Yards

Bancorp,

Inc.

21,792

1,417

StoneX

Group,

Inc.(Æ)

7,187

661

Summit

Hotel

Properties,

Inc.(ö)

57,373

TeraWulf

,

Inc.(Æ)

38,160

591

Texas

Capital

Bancshares,

Inc.(Æ)

4,485

Third

Coast

Bancshares,

Inc.(Æ)

566

Tiptree,

Inc.

Class

A

36,271

642

Towne

Bank

40,786

1,326

Transcontinental

Realty

Investors,

Inc.(Æ)

4,259

TriCo

Bancshares

20,595

911

Triumph

Financial,

Inc.(Æ)

28,906

1,574

TWFG,

Inc.(Æ)

1,749

UL

Solutions,

Inc.

Class

A

15,650

1,219

UMB

Financial

Corp.

3,972

UMH

Properties,

Inc.(ö)

105,437

1,533

United

Community

Banks,

Inc.

12,721

United

Fire

Group,

Inc.

11,221

Universal

Insurance

Holdings,

Inc.

4,081

Univest

Financial

Corp.

6,584

Unum

Group(Ð)

13,711

1,007

Upstart

Holdings,

Inc.(Æ)

1,143

Valley

National

Bancorp

38,813

Vestis

Corp.

33,396

Walker

&

Dunlop,

Inc.

12,621

1,009

Webster

Financial

Corp.

14,604

833

WesBanco

,

Inc.

36,308

1,093

Whitestone

REIT

Class

B(ö)

937

Xenia

Hotels

&

Resorts,

Inc.(ö)

15,195

Zions

Bancorp

NA(Û)

15,258

795

131,105

Health

Care

-

17.7%

10X

Genomics,

Inc.

Class

A(Æ)

39,342

537

Abivax

SA

-

ADR(Æ)

11,453

1,173

Acadia

Healthcare

Co.,

Inc.(Æ)

9,698

Acadia

Pharmaceuticals,

Inc.(Æ)

2,080

AdaptHealth

Corp.(Æ)

40,744

Adaptive

Biotechnologies

Corp.(Æ)

39,729

690

ADMA

Biologics,

Inc.(Æ)

226,840

3,511

agilon

health,

Inc.(Æ)(Ð)

53,695

Akebia

Therapeutics,

Inc.(Æ)

43,920

Akero

Therapeutics,

Inc.(Æ)

1,939

Aldeyra

Therapeutics,

Inc.(Æ)(Ð)

17,797

Alector

,

Inc.(Æ)

13,065

Align

Technology,

Inc.(Æ)(Û)

1,346

Alkermes

PLC(Æ)

11,100

Amylyx

Pharmaceuticals,

Inc.(Æ)

11,527

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AnaptysBio

,

Inc.(Æ)

6,340

ANI

Pharmaceuticals,

Inc.(Æ)

25,006

2,266

Annexon

,

Inc.(Æ)(Ð)

1,700

Apogee

Therapeutics,

Inc.(Æ)

6,443

Arcellx

,

Inc.(Æ)

15,710

1,418

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

2,887

Arcus

Biosciences,

Inc.(Æ)

15,027

Arrowhead

Pharmaceuticals,

Inc.(Æ)

7,857

Artivion

,

Inc.(Æ)

3,412

Arvinas

,

Inc.(Æ)(Ð)

984

Ascendis

Pharma

A/S

-

ADR(Æ)

5,361

1,081

Astrana

Health,

Inc.(Æ)

5,940

Aurinia

Pharmaceuticals,

Inc.(Æ)

19,892

Avanos

Medical,

Inc.(Æ)

25,399

Aveanna

Healthcare

Holdings,

Inc.(Æ)

48,158

Avidity

Biosciences,

Inc.(Æ)

31,608

2,208

Axogen

,

Inc.(Æ)

6,308

Axsome

Therapeutics,

Inc.(Æ)

3,185

Beam

Therapeutics,

Inc.(Æ)(Ð)

7,455

Beta

Bionics,

Inc.(Æ)

10,205

Bicara

Therapeutics,

Inc.(Æ)

6,550

BioCryst

Pharmaceuticals,

Inc.(Æ)

32,140

BioLife

Solutions,

Inc.(Æ)

59,505

1,658

BridgeBio

Pharma,

Inc.(Æ)

52,740

3,304

CareDx

,

Inc.(Æ)(Ð)

75,874

1,138

Caribou

Biosciences,

Inc.(Æ)

1,658

Carlsmed

,

Inc.(Æ)

46,789

603

Celcuity

,

Inc.(Æ)

10,599

818

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

24,549

611

Chemed

Corp.

1,454

627

Cidara

Therapeutics,

Inc.(Æ)

16,758

1,831

Cogent

Biosciences,

Inc.(Æ)

38,163

622

CONMED

Corp.

7,307

Corcept

Therapeutics,

Inc.(Æ)

2,604

Crinetics

Pharmaceuticals,

Inc.(Æ)

22,539

980

CRISPR

Therapeutics

AG(Æ)

11,361

727

Cytek

Biosciences,

Inc.(Æ)

59,695

Cytokinetics,

Inc.(Æ)

17,780

1,131

Day

One

Biopharmaceuticals,

Inc.(Æ)

8,300

Definitive

Healthcare

Corp.(Æ)

9,500

Dentsply

Sirona,

Inc.(Ð)(Û)

35,767

Editas

Medicine,

Inc.(Æ)

15,600

Enanta

Pharmaceuticals,

Inc.(Æ)

3,878

Enhabit

,

Inc.(Æ)

36,724

Enovis

Corp.

Class

W(Æ)

24,256

758

Ensign

Group,

Inc.

(The)

2,882

519

Entrada

Therapeutics,

Inc.(Æ)

616

ETON

Pharmaceuticals,

Inc.(Æ)

13,983

Exagen

,

Inc.(Æ)

34,925

Exelixis

,

Inc.(Æ)(Û)

30,615

1,184

Fulgent

Genetics,

Inc.(Æ)

14,195

GeneDx

Holdings

Corp.(Æ)

8,957

1,226

Ginkgo

Bioworks

Holdings,

Inc.(Æ)

5,000

Glaukos

Corp.(Æ)

3,818

GoodRx

Holdings,

Inc.

Class

A(Æ)

18,467

Gossamer

Bio,

Inc.(Æ)

121,221

GRAIL,

Inc.(Æ)

1,642

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Guardant

Health,

Inc.(Æ)

28,205

2,624

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

24,969

700

Haemonetics

Corp.(Æ)

4,016

Halozyme

Therapeutics,

Inc.(Æ)(Û)

22,222

1,449

Harrow

Health,

Inc.(Æ)

2,775

HealthEquity

,

Inc.(Æ)

14,829

1,403

Humacyte

,

Inc.(Æ)

32,417

Indivior

PLC(Æ)

24,554

721

Inhibrx

Biosciences,

Inc.(Æ)

1,257

Innoviva

,

Inc.(Æ)

63,844

1,162

Inogen

,

Inc.(Æ)

2,584

Insmed

,

Inc.(Æ)

10,467

1,985

Insulet

Corp.(Æ)

1,867

584

iRadimed

Corp.

28,896

2,219

iRhythm

Technologies,

Inc.(Æ)

9,018

1,689

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

27,622

Joint

Corp.

(The)(Æ)

31,670

Keros

Therapeutics,

Inc.(Æ)

14,004

Kodiak

Sciences,

Inc.(Æ)(Ð)

3,535

KORU

Medical

Systems,

Inc.(Æ)

30,705

Krystal

Biotech,

Inc.(Æ)

5,643

1,115

Kura

Oncology,

Inc.(Æ)

20,956

Kymera

Therapeutics,

Inc.(Æ)

5,018

Lantheus

Holdings,

Inc.(Æ)(Ð)

7,539

LeMaitre

Vascular,

Inc.

30,674

2,657

LENZ

Therapeutics,

Inc.(Æ)

14,677

LifeStance

Health

Group,

Inc.(Æ)

23,582

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

26,351

5,041

Madrigal

Pharmaceuticals,

Inc.(Æ)

6,256

2,621

MannKind

Corp.(Æ)

67,525

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

20,711

MDxHealth

SA(Æ)

11,845

Medpace

Holdings,

Inc.(Æ)

1,856

1,086

Merit

Medical

Systems,

Inc.(Æ)

11,494

1,006

Mineralys

Therapeutics,

Inc.(Æ)

15,754

644

Mirum

Pharmaceuticals,

Inc.(Æ)

24,993

1,816

Multiplan

Corp.(Æ)

1,557

Myriad

Genetics,

Inc.(Æ)

35,113

Natera

,

Inc.(Æ)

3,798

756

National

HealthCare

Corp.

3,864

Nektar

Therapeutics(Æ)

3,012

Neurocrine

Biosciences,

Inc.(Æ)

3,680

527

Newamsterdam

Pharma

Co.

NV(Æ)

6,682

Novavax

,

Inc.(Æ)(Ð)

7,034

Novocure

,

Ltd.(Æ)(Û)

12,204

Nurix

Therapeutics,

Inc.(Æ)

12,991

Nuvalent

,

Inc.

Class

A(Æ)

13,638

1,355

Ocular

Therapeutix

,

Inc.(Æ)(Ð)

23,119

Option

Care

Health,

Inc.(Æ)

9,985

OraSure

Technologies,

Inc.(Æ)(Ð)

9,735

ORIC

Pharmaceuticals,

Inc.(Æ)

31,251

Orthofix

Medical,

Inc.(Æ)

51,495

795

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

26,074

Owlet,

Inc.(Æ)

22,361

Pacira

BioSciences

,

Inc.(Æ)

13,196

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pediatrix

Medical

Group,

Inc.(Æ)

30,067

510

Pennant

Group,

Inc.

(The)(Æ)

62,334

1,541

Perrigo

Co.

PLC

51,198

1,062

Phibro

Animal

Health

Corp.

Class

A(Ð)

61,724

2,596

Phreesia

,

Inc.(Æ)

17,166

Praxis

Precision

Medicines,

Inc.(Æ)

1,727

Prestige

Brands

Holdings,

Inc.(Æ)

4,940

Prime

Medicine,

Inc.(Æ)

13,602

Prothena

Corp.

PLC(Æ)

17,727

PTC

Therapeutics,

Inc.(Æ)

37,716

2,576

Quipt

Home

Medical

Corp.(Æ)

171,098

Repligen

Corp.(Æ)

6,047

901

Revolution

Medicines,

Inc.(Æ)

15,486

911

Rhythm

Pharmaceuticals,

Inc.(Æ)

22,525

2,562

Rigel

Pharmaceuticals,

Inc.(Æ)

13,319

Sangamo

Therapeutics,

Inc.(Æ)

1,093

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

13,761

Select

Medical

Holdings

Corp.

31,567

SI-BONE,

Inc.(Æ)

9,783

SIGA

Technologies,

Inc.

5,586

Soleno

Therapeutics,

Inc.(Æ)

14,196

953

Stevanato

Group

SpA

48,265

1,217

Supernus

Pharmaceuticals,

Inc.(Æ)

8,702

Tandem

Diabetes

Care,

Inc.(Æ)

23,588

Tarsus

Pharmaceuticals,

Inc.(Æ)

25,072

1,725

Teleflex,

Inc.

9,488

1,181

Terns

Pharmaceuticals,

Inc.(Æ)(Ð)

2,912

TG

Therapeutics,

Inc.(Æ)

16,478

573

Theravance

Biopharma,

Inc.(Æ)

1,000

Travere

Therapeutics,

Inc.(Æ)

30,408

1,069

Trevi

Therapeutics,

Inc.(Æ)

19,296

Twist

Bioscience

Corp.(Æ)(Ð)

12,364

Tyra

Biosciences,

Inc.(Æ)

2,954

UFP

Technologies,

Inc.(Æ)

7,542

1,453

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

19,036

659

uniQure

NV(Æ)

22,755

1,540

Vanda

Pharmaceuticals,

Inc.(Æ)(Ð)

3,400

Varex

Imaging

Corp.(Æ)

9,221

Vera

Therapeutics,

Inc.(Æ)

20,086

572

Viemed

Healthcare,

Inc.(Æ)

61,882

Vir

Biotechnology,

Inc.(Æ)(Ð)

6,318

Viridian

Therapeutics,

Inc.(Æ)

20,410

Xenon

Pharmaceuticals,

Inc.(Æ)

10,394

Xeris

Biopharma

Holdings,

Inc.(Æ)

31,531

110,579

Materials

and

Processing

-

8.0%

AAON,

Inc.

15,950

1,569

Acuity,

Inc.

3,469

1,266

AdvanSix

,

Inc.

69,241

1,287

Alcoa

Corp.

10,501

Algoma

Steel

Group,

Inc.

83,028

A-Mark

Precious

Metals,

Inc.

4,702

American

Vanguard

Corp.(Æ)

4,392

Apogee

Enterprises,

Inc.

35,410

1,296

Ardagh

Metal

Packaging

SA

32,892

Ashland,

Inc.

7,917

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Avient

Corp.

27,301

876

Belden,

Inc.

4,888

596

BrightView

Holdings,

Inc.

56,543

697

Capstone

Copper

Corp.(Æ)

60,063

536

Carpenter

Technology

Corp.

2,454

775

Celanese

Corp.

Class

A

17,574

676

Century

Aluminum

Co.(Æ)

28,229

836

Clearwater

Paper

Corp.(Æ)

4,451

Codexis

,

Inc.(Æ)

11,623

Commercial

Metals

Co.

19,419

1,153

Compass

Minerals

International,

Inc.(Æ)

16,061

Constellium

SE(Æ)

65,250

1,026

Crown

Holdings,

Inc.(Û)

11,581

1,125

Fabrinet

(Æ)

2,263

997

Ferroglobe

PLC(Ð)

185,370

899

FMC

Corp.(Ð)

19,784

Gibraltar

Industries,

Inc.(Æ)

4,118

Global

Industrial

Co.

937

Greif,

Inc.

Class

A

20,774

1,182

H.B.

Fuller

Co.

16,701

958

Hudson

Technologies,

Inc.(Æ)

41,036

Huntsman

Corp.(Ð)

50,049

Ingevity

Corp.(Æ)

5,910

Installed

Building

Products,

Inc.

695

Insteel

Industries,

Inc.

11,416

Intrepid

Potash,

Inc.(Æ)

8,943

James

Hardie

Industries

PLC(Æ)(Û)

24,723

517

JELD-WEN

Holding,

Inc.(Æ)

31,069

Kaiser

Aluminum

Corp.

13,856

1,254

Karat

Packaging,

Inc.

67,883

1,631

Knife

River

Corp.(Æ)

4,515

Koppers

Holdings,

Inc.

38,471

1,086

Kronos

Worldwide,

Inc.

78,765

Louisiana-Pacific

Corp.

13,491

1,175

Magnera

Corp.(Æ)

11,090

Masco

Corp.(Ð)

3,387

Mativ

Holdings,

Inc.

116,045

1,239

Metallus

,

Inc.(Æ)

60,027

1,056

Modine

Manufacturing

Co.(Æ)

10,630

1,629

MP

Materials

Corp.(Æ)

5,301

MRC

Global,

Inc.(Æ)

25,444

Myers

Industries,

Inc.

79,985

1,386

Northwest

Pipe

Co.(Æ)

18,550

1,116

O-I

Glass,

Inc.

Class

I(Æ)

20,155

Orion

SA

37,696

Quaker

Chemical

Corp.

5,335

741

Ranpak

Holdings

Corp.(Æ)

86,683

Rayonier

Advanced

Materials,

Inc.(Æ)

68,637

Reliance,

Inc.(Û)

3,138

886

Resideo

Technologies,

Inc.(Æ)

25,588

1,095

Rush

Enterprises,

Inc.

Class

A

7,069

ScanSource

,

Inc.(Æ)

3,677

Simpson

Manufacturing

Co.,

Inc.

5,640

995

Sonoco

Products

Co.

5,474

SPX

Technologies,

Inc.(Æ)

3,443

771

Stepan

Co.

43,943

1,905

Taseko

Mines,

Ltd.(Æ)

139,149

630

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tecogen

Inc.(Æ)

13,292

ThredUp

,

Inc.

Class

A(Æ)

18,901

thyssenkrupp

AG

64,309

673

Timken

Co.

(The)

10,301

809

Trex

Co.,

Inc.(Æ)

12,013

580

USA

Rare

Earth,

Inc.(Æ)

32,127

625

Westlake

Corp.(Ð)

1,612

Worthington

Industries,

Inc.

7,362

Worthington

Steel,

Inc.

41,915

1,341

49,833

Producer

Durables

-

16.6%

ABM

Industries,

Inc.

23,647

1,017

ACCO

Brands

Corp.

67,670

ADT,

Inc.

49,424

Albany

International

Corp.

Class

A

11,983

678

Allegiant

Travel

Co.

Class

A(Æ)

6,911

Allient

,

Inc.

8,669

AMN

Healthcare

Services,

Inc.(Æ)

26,625

524

Amprius

Technologies,

Inc.(Æ)

23,752

ArcBest

Corp.

11,001

818

Arcosa

,

Inc.

4,233

Ardmore

Shipping

Corp.

84,462

1,063

Argan

,

Inc.

13,837

4,237

ASGN,

Inc.(Æ)

4,872

Barrett

Business

Services,

Inc.

1,635

Bloom

Energy

Corp.

Class

A(Æ)

1,904

Bowman

Consulting

Group,

Ltd.(Æ)

16,670

722

Brink's

Co.

(The)

3,879

Casella

Waste

Systems,

Inc.

Class

A(Æ)

11,054

979

CECO

Environmental

Corp.(Æ)

20,524

1,003

Champion

Homes,

Inc.(Æ)

11,429

780

Columbus

McKinnon

Corp.

5,750

Comfort

Systems

USA,

Inc.

1,545

1,492

Compass

Diversified

Holdings

18,357

Costamare

,

Inc.

3,900

Covenant

Logistics

Group,

Inc.

Class

A(Ð)

92,268

1,861

CryoPort

,

Inc.(Æ)

7,525

Custom

Truck

One

Source,

Inc.(Æ)

157,874

930

Deluxe

Corp.

102,629

1,859

DHT

Holdings,

Inc.

38,005

505

Dorian

LPG,

Ltd.

19,090

551

Dycom

Industries,

Inc.(Æ)

1,703

Electrovaya

,

Inc.(Æ)

10,705

EMCOR

Group,

Inc.(Û)

2,247

1,518

Energy

Recovery,

Inc.(Æ)

6,743

EnerSys

18,564

2,342

ESCO

Technologies,

Inc.

1,141

Federal

Signal

Corp.

11,167

1,318

First

Advantage

Corp.(Æ)

5,541

Flowserve

Corp.

17,079

1,166

Fluor

Corp.(Æ)(Ð)

16,539

807

Fox

Factory

Holding

Corp.(Æ)

8,619

Franklin

Covey

Co.(Æ)

1,932

Franklin

Electric

Co.,

Inc.

3,015

Frontier

Group

Holdings,

Inc.(Æ)

38,867

FTAI

Aviation,

Ltd.

2,590

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
FTI

Consulting,

Inc.(Æ)(Ð)

4,563

753

Genco

Shipping

&

Trading,

Ltd.

21,066

Generac

Holdings,

Inc.(Æ)

1,504

Gentex

Corp.

18,915

Graco

,

Inc.

6,801

556

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

40,651

Green

Dot

Corp.

Class

A(Æ)

11,858

GXO

Logistics,

Inc.(Æ)

14,425

811

Helios

Technologies,

Inc.

54,577

3,021

Hillman

Solutions

Corp.(Æ)

50,633

HNI

Corp.

5,996

Holley,

Inc.(Æ)

302,209

867

Hub

Group,

Inc.

Class

A

37,499

1,381

Huntington

Ingalls

Industries,

Inc.

4,825

1,554

Hyster

-Yale,

Inc.

1,837

I3

Verticals,

Inc.

Class

A(Æ)

91,838

2,824

ICF

International,

Inc.

3,312

Insperity

,

Inc.(Ð)

8,139

JetBlue

Airways

Corp.(Æ)(Ð)

108,201

Kelly

Services,

Inc.

Class

A

8,141

Kennametal,

Inc.

99,532

2,185

Kforce

,

Inc.

65,133

1,648

Knight-Swift

Transportation

Holdings,

Inc.

13,193

595

Korn

&

Ferry

International

5,968

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

2,386

Landstar

System,

Inc.

4,161

534

Latham

Group,

Inc.(Æ)

27,280

Limbach

Holdings,

Inc.(Æ)

9,211

870

Lovesac

Co.

(The)(Æ)

2,800

Mama's

Creations,

Inc.(Æ)

69,999

741

Manitowoc

Co.,

Inc.

(The)(Æ)

64,886

660

ManpowerGroup

,

Inc.

8,582

Marten

Transport,

Ltd.

133,101

1,364

MasTec

,

Inc.(Æ)

5,842

1,193

Matson,

Inc.

2,849

Maximus,

Inc.

9,806

815

Mayville

Engineering

Co.,

Inc.(Æ)

1,212

Mercury

Systems,

Inc.(Æ)

7,261

562

Mesa

Laboratories,

Inc.

25,936

1,865

Methode

Electronics,

Inc.

6,770

Microvast

Holdings,

Inc.(Æ)

102,009

556

MillerKnoll

,

Inc.

164,988

2,577

MSA

Safety,

Inc.

2,950

MSC

Industrial

Direct

Co.,

Inc.

Class

A

10,683

907

Mueller

Industries,

Inc.

3,558

MYR

Group,

Inc.(Æ)(Ð)

6,538

1,423

NEXTracker

,

Inc.

Class

A(Æ)

5,113

518

Nexxen

International,

Ltd.(Æ)

27,750

Orion

Group

Holdings,

Inc.(Æ)

77,170

831

Paylocity

Holding

Corp.(Æ)

6,574

929

Payoneer

Global,

Inc.(Æ)

12,827

Paysafe

,

Ltd.(Æ)

5,705

Perma

-Pipe

International

Holdings,

Inc.(Æ)

5,387

Phinia

,

Inc.

18,563

964

Pitney

Bowes,

Inc.

40,611

Primoris

Services

Corp.

4,251

602

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Priority

Technology

Holdings,

Inc.(Æ)

47,273

Proficient

Auto

Logistics,

Inc.(Æ)

125,545

939

PROG

Holdings,

Inc.

11,306

Radiant

Logistics,

Inc.(Æ)

163,355

988

Regal

Rexnord

Corp.

2,678

Resources

Connection,

Inc.

4,348

Riot

Blockchain

,

Inc.(Æ)

26,290

520

Robert

Half,

Inc.

45,724

1,197

Ryder

System,

Inc.

4,527

766

Ryerson

Holding

Corp.

4,314

Saia,

Inc.(Æ)(Û)

4,789

1,401

Schneider

National,

Inc.

Class

B(Ð)

38,873

831

Scorpio

Tankers,

Inc.

12,923

797

Scotts

Miracle-

Gro

Co.

(The)

Class

A

23,641

1,265

Sezzle

,

Inc.(Æ)

2,771

SkyWest,

Inc.(Æ)

5,519

555

Sleep

Number

Corp.(Æ)

5,795

Star

Bulk

Carriers

Corp.

21,788

Sterling

Infrastructure,

Inc.(Æ)

5,577

2,108

StoneCo

,

Ltd.

Class

A(Æ)

37,361

710

Stoneridge,

Inc.(Æ)

102,109

695

Strattec

Security

Corp.(Æ)

1,016

Sun

Country

Airlines

Holdings,

Inc.(Æ)

78,306

962

TAT

Technologies,

Ltd.(Æ)

21,726

912

Teekay

Tankers,

Ltd.

Class

A

17,175

1,048

Tennant

Co.

17,927

1,434

Terex

Corp.

6,449

Tetra

Tech,

Inc.(Ð)(Û)

27,043

865

Thermon

Group

Holdings,

Inc.(Æ)

20,890

600

Titan

Machinery,

Inc.(Æ)

35,671

585

TopBuild

Corp.(Æ)

2,425

1,025

Toro

Co.

(The)

6,796

508

TriNet

Group,

Inc.

6,673

TrueBlue

,

Inc.(Æ)

120,765

572

TSS,

Inc.(Æ)

12,606

Tutor

Perini

Corp.(Ð)

14,247

960

UFP

Industries,

Inc.

10,586

975

UniFirst

Corp.

1,860

V2X,

Inc.(Æ)

17,469

997

Werner

Enterprises,

Inc.

95,302

2,497

Willscot

Holdings

Corp.

30,834

671

Xerox

Holdings

Corp.(Ð)

106,370

ZipRecruiter,

Inc.

Class

A(Æ)

19,233

103,748

Technology

-

14.7%

8x8,

Inc.(Æ)

238,429

ACI

Worldwide,

Inc.(Æ)

11,433

545

ACM

Research,

Inc.

Class

A(Æ)

15,702

651

Aeluma

,

Inc.(Æ)

8,819

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

32,578

914

Ambarella

,

Inc.(Æ)

12,502

1,066

Amkor

Technology,

Inc.(Ð)

22,934

740

Appfolio

,

Inc.

Class

A(Æ)

4,257

1,083

Appian

Corp.

Class

A(Æ)

25,335

758

Arteris

,

Inc.(Æ)

8,818

Asana,

Inc.

Class

A(Æ)(Ð)

28,400

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aviat

Networks,

Inc.(Æ)(Ð)

11,837

Bandwidth,

Inc.

Class

A(Æ)

4,327

Benchmark

Electronics,

Inc.

9,658

BigBear.ai

Holdings,

Inc.(Æ)

13,019

BigCommerce

Holdings,

Inc.(Æ)

18,323

BK

Technologies

Corp.(Æ)

5,202

Blend

Labs,

Inc.

Class

A(Æ)

91,800

Box,

Inc.

Class

A(Æ)

15,035

Bumble,

Inc.

Class

A(Æ)

617

C3.ai,

Inc.

Class

A(Æ)

18,742

Calix,

Inc.(Æ)

23,392

1,601

Cargurus

,

Inc.(Æ)(Ð)

9,195

Cars.com,

Inc.(Æ)

48,051

516

Cerence

,

Inc.(Æ)

29,544

Ciena

Corp.(Æ)

1,494

Cirrus

Logic,

Inc.(Æ)(Ð)

7,992

1,060

Clear

Secure,

Inc.

Class

A

36,073

1,099

Clearfield,

Inc.(Æ)

6,686

Coherent

Corp.(Æ)

2,034

CommScope

Holding

Co.,

Inc.(Æ)

63,897

1,105

CommVault

Systems,

Inc.(Æ)

3,577

Concentrix

Corp.

14,546

586

Conduent

,

Inc.(Æ)

13,675

Confluent,

Inc.

Class

A(Æ)

26,090

610

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

26,162

767

Crane

NXT

Co.

10,770

681

Credo

Technology

Group

Holding,

Ltd.(Æ)

(Û)

12,428

2,332

Cricut

,

Inc.

Class

A(Ð)

6,233

CSG

Systems

International,

Inc.

4,265

Digital

Turbine,

Inc.(Æ)

55,408

DigitalOcean

Holdings,

Inc.(Æ)

22,892

931

Diodes,

Inc.(Æ)

5,482

Domo,

Inc.

Class

B(Æ)

9,021

Dropbox,

Inc.

Class

A(Æ)

33,117

960

D-Wave

Quantum,

Inc.(Æ)

49,662

1,841

ePlus

,

Inc.

5,733

Etsy,

Inc.(Æ)(Ð)

15,941

988

Eventbrite,

Inc.

Class

A(Æ)

16,716

EverQuote

,

Inc.

Class

A(Æ)

12,872

Evolent

Health,

Inc.

Class

A(Æ)

26,779

Evolv

Technologies

Holdings,

Inc.(Æ)

78,095

604

Extreme

Networks,

Inc.(Æ)

19,703

FormFactor

,

Inc.(Æ)

7,960

GCI

Liberty,

Inc.

Class

C(Æ)

24,808

909

Graham

Corp.(Æ)

15,111

941

Grindr,

Inc.(Æ)

9,373

Guidewire

Software,

Inc.(Æ)

4,510

1,054

Ibotta

,

Inc.

Class

A(Æ)

2,064

IDT

Corp.

Class

B(Û)

3,078

Impinj

,

Inc.(Æ)

1,543

Ingram

Micro

Holding,

Corp.

7,129

Insight

Enterprises,

Inc.(Æ)

3,252

IonQ

,

Inc.(Æ)

23,909

1,491

Ituran

Location

and

Control,

Ltd.

19,624

756

Jabil,

Inc.(Ð)(Û)

3,004

664

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
JFrog

,

Ltd.(Æ)

12,029

571

Kaltura

,

Inc.(Æ)

404,209

627

KBR,

Inc.(Ð)

15,163

650

Kimball

Electronics,

Inc.(Æ)

12,154

LightPath

Technologies,

Inc.

Class

A(Æ)

84,928

737

Lumentum

Holdings,

Inc.

Class

E(Æ)

9,410

1,897

Lyft,

Inc.

Class

A(Æ)

48,311

988

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,416

802

Manhattan

Associates,

Inc.(Æ)

5,738

1,045

Maplebear

,

Inc.(Æ)(Ð)(Û)

25,172

928

Marqeta

,

Inc.

Class

A(Æ)

129,201

585

Match

Group,

Inc.(Û)

33,993

1,099

MediaAlpha

,

Inc.

Class

A(Æ)

7,723

monday.com,

Ltd.(Æ)

2,181

Napco

Security

Technologies,

Inc.

33,311

1,471

nCino

,

Inc.(Æ)

86,181

2,299

NCR

Voyix

Corp.(Æ)

125,976

1,437

NETGEAR,

Inc.(Æ)

19,032

661

Nextdoor

Holdings,

Inc.(Æ)

42,725

nLight

,

Inc.(Æ)

4,657

Nutanix

,

Inc.

Class

A(Æ)(Û)

16,465

1,173

Nutex

Health,

Inc.(Æ)

2,227

NVE

Corp.

25,449

1,757

Oddity

Tech,

Ltd.

Class

A(Æ)

5,767

ON24,

Inc.(Æ)

2,932

OneSpan

,

Inc.

66,923

763

Onto

Innovation,

Inc.(Æ)

3,570

Ooma

,

Inc.(Æ)

54,403

611

PDF

Solutions,

Inc.(Æ)

108,405

3,158

Pegasystems

,

Inc.

45,290

2,883

Photronics

,

Inc.(Æ)

15,664

Planet

Labs

PBC(Æ)

57,016

767

Plexus

Corp.(Æ)

2,795

Porch

Group,

Inc.(Æ)

62,978

948

PubMatic,

Inc.

Class

A(Æ)(Ð)

8,474

Qualys

,

Inc.(Æ)

2,536

Quantum

Computing,

Inc.(Æ)

9,713

Rackspace

Technology,

Inc.(Æ)

4,802

Radcom

,

Ltd.(Æ)

31,434

Rambus,

Inc.(Æ)

11,842

1,218

Rapid7,

Inc.(Æ)

17,677

Red

Violet,

Inc.

19,417

1,041

Ribbon

Communications,

Inc.(Æ)

8,698

RingCentral,

Inc.

Class

A(Æ)(Ð)

25,372

764

Roku,

Inc.(Æ)(Û)

10,974

1,165

Sanmina

Corp.(Æ)

5,488

752

SEMrush

Holdings,

Inc.

Class

A(Æ)

7,901

Semtech

Corp.(Æ)

16,372

1,111

Silicon

Laboratories,

Inc.(Æ)(Ð)

5,954

780

Silicon

Motion

Technology

Corp.

10,542

1,034

SiTime

Corp.(Æ)

6,484

1,878

Sonos

,

Inc.(Æ)

34,301

589

SPS

Commerce,

Inc.(Æ)

2,349

Telos

Corp.(Æ)(Ð)

6,117

Teradata

Corp.(Æ)(Ð)

50,866

1,061

Tower

Semiconductor,

Ltd.(Æ)

6,248

532

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TrueCar

,

Inc.(Æ)

204,675

TTEC

Holdings,

Inc.(Æ)

39,534

UiPath

,

Inc.

Class

A(Æ)

72,594

1,151

Unisys

Corp.(Æ)

10,740

Universal

Display

Corp.

7,931

1,168

Upland

Software,

Inc.(Æ)

83,276

Varonis

Systems,

Inc.(Æ)

5,980

Veeco

Instruments,

Inc.(Æ)

19,097

549

Viavi

Solutions,

Inc.

Class

W(Æ)

8,287

Vimeo,

Inc.(Æ)

273,861

2,136

Vishay

Intertechnology

,

Inc.

101,648

1,726

Vivid

Seats

Inc.

Class

A(Æ)

10,805

VTEX

Class

A(Æ)

124,795

560

Weave

Communications,

Inc.(Æ)

14,653

Workiva

,

Inc.(Æ)

20,241

1,721

Xperi

,

Inc.(Æ)(Ð)

6,608

Yelp,

Inc.

Class

A(Æ)(Ð)

6,042

Zeta

Global

Holdings

Corp.

Class

A(Æ)

25,983

92,267

Utilities

-

2.5%

Allot,

Ltd.(Æ)

11,814

Artesian

Resources

Corp.

Class

A

16,988

547

BKV

Corp.(Æ)(Ð)

38,139

900

Black

Hills

Corp.

7,672

California

Resources

Corp.

5,529

Chesapeake

Utilities

Corp.

5,234

666

CNX

Resources

Corp.(Æ)

12,376

Comstock

Resources,

Inc.(Æ)

1,992

Evolution

Petroleum

Corp.

185,394

812

Excelerate

Energy,

Inc.

Class

A(Ð)

94,121

2,439

Genie

Energy,

Ltd.

Class

B

16,018

Golar

LNG,

Ltd.

11,964

Granite

Ridge

Resources,

Inc.(Ð)

3,200

Gulfport

Energy

Corp.(Æ)

2,364

IDACORP,

Inc.

6,253

807

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

50,966

585

New

Jersey

Resources

Corp.

6,931

Northwestern

Energy

Group,

Inc.

8,283

ONE

Gas,

Inc.

9,748

782

Permian

Resources

Corp.

50,678

636

Portland

General

Electric

Co.

11,212

512

RGC

Resources,

Inc.

23,743

Riley

Exploration

Permian,

Inc.

9,603

Southwest

Gas

Holdings,

Inc.

4,544

Spire,

Inc.

14,012

1,211

Telephone

and

Data

Systems,

Inc.

7,295

Unitil

Corp.

22,031

1,074

15,662

#### Total

#### Common

#### Stocks
(cost

$532,231)

625,368

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Contra

Inhibrx

,

Inc.(Æ)(Š)

21,895

Rights

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Resolute

Forest

Products,

Inc.(Æ)(Š)

33,567

Rights

#### Total

#### Warrants

#### and

#### Rights
(cost

$62)

#### Short-Term

#### Investments

#### -

#### 3.8%
U.S.

Cash

Management

Fund(@)

23,866,372

(∞)

23,862

#### Total

#### Short-Term

#### Investments
(cost

$23,860)

23,862

#### Total

#### Investments

#### -

#### 103.6%
(identified

cost

$556,153)

649,292

#### Securities

#### Sold

#### Short

#### -

#### (3.7)%
Consumer

Discretionary

-

(0.4)%

Avis

Budget

Group,

Inc.(Æ)

(1,964)

(267) Dave

&

Buster's

Entertainment,

Inc.(Æ)

(5,391)

(79) Dutch

Bros,

Inc.

Class

A(Æ)

(8,224)

(457) Jack

in

the

Box,

Inc.

(6,843)

(110) Joby

Aviation,

Inc.(Æ)

(30,370)

(527) Leggett

&

Platt,

Inc.

(1,000)

(9) LGI

Homes,

Inc.(Æ)

(3,212)

(131) Lithia

Motors,

Inc.

Class

A

(1,223)

(384) SEACOR

Marine

Holdings,

Inc.(Æ)

(926) (6) Sirius

Xm

Holdings,

Inc.

(13,344)

(289) TechTarget

Inc.(Æ)

(11,787)

(65) Unusual

Machines,

Inc.(Æ)

(1,290)

(19) (2,343)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(478) (17) Cadiz,

Inc.(Æ)

(10,660)

(56) Energizer

Holdings,

Inc.

(13,418)

(312) Grocery

Outlet

Holding

Corp.(Æ)

(9,325)

(127) Quanex

Building

Products

Corp.

(8,465)

(120) Westrock

Coffee

Co.(Æ)

(11,134)

(49) (681) Energy

-

(0.4)%

ASP

Isotopes,

Inc.(Æ)

(6,188)

(63) Atlas

Energy

Solutions,

Inc.

(1,700)

(21) Cleanspark

,

Inc.(Æ)

(920) (16) Core

Laboratories,

Inc.

(8,420)

(134) Core

Natural

Resources,

Inc.

(5,465)

(432) Flotek

Industries,

Inc.(Æ)

(79) (1) Hallador

Energy

Co.(Æ)

(4,997)

(108) Innovex

International,

Inc.(Æ)

(7,071)

(142) Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(21,562)

(227) Solaris

Energy

Infrastructure,

Inc.

Class

A

(8,045)

(428) Sunrun

,

Inc.(Æ)

(11,004)

(229) T1

Energy,

Inc.(Æ)

(23,496)

(87) Uranium

Energy

Corp.(Æ)

(31,643)

(479) (2,367)

Financial

Services

-

(0.5)%

AGNC

Investment

Corp.(ö)

(16,297)

(163) Atlantic

Union

Bankshares

Corp.

(8,616)

(280) Burke

&

Herbert

Financial

Services

Corp.

(1,269)

(75) Cipher

Mining,

Inc.(Æ)

(2,770)

(52) Forge

Global

Holdings,

Inc.(Æ)

(750) (16) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
FTAI

Infrastructure,

Inc.

(25,586)

(137) Glacier

Bancorp,

Inc.

(4,243)

(173) Global

Net

Lease,

Inc.(ö)

(25,984)

(198) Hudson

Pacific

Properties,

Inc.(Æ)(ö)

(56,343)

(137) Hut

Corp.(Æ)

(1,102)

(56) loanDepot

,

Inc.

Class

A(Æ)

(22,116)

(67) MBIA,

Inc.(Æ)

(2,916)

(20) Old

National

Bancorp

(17,934)

(366) Piper

Sandler

Cos.

(1,448)

(462) Ready

Capital

Corp.(ö)

(16,053)

(47) Rithm

Property

Trust,

Inc.(ö)

(934) (3) Rocket

Cos.,

Inc.

Class

A

(3,827)

(64) Shift4

Payments,

Inc.

Class

A(Æ)

(4,107)

(284) Sunrise

Realty

Trust,

Inc.(ö)

(1,334)

(13) UWM

Holdings

Corp.

(59,905)

(337) (2,950)

Health

Care

-

(0.9)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(3,538)

(41) Acadia

Healthcare

Co.,

Inc.(Æ)

(14,373)

(309) AdaptHealth

Corp.(Æ)

(13,243)

(119) Alphatec

Holdings,

Inc.(Æ)

(7,000)

(133) Arrowhead

Pharmaceuticals,

Inc.(Æ)

(7,710)

(327) aTyr

Pharma,

Inc.(Æ)

(14,571)

(13) Aura

Biosciences,

Inc.(Æ)

(3,479)

(21) Axsome

Therapeutics,

Inc.(Æ)

(934) (126) Benitec

Biopharma,

Inc.(Æ)

(1,400)

(23) Capricor

Therapeutics,

Inc.(Æ)

(1,000)

(6) CG

Oncology,

Inc.(Æ)

(12,597)

(545) ClearPoint

Neuro,

Inc.(Æ)

(1,349)

(31) Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(3,755)

(46) Erasca

,

Inc.(Æ)

(4,600)

(11) ETON

Pharmaceuticals,

Inc.(Æ)

(7,710)

(139) Geron

Corp.(Æ)

(149,181)

(188) HealthEquity

,

Inc.(Æ)

(4,442)

(420) InfuSystem

Holdings,

Inc.(Æ)

(2,163)

(22) Inhibikase

Therapeutics,

Inc.(Æ)

(1,714)

(2) Jade

Biosciences,

Inc.

(2,951)

(29) KalVista

Pharmaceuticals,

Inc.(Æ)

(6,447)

(70) Pennant

Group,

Inc.

(The)(Æ)

(3,499)

(87) PROCEPT

BioRobotics

Corp.(Æ)

(5,184)

(176) Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

(1,210)

(43) QuidelOrtho

Corp.(Æ)

(5,250)

(142) RadNet

,

Inc.(Æ)

(6,761)

(514) Relay

Therapeutics,

Inc.(Æ)

(28,267)

(202) Revolution

Medicines,

Inc.(Æ)

(9,641)

(567) Standard

BioTools

,

Inc.(Æ)

(3,000)

(4) Treace

Medical

Concepts,

Inc.(Æ)

(5,877)

(38) UFP

Technologies,

Inc.(Æ)

(925) (178) US

Physical

Therapy,

Inc.

(2,135)

(184) Vaxcyte

,

Inc.(Æ)

(10,750)

(487) Verastem

,

Inc.(Æ)

(7,678)

(73) Viridian

Therapeutics,

Inc.(Æ)

(11,942)

(282) (5,598)

Materials

and

Processing

-

(0.1)%

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Compass

Minerals

International,

Inc.(Æ)

(3,400)

(59) Dakota

Gold

Corp.(Æ)

(20,488)

(83) Interface,

Inc.

Class

A

(7,858)

(196) Ivanhoe

Electric,

Inc.(Æ)

(12,902)

(191) Knife

River

Corp.(Æ)

(1,200)

(72) LSI

Industries,

Inc.

(2,215)

(51) VSE

Corp.

(419) (76) (728) Producer

Durables

-

(0.6)%

AeroVironment

,

Inc.(Æ)

(1,324)

(490) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(4,484)

(397) CBIZ,

Inc.(Æ)

(1,563)

(86) CoreCivic

,

Inc.(Æ)

(9,297)

(172) Dorman

Products,

Inc.(Æ)

(761) (102) First

Advantage

Corp.(Æ)

(8,530)

(108) Forward

Air

Corp.(Æ)

(1,623)

(31) GEO

Group,

Inc.

(The)(Æ)

(18,228)

(310) I3

Verticals,

Inc.

Class

A(Æ)

(4,335)

(133) indie

Semiconductor,

Inc.

Class

A(Æ)

(48,192)

(259) JBT

Marel

Corp.

(3,230)

(408) Kadant

,

Inc.

(1,030)

(285) Mercury

Systems,

Inc.(Æ)

(2,160)

(167) NET

Power,

Inc.(Æ)

(26,735)

(102) NuScale

Power

Corp.(Æ)

(8,453)

(379) Proficient

Auto

Logistics,

Inc.(Æ)

(948) (7) Red

Cat

Holdings,

Inc.(Æ)

(4,105)

(46) Sabre

Corp.(Æ)

(55,767)

(114) Standex

International

Corp.

(1,583)

(369) (3,965)

Technology

-

(0.6)%

Applied

Optoelectronics,

Inc.(Æ)

(2,132)

(76) BlackSky

Technology,

Inc.(Æ)

(2,674)

(56) Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(22,697)

(418) Entegris

,

Inc.

(1,417)

(130) Five9,

Inc.(Æ)

(15,191)

(369) Freshworks

,

Inc.

Class

A(Æ)

(6,893)

(76) Gen

Digital,

Inc.

(5,453)

(144) Immersion

Corp.

(7,266)

(49) Impinj

,

Inc.(Æ)

(2,663)

(538) Lattice

Semiconductor

Corp.(Æ)

(6,877)

(502) NextNav

,

Inc.(Æ)

(14,802)

(198) PAR

Technology

Corp.(Æ)

(5,619)

(199) Powerfleet

,

Inc.(Æ)

(31,457)

(160) Progress

Software

Corp.(Æ)

(9,581)

(409) Simulations

Plus,

Inc.(Æ)

(1,527)

(26) Unity

Software,

Inc.(Æ)

(11,886)

(450) (3,800)

Utilities

-

(0.1)%

Gogo

,

Inc.(Æ)

(14,074)

(128) Kosmos

Energy,

Ltd.(Æ)

(71,260)

(112) NextDecade

Corp.(Æ)

(6,001)

(36) Northern

Oil

and

Gas,

Inc.

(10,176)

(225) Prairie

Operating

Co.(Æ)

(13,586)

(28) Sable

Offshore

Corp.(Æ)

(11,441)

(120) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UGI

Corp.

(8,176)

(273) (922) #### Total

#### Securities

#### Sold

#### Short
(proceeds

$20,934)

(23,354)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%

#### Net

#### Assets

#### -

#### 100.0%
626,434

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

21,538

12/25

638

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

638

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

75,965

$

—

$

—

$

—

$

75,965

Consumer

Staples

14,757

—

—

—

14,757

Energy

31,452

—

—

—

31,452

Financial

Services

131,105

—

—

—

131,105

Health

Care

110,579

—

—

—

110,579

Materials

and

Processing

49,833

—

—

—

49,833

Producer

Durables

103,748

—

—

—

103,748

Technology

92,267

—

—

—

92,267

Utilities

15,662

—

—

—

15,662

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

23,862

23,862

Total

Investments

625,368

—

23,862

649,292

Securities

Sold

Short

\*

(23,354)

—

—

—

(23,354)

Other

Financial

Instruments

Assets

Futures

Contracts

638

—

—

—

638

Total

Other

Financial

Instruments

\*\*

$

638

$

—

$

—

$

—

$

638

\*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

638

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

9,742

$

—

Foreign

currency

exchange

contracts

—

(2) Total

$

9,742

$

(2) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

;

Futures

contracts

$

1,212

$

—

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Short

Sales

Securities

sold

short,

at

fair

value

$

23,354

$

—

$

23,354

Total

Financial

and

Derivative

Liabilities

23,354

—

23,354

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

23,354

$

—

$

23,354

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

23,354

$

—

$

23,354

$

—

Total

$

23,354

$

—

$

23,354

$

—

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

556,153

Investments,

at

fair

value(>)

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

649,292

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

4,181

Fund

shares

sold

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

504

From

broker(a)

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

1,370

Variation

margin

on

futures

contracts

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

638

Total

assets

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

656,207

#### Liabilities
Payables:

Due

to

custodian

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

Investments

purchased

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

4,740

Fund

shares

redeemed

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

821

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

23,354

Total

liabilities

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

29,773

#### Net

#### Assets

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

626,434

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

114,356

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

511,843

#### Net

#### Assets

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

626,434

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

23,862

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

1,370

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

20,934

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

26.02 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

27.61 Class

A

—

Net

assets

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

$

13,942,976

Class

A

—

Shares

outstanding

($.01

par

value)

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

535,835

Net

asset

value

per

share:

Class

C

(#)

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

$

21.75 Class

C

—

Net

assets

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

$

5,696,568

Class

C

—

Shares

outstanding

($.01

par

value)

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

261,965

Net

asset

value

per

share:

Class

M

(#)

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

$

26.66 Class

M

—

Net

assets

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

$

93,641,276

Class

M

—

Shares

outstanding

($.01

par

value)

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

3,512,346

Net

asset

value

per

share:

Class

R6

(#)

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

$

26.71 Class

R6

—

Net

assets

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

$

920,478

Class

R6

—

Shares

outstanding

($.01

par

value)

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

34,464

Net

asset

value

per

share:

Class

S

(#)

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

$

26.71 Class

S

—

Net

assets

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

$

450,077,748

Class

S

—

Shares

outstanding

($.01

par

value)

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

16,853,271

Net

asset

value

per

share:

Class

Y

(#)

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

$

26.71 Class

Y

—

Net

assets

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

$

62,154,730

Class

Y

—

Shares

outstanding

($.01

par

value)

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

2,326,737

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

10,425

Dividends

from

affiliated

funds

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

1,300

Interest

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

Total

investment

income

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

11,832

#### Expenses
Advisory

fees

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

4,694

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

Transfer

agent

fees

-

Class

R6

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

Transfer

agent

fees

-

Class

S

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

960

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

on

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

7,3

Expense

reductions

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

(32

2)

Net

expenses

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

7,027

Net

investment

income

(loss)

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

4,805

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

53,28

Investments

in

affiliated

funds

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

(5) Futures

contracts

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

9,742

Foreign

currency

exchange

contracts

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

(2) Securities

sold

short

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

(5,271)

Foreign

currency-related

transactions

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

(8) Net

realized

gain

(loss)

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

57,74

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(19,573)

Investments

in

affiliated

funds

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

Futures

contracts

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

1,212

Securities

sold

short

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

742

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,61

3)

Net

realized

and

unrealized

gain

(loss)

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

40,131

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

44,936

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

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)

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

$

4,805

$

5,912

Net

realized

gain

(loss)

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

57,74

73,325

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,61

3)

135,458

Net

increase

(decrease)

in

net

assets

from

operations

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

44,936

214,695

#### Distributions
To

shareholders

Class

A

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

(1,670)

(321) Class

C

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

(800) (172) Class

M

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

(10,947)

(2,613)

Class

R6

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

(377) (16) Class

S

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

(59,612)

(16,361)

Class

Y

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

(9,703)

(2,389)

Net

decrease

in

net

assets

from

distributions

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

(83,109)

(21,872)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(194,588)

(91,071)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(232,761)

101,752

#### Net

#### Assets
Beginning

of

period

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

859,195

757,443

End

of

period

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

$

626,434

$

859,195

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

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

$

1,747

$

1,591

Proceeds

from

reinvestment

of

distributions

1,667

Payments

for

shares

redeemed

(130) (3,236)

(105) (2,766)

Net

increase

(decrease)

(32) (855) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

799

Payments

for

shares

redeemed

(56) (1,187)

(87) (1,967)

Net

increase

(decrease)

(9) (192) (70) (1,581)

Class

M

Proceeds

from

shares

sold

1,078

27,329

702

18,958

Proceeds

from

reinvestment

of

distributions

10,936

2,613

Payments

for

shares

redeemed

(1,806)

(48,231)

(857) (23,039)

Net

increase

(decrease)

(297) (9,966)

(55) (1,468)

Class

R6

Proceeds

from

shares

sold

9,846

1,633

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(411) (10,640)

(21) (583) Net

increase

(decrease)

(21) (417) 40

1,066

Class

S

Proceeds

from

shares

sold

2,424

63,713

2,288

60,412

Proceeds

from

reinvestment

of

distributions

2,333

59,339

621

16,305

Payments

for

shares

redeemed

(10,511)

(288,617)

(5,660)

(151,078)

Net

increase

(decrease)

(5,754)

(165,565)

(2,751)

(74,361)

Class

Y

Proceeds

from

shares

sold

3,978

1,232

Proceeds

from

reinvestment

of

distributions

9,703

2,388

Payments

for

shares

redeemed

(1,277)

(32,307)

(643) (17,492)

Net

increase

(decrease)

(714) (18,626)

(505) (13,872)

Total

increase

(decrease)

(6,787)

$

(194,588)

(3,373)

$

(91,071)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### 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

27.76 22.04 25.20 38.76 24.25 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.10

.10

.11

.01

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.35 6.20 (2.12)

(4.34)

14.65 $

Total

from

Investment

Operations

1.45 6.30 (2.01)

(4.33)

14.60 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.37)

(.06)

(.06)

—

(.09)

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.19)

(.58)

(1.15)

(9.23)

(.09)

$

Net

Asset

Value,

End

of

Period

26.02 27.76 22.04 25.20 38.76 %

Total

Return

(±)

5.76 28.81 (8.23)

(13.71)

60.30 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 13,943

14,646

12,342

15,358

19,963

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.36 1.37 1.38 1.34 1.35 %

Expenses,

Net

(Ƃ)(∆)

1.36 1.37 1.38 1.34 1.35 %

Net

Investment

Income

(Ƃ)

.41

.38

.46

.05

(.15)

%

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

23.69 18.96 21.96 35.21 22.12 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.07)

(.08)

(.06)

(.17)

(.29)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.14 5.33 (1.85)

(3.85)

13.38 $

Total

from

Investment

Operations

1.07 5.25 (1.91)

(4.02)

13.09 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.19)

—

—

—

—

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.01)

(.52)

(1.09)

(9.23)

—

$

Net

Asset

Value,

End

of

Period

21.75 23.69 18.96 21.96 35.21 %

Total

Return

5.02 27.87 (8.98)

(14.35)

59.18 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 5,697

6,415

6,462

8,052

11,220

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.11 2.12 2.13 2.09 2.10 %

Expenses,

Net

(Ƃ)(∆)

2.11 2.12 2.13 2.09 2.10 %

Net

Investment

Income

(Ƃ)

(.34)

(.36)

(.29)

(.70)

(.89)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

28.37 22.51 25.72 39.32 24.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.21

.21

.21

.12

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.38 6.33 (2.17)

(4.42)

14.84 $

Total

from

Investment

Operations

1.59 6.54 (1.96)

(4.30)

14.93 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.48)

(.16)

(.16)

(.07)

(.19)

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.30)

(.68)

(1.25)

(9.30)

(.19)

$

Net

Asset

Value,

End

of

Period

26.66 28.37 22.51 25.72 39.32 %

Total

Return

6.19 29.32 (7.88)

(13.38)

60.95 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 93,641

108,075

86,971

139,979

167,700

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.11 1.12 1.13 1.09 1.10 %

Expenses,

Net

(Ƃ)(∆)

.97

.98

.99

.95

.96

%

Net

Investment

Income

(Ƃ)

.82

.77

.83

.44

.24

%

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

28.42 22.55 25.77 39.38 24.60 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.12

—

(Ɵ)

.22

.14

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.48 6.56 (2.18)

(4.43)

14.85 $

Total

from

Investment

Operations

1.60 6.56 (1.96)

(4.29)

14.95 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.49)

(.17)

(.17)

(.09)

(.17)

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.31)

(.69)

(1.26)

(9.32)

(.17)

$

Net

Asset

Value,

End

of

Period

26.71 28.42 22.55 25.77 39.38 %

Total

Return

6.24 29.36 (7.86)

(13.35)

60.96 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 920

1,586

532

912

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.96

.97

.98

.94

.95

%

Expenses,

Net

(Ƃ)(∆)

.94

.95

.96

.92

.93

%

Net

Investment

Income

(Ƃ)

.45

.77

.89

.48

.27

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### 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

28.40 22.53 25.74 39.33 24.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.18

.18

.19

.09

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.39 6.35 (2.19)

(4.42)

14.85 $

Total

from

Investment

Operations

1.57 6.53 (2.00)

(4.33)

14.90 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.14)

(.12)

(.03)

(.16)

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.26)

(.66)

(1.21)

(9.26)

(.16)

$

Net

Asset

Value,

End

of

Period

26.71 28.40 22.53 25.74 39.33 %

Total

Return

6.10 29.21 (8.00)

(13.46)

60.76 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 450,078

642,064

571,387

809,051

1,147,967

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.11 1.12 1.13 1.09 1.10 %

Expenses,

Net

(Ƃ)(∆)

1.07 1.08 1.09 1.05 1.06 %

Net

Investment

Income

(Ƃ)

.70

.67

.75

.34

.15

%

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

28.42 22.55 25.77 39.38 24.61 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.22

.22

.22

.14

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.39 6.35 (2.17)

(4.43)

14.85 $

Total

from

Investment

Operations

1.61 6.57 (1.95)

(4.29)

14.97 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.50)

(.18)

(.18)

(.09)

(.20)

$

Distributions

from

Net

Realized

Gain

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(3.32)

(.70)

(1.27)

(9.32)

(.20)

$

Net

Asset

Value,

End

of

Period

26.71 28.42 22.55 25.77 39.38 %

Total

Return

6.25 29.38 (7.83)

(13.33)

61.06 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 62,155

86,409

79,925

94,100

166,076

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.91

.92

.93

.89

.90

%

Expenses,

Net

(Ƃ)(∆)

.91

.92

.93

.89

.90

%

Net

Investment

Income

(Ƃ)

.87

.83

.90

.49

.33

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

374,215

Administrative

fees

25,363

Distribution

fees

6,687

Shareholder

servicing

fees

1,220

Transfer

agent

fees

69,880

Trustees'

fees

3,686

$

481,051

#### 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
U.S.

Cash

Management

Fund

$

37,310

$

388,589

$

402,034

$

(5)

$

$

23,862

$

1,300

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

552,593,389

$

116,922,978

$

(43,578,003)

$

73,344,975

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

4,444,081

$

36,567,416

$

73,344,975

$

—

$

114,356,472

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

18,126,592

$

64,981,929

$

—

$

4,787,334

$

17,084,844

$

—

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(5,482)

Additional

paid-in

capital

5,482

.

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.2%
Australia

-

5.6%

ANZ

Group

Holdings,

Ltd.

19,707

Aristocrat

Leisure,

Ltd.

5,514

ASX,

Ltd.

6,861

BHP

Group,

Ltd.

36,377

1,035

BlueScope

Steel,

Ltd.

5,832

Brambles,

Ltd.

24,537

Cochlear,

Ltd.

769

Coles

Group,

Ltd.

23,889

Commonwealth

Bank

of

Australia

10,879

1,220

Computershare,

Ltd.

7,597

Evolution

Mining,

Ltd.

38,703

Fortescue,

Ltd.

24,293

Goodman

Group(ö)

6,327

Insurance

Australia

Group,

Ltd.

35,722

Medibank

Pvt

,

Ltd.

100,261

National

Australia

Bank,

Ltd.

10,652

Northern

Star

Resources,

Ltd.

20,919

Pro

Medicus

,

Ltd.

662

Qantas

Airways,

Ltd.

13,950

QBE

Insurance

Group,

Ltd.

39,486

514

REA

Group,

Ltd.

616

Rio

Tinto

PLC

14,628

1,047

Rio

Tinto,

Ltd.

4,329

Santos,

Ltd.

39,040

SGH,

Ltd.

1,224

Sigma

Healthcare,

Ltd.

61,361

Suncorp

Group,

Ltd.

25,220

Telstra

Group,

Ltd.

71,009

Transurban

Group(Æ)

9,475

Vicinity,

Ltd.(ö)

24,109

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

3,903

Wesfarmers,

Ltd.

11,509

631

Westpac

Banking

Corp.

12,588

WiseTech

Global,

Ltd.

2,321

Woodside

Energy

Group,

Ltd.

21,992

Woolworths

Group,

Ltd.

7,775

11,146

Austria

-

0.3%

Erste

Group

Bank

AG

2,591

OMV

AG

2,375

Verbund

AG

Class

A

1,296

Belgium

-

0.6%

Ageas

SA

2,996

Anheuser-Busch

InBev

SA

6,133

KBC

Groep

NV

2,200

UCB

SA

1,240

1,157

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

2,520

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yara

International

ASA

4,942

Canada

-

10.9%

Agnico

Eagle

Mines,

Ltd.

3,342

538

Alamos

Gold,

Inc.

Class

A

8,640

Alimentation

Couche-Tard,

Inc.

6,266

AltaGas

,

Ltd.

4,639

ARC

Resources,

Ltd.

11,006

Bank

of

Montreal

5,615

698

Bank

of

Nova

Scotia

(The)

6,887

Barrick

Mining

Corp.

30,610

1,005

Brookfield

Asset

Management,

Inc.

Class

A

6,421

CAE,

Inc.(Æ)

3,126

Cameco

Corp.

3,965

Canadian

Imperial

Bank

of

Commerce

8,453

700

Canadian

National

Railway

Co.

3,052

Canadian

Natural

Resources,

Ltd.

13,162

Canadian

Pacific

Kansas

City,

Ltd.

2,624

Canadian

Tire

Corp.,

Ltd.

Class

A

1,192

CCL

Industries,

Inc.

Class

B

3,788

Celestica,

Inc.(Æ)

1,333

Cenovus

Energy,

Inc.

22,949

CGI,

Inc.

1,979

Constellation

Software,

Inc.

Descartes

System

Group,

Inc.

(The)(Æ)

1,226

Dollarama

,

Inc.

4,282

557

Emera

,

Inc.

3,793

Empire

Co.,

Ltd.

Class

A

4,318

Enbridge,

Inc.

13,368

623

Fairfax

Financial

Holdings,

Ltd.

615

Fortis,

Inc.

3,274

Franco-Nevada

Corp.

Class

T

1,147

George

Weston,

Ltd.

2,878

Great-West

Lifeco

,

Inc.

8,883

Hydro

One,

Ltd.(Þ)

4,221

iA

Financial

Corp.,

Inc.

2,500

Imperial

Oil,

Ltd.

4,093

Intact

Financial

Corp.

2,408

Kinross

Gold

Corp.

26,573

618

Loblaw

Cos.,

Ltd.

9,085

Lundin

Gold,

Inc.

2,351

Magna

International,

Inc.

Class

A

6,284

Manulife

Financial

Corp.

6,948

Metro,

Inc.

Class

A

2,793

National

Bank

of

Canada

2,554

Nutrien

,

Ltd.

838

Open

Text

Corp.

5,661

Pan

American

Silver

Corp.

3,783

Pembina

Pipeline

Corp.

4,531

Power

Corp.

of

Canada

9,788

Quebecor,

Inc.

Class

B

6,446

RB

Global,

Inc.

2,888

Rogers

Communications,

Inc.

Class

B

10,822

Royal

Bank

of

Canada

10,043

1,471

Shopify,

Inc.

Class

A(Æ)

5,627

978

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Stantec

,

Inc.

1,808

Sun

Life

Financial,

Inc.

7,951

Suncor

Energy,

Inc.

14,350

571

TC

Energy

Corp.

2,265

TELUS

Corp.

2,823

TFI

International,

Inc.

2,516

TMX

Group,

Ltd.

6,831

Toromont

Industries,

Ltd.

1,553

Tourmaline

Oil

Corp.

5,480

Whitecap

Resources,

Inc.

25,921

WSP

Global,

Inc.

791

21,506

Chile

-

0.0%

Antofagasta

PLC

2,407

China

-

0.6%

Bank

of

China

(Hong

Kong),

Ltd.

84,500

Prosus

NV

5,461

SITC

International

Holdings

Co.,

Ltd.

31,000

Wilmar

International,

Ltd.

39,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

62,400

1,171

Denmark

-

1.3%

Coloplast

A/S

Class

B

1,472

Danske

Bank

A/S

5,329

DSV

A/S

502

Genmab

A/S(Æ)

1,232

Novo

Nordisk

A/S

Class

B

24,086

1,188

Novonesis

(Novozymes)

B

Class

B

4,401

Pandora

A/S

1,131

Tryg

A/S

3,815

Vestas

Wind

Systems

A/S

2,095

2,568

Finland

-

1.0%

Elisa

Oyj

2,474

Kone

Oyj

Class

B

3,566

Nokia

Oyj

44,981

Nordea

Bank

Abp

30,666

524

Orion

Oyj

Class

B

2,640

Sampo

Oyj

Class

A

17,779

UPM-

Kymmene

Oyj

5,231

Wartsila

OYJ

Abp

Class

B

6,339

1,909

France

-

7.6%

Airbus

SE

838

Amundi

SA(Þ)

596

Arkema

SA

741

AXA

SA

17,828

773

bioMerieux

1,654

BNP

Paribas

SA

5,082

Bouygues

SA

6,386

Bureau

Veritas

SA

5,295

Capgemini

SE

2,434

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Carrefour

SA

12,408

Cie

de

Saint-Gobain

SA

3,443

Cie

Generale

des

Etablissements

Michelin

SCA

23,170

740

Credit

Agricole

SA

15,951

Danone

SA

4,788

Dassault

Aviation

SA

Dassault

Systemes

SE

4,802

Eiffage

SA

2,140

Engie

SA

31,858

746

EssilorLuxottica

SA

1,734

637

Hermes

International

Ipsen

SA

1,460

Kering

SA

554

Klepierre

SA(ö)

8,094

La

Francaise

des

Jeux

SAEM

2,715

L'Air

Liquide

SA

Class

A

3,464

671

Legrand

SA

1,483

L'Oreal

SA

1,098

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,479

1,046

Orange

SA

36,335

579

Pernod

Ricard

SA

3,003

Publicis

Groupe

SA

2,720

Renault

SA

5,172

Rexel

SA

Class

H

4,141

Safran

SA

783

Sartorius

Stedim

Biotech

707

Societe

Generale

SA

8,649

547

Sodexo

SA

2,022

Teleperformance

1,192

Thales

SA

718

TotalEnergies

SE

15,974

995

Veolia

Environnement

SA

3,577

Vinci

SA

6,870

919

15,014

Germany

-

8.2%

adidas

AG

630

Allianz

SE

3,611

1,450

AUMOVIO

SE(Æ)

929

BASF

SE

2,126

Bayerische

Motoren

Werke

AG

4,264

Beiersdorf

AG

1,622

Brenntag

SE

3,777

Commerzbank

AG

12,814

Continental

AG

2,966

CTS

Eventim

AG

&

Co.

KGaA

1,389

Daimler

Truck

Holding

AG

8,484

Deutsche

Bank

AG

13,692

Deutsche

Boerse

AG

1,626

Deutsche

Lufthansa

AG

15,406

Deutsche

Post

AG

11,824

543

Deutsche

Telekom

AG

27,837

863

E.ON

SE

20,934

Evonik

Industries

AG

4,768

Fresenius

Medical

Care

AG

2,246

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fresenius

SE

&

Co.

KGaA

8,342

GEA

Group

AG

2,452

Hannover

Rueck

SE

807

Heidelberg

Materials

AG

4,105

961

Infineon

Technologies

AG

4,918

Knorr-

Bremse

AG

542

Mercedes-Benz

Group

AG

6,667

Merck

KGaA

2,564

MTU

Aero

Engines

AG

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,211

749

Nemetschek

SE

1,483

Rheinmetall

AG

726

RWE

AG

3,908

SAP

SE

8,757

2,263

Scout24

SE(Þ)

1,879

Siemens

AG

4,176

1,182

Siemens

Energy

AG(Æ)

4,323

536

Siemens

Healthineers

AG(Þ)

1,647

Symrise

AG

1,681

Talanx

AG

921

Zalando

SE(Æ)(Þ)

5,549

16,149

Hong

Kong

-

1.8%

AIA

Group,

Ltd.

40,937

CK

Asset

Holdings,

Ltd.

29,830

CK

Infrastructure

Holdings,

Ltd.

13,501

Futu

Holdings,

Ltd.

-

ADR

1,119

Hang

Seng

Bank,

Ltd.

11,596

HKT

Trust

&

HKT,

Ltd.

92,075

Hong

Kong

Exchanges

&

Clearing,

Ltd.

16,416

899

Melco

Crown

Entertainment,

Ltd.(Æ)

(Š)

8,400

MTR

Corp.,

Ltd.

14,500

Prudential

PLC

61,855

859

Sun

Hung

Kai

Properties,

Ltd.

19,071

Techtronic

Industries

Co.,

Ltd.

11,348

WH

Group,

Ltd.(Þ)

248,289

3,652

Indonesia

-

0.1%

Jardine

Matheson

Holdings,

Ltd.

2,800

Ireland

-

0.4%

AerCap

Holdings

NV

1,553

AIB

Group

PLC

21,695

Bank

of

Ireland

Group

PLC

11,150

Kerry

Group

PLC

Class

A

Kingspan

Group

PLC

1,879

771

Israel

-

1.1%

Bank

Hapoalim

BM

20,451

Bank

Leumi

Le-Israel

BM

23,512

Check

Point

Software

Technologies,

Ltd.(Æ)

2,037

Elbit

Systems,

Ltd.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ICL

Group,

Ltd.

33,921

Israel

Discount

Bank,

Ltd.

Class

A

21,556

Mizrahi

Tefahot

Bank,

Ltd.

3,288

Nice,

Ltd.(Æ)

798

2,240

Italy

-

2.9%

Banco

BPM

SpA

13,660

BPER

Banca

SpA

15,628

Coca-Cola

HBC

AG

9,058

Enel

SpA

62,540

632

Eni

SpA

20,983

FinecoBank

Banca

Fineco

SpA

3,967

Generali

12,890

Intesa

Sanpaolo

SpA

86,348

556

Leonardo

SpA

4,551

Mediobanca

Banca

di

Credito

Finanziario

SpA

2,017

Moncler

SpA

1,638

Poste

Italiane

SpA

(Þ)

8,573

Prysmian

SpA

1,424

Recordati

SpA

1,649

Ryanair

Holdings

PLC

9,373

Snam

SpA

51,493

Telecom

Italia

SpA

(Æ)

158,523

Terna

-

Rete

Elettrica

Nazionale

17,927

UniCredit

SpA

11,805

873

Unipol

Gruppo

SpA

4,101

5,655

Japan

-

19.0%

Advantest

Corp.

4,700

703

Aeon

Co.,

Ltd.

23,900

Aisin

Corp.

8,700

Ajinomoto

Co.,

Inc.

7,600

ANA

Holdings,

Inc.

2,600

Asahi

Group

Holdings,

Ltd.

22,800

Asahi

Kasei

Corp.

15,900

Asics

Corp.

15,800

Astellas

Pharma,

Inc.

16,600

Bandai

Namco

Holdings,

Inc.

10,200

Bridgestone

Corp.

12,100

530

Canon,

Inc.

11,400

Capcom

Co.,

Ltd.

9,200

Central

Japan

Railway

Co.

7,100

Chiba

Bank,

Ltd.

(The)

4,400

Chubu

Electric

Power

Co.,

Inc.

10,500

Chugai

Pharmaceutical

Co.,

Ltd.

6,700

Concordia

Financial

Group,

Ltd.

15,100

Dai

Nippon

Printing

Co.,

Ltd.

5,500

Daifuku

Co.,

Ltd.

3,600

Dai-ichi

Life

Holdings,

Inc.

43,700

Daiichi

Sankyo

Co.,

Ltd.

8,600

Daikin

Industries,

Ltd.

2,800

Daito

Trust

Construction

Co.,

Ltd.

3,000

Daiwa

House

Industry

Co.,

Ltd.

11,300

Daiwa

Securities

Group,

Inc.

15,400

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Denso

Corp.

19,300

Disco

Corp.

600

East

Japan

Railway

Co.

10,800

ENEOS

Holdings,

Inc.

37,900

Fast

Retailing

Co.,

Ltd.

1,500

549

Fuji

Electric

Co.,

Ltd.

3,900

FUJIFILM

Holdings

Corp.

12,900

Fujikura,

Ltd.

4,700

642

Fujitsu,

Ltd.

12,700

Hankyu

Hanshin

Holdings,

Inc.

4,900

Hikari

Tsushin,

Inc.

Hitachi,

Ltd.

30,700

1,053

Honda

Motor

Co.,

Ltd.

28,800

Hoya

Corp.

2,600

Hulic

Co.,

Ltd.

7,600

Idemitsu

Kosan

Co.,

Ltd.

13,700

IHI

Corp.

6,300

Inpex

Corp.

10,800

Isuzu

Motors,

Ltd.

12,400

ITOCHU

Corp.

7,900

Japan

Exchange

Group,

Inc.

25,800

Japan

Post

Bank

Co.,

Ltd.

Class

A

18,300

Japan

Post

Holdings

Co.,

Ltd.

26,500

Japan

Post

Insurance

Co.,

Ltd.

Class

A

3,100

Japan

Tobacco,

Inc.

2,500

JFE

Holdings,

Inc.

3,500

Kajima

Corp.

8,700

Kansai

Electric

Power

Co.,

Inc.

(The)

9,100

Kao

Corp.

5,400

Kawasaki

Kisen

Kaisha,

Ltd.

5,700

KDDI

Corp.

19,100

Keyence

Corp.

600

Kikkoman

Corp.

4,600

Kirin

Holdings

Co.,

Ltd.

10,500

Kobe

Bussan

Co.,

Ltd.

4,100

Komatsu,

Ltd.

6,500

Konami

Holdings

Corp.

2,500

Kubota

Corp.

13,200

Kyocera

Corp.

12,600

Lasertec

Corp.

1,100

LY

Corp.

43,900

M3,

Inc.

9,400

Marubeni

Corp.

10,600

MatsukiyoCocokara

&

Co.

8,700

Minebea

Co.,

Ltd.

2,600

Mitsubishi

Chemical

Group

Corp.

8,700

Mitsubishi

Corp.

15,100

Mitsubishi

Estate

Co.,

Ltd.

12,600

Mitsubishi

HC

Capital,

Inc.

23,600

Mitsubishi

Heavy

Industries,

Ltd.

16,100

Mitsubishi

UFJ

Financial

Group,

Inc.

74,300

1,122

Mitsui

&

Co.,

Ltd.

12,100

Mitsui

Fudosan

Co.,

Ltd.

31,100

Mitsui

OSK

Lines,

Ltd.

4,600

Mizuho

Financial

Group,

Inc.

12,900

MonotaRO

Co.,

Ltd.

8,300

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MS&AD

Insurance

Group

Holdings,

Inc.

16,900

Murata

Manufacturing

Co.,

Ltd.

9,500

NEC

Corp.

12,100

Nidec

Corp.

2,300

Nintendo

Co.,

Ltd.

4,300

Nippon

Building

Fund,

Inc.(ö)

Nippon

Paint

Holdings

Co.,

Ltd.

15,600

Nippon

Steel

Corp.

27,000

Nippon

Yusen

5,100

Nitto

Denko

Corp.

9,400

Nomura

Holdings,

Inc.

20,100

Nomura

Research

Institute,

Ltd.

7,500

NTT,

Inc.

492,050

507

Obayashi

Corp.

11,100

Obic

Co.,

Ltd.

5,900

Olympus

Corp.

10,000

Ono

Pharmaceutical

Co.,

Ltd.

14,000

Oracle

Corp.

900

Oriental

Land

Co.,

Ltd.

5,500

ORIX

Corp.

13,500

Osaka

Gas

Co.,

Ltd.

10,500

Otsuka

Corp.

2,400

Otsuka

Holdings

Co.,

Ltd.

1,900

Pan

Pacific

International

Holdings

Corp.

22,500

Panasonic

Holdings

Corp.

36,500

Recruit

Holdings

Co.,

Ltd.

8,500

Resona

Holdings,

Inc.

18,900

Ricoh

Co.,

Ltd.

15,100

Sanrio

Co.,

Ltd.

2,800

SBI

Holdings,

Inc.

5,900

SCSK

Corp.

4,600

Secom

Co.,

Ltd.

8,400

Sekisui

Chemical

Co.,

Ltd.

16,600

Sekisui

House,

Ltd.

11,400

Seven

&

i

Holdings

Co.,

Ltd.

9,700

Shimadzu

Corp.

3,900

Shin-Etsu

Chemical

Co.,

Ltd.

7,100

Shionogi

&

Co.,

Ltd.

21,500

SoftBank

Corp.

233,500

Sompo

Holdings,

Inc.

8,300

Sony

Financial

Group,

Inc.(Æ)

22,300

Sony

Group

Corp.

35,000

980

Subaru

Corp.

12,392

Sumitomo

Corp.

10,800

Sumitomo

Electric

Industries,

Ltd.

8,100

Sumitomo

Metal

Mining

Co.,

Ltd.

2,700

Sumitomo

Mitsui

Financial

Group,

Inc.

15,100

Sumitomo

Mitsui

Trust

Holdings,

Inc.

7,000

Suntory

Beverage

&

Food,

Ltd.

1,600

Suzuki

Motor

Corp.

35,900

536

Sysmex

Corp.

3,900

T&D

Holdings,

Inc.

5,100

Taisei

Corp.

1,700

Taiyo

Nippon

Sanso

Corp.

2,800

Takeda

Pharmaceutical

Co.,

Ltd.

12,866

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TDK

Corp.

11,300

Terumo

Corp.

18,600

TIS,

Inc.

5,500

Toho

Co.,

Ltd.

2,500

Tokio

Marine

Holdings,

Inc.

15,800

591

Tokyo

Electron,

Ltd.

3,000

665

Tokyo

Gas

Co.,

Ltd.

6,500

Toyota

Motor

Corp.

60,100

1,226

Toyota

Tsusho

Corp.

7,800

Trend

Micro,

Inc.

2,800

Unicharm

Corp.

16,900

West

Japan

Railway

Co.

5,500

Yakult

Honsha

Co.,

Ltd.

2,800

Yamaha

Motor

Co.,

Ltd.

15,300

Zozo

,

Inc.

9,100

37,642

Netherlands

-

4.4%

ABN

AMRO

Bank

NV(Þ)

5,334

Adyen

NV(Æ)(Þ)

617

1,058

Argenx

SE(Æ)

ASM

International

NV

517

ASML

Holding

NV

2,965

3,140

ASR

Nederland

NV

2,682

BE

Semiconductor

Industries

NV

683

Euronext

NV(Þ)

1,173

EXOR

NV

2,308

Ferrari

NV

852

Heineken

Holding

NV

2,702

ING

Groep

NV

15,714

JDE

Peet's

NV

3,644

Koninklijke

Ahold

Delhaize

NV

15,597

638

Koninklijke

KPN

NV

64,299

Koninklijke

Philips

NV

4,336

NN

Group

NV

4,615

Randstad

NV

3,014

Universal

Music

Group

NV

8,033

Wolters

Kluwer

NV

1,882

8,656

New

Zealand

-

0.1%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

6,649

Xero

,

Ltd.(Æ)

1,254

Norway

-

1.0%

Aker

BP

ASA

6,786

DNB

Bank

ASA

10,490

Equinor

ASA

Class

N

16,397

Gjensidige

Forsikring

ASA

3,660

Kongsberg

Gruppen

ASA

9,070

Mowi

ASA

4,024

Norsk

Hydro

ASA

37,415

Orkla

ASA

16,452

Telenor

ASA

15,947

1,913

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Portugal

-

0.3%

EDP

SA

48,744

Galp

Energia

SGPS

SA

Class

B

9,679

Jeronimo

Martins

SGPS

SA

8,417

653

Singapore

-

1.6%

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

81,778

DBS

Group

Holdings,

Ltd.

15,136

626

Grab

Holdings,

Ltd.

Class

A(Æ)

20,533

Keppel,

Ltd.

18,900

Oversea-Chinese

Banking

Corp.,

Ltd.

34,479

Sea,

Ltd.

-

ADR(Æ)

1,772

Sembcorp

Industries,

Ltd.

22,000

Singapore

Airlines,

Ltd.

21,500

Singapore

Exchange,

Ltd.

28,000

Singapore

Technologies

Engineering,

Ltd.

21,300

Singapore

Telecommunications,

Ltd.

52,300

STMicroelectronics

NV

6,641

United

Overseas

Bank,

Ltd.

14,700

3,221

Spain

-

2.8%

Acciona

SA

581

ACS

Actividades

de

Construccion

y

Servicios

SA

1,701

Aena

SME

SA(Þ)

10,952

Amadeus

IT

Group

SA

Class

A

5,230

Banco

Bilbao

Vizcaya

Argentaria

SA

41,488

837

Banco

de

Sabadell

SA

55,175

Banco

Santander

SA

92,395

940

Bankinter

SA

8,091

CaixaBank

SA

30,992

Cellnex

Telecom

SA(Þ)

3,871

Endesa

SA

8,084

Grifols

SA

8,573

Iberdrola

SA

35,170

712

Industria

de

Diseno

Textil

SA

5,669

Redeia

Corp.

SA

5,559

Repsol

SA

16,157

Telefonica

SA

59,268

5,639

Sweden

-

2.6%

AddTech

AB

Class

B

3,518

Alfa

Laval

AB

4,502

Assa

Abloy

AB

Class

B

5,730

Atlas

Copco

AB

Class

A

14,985

Boliden

AB(Æ)

6,842

Epiroc

AB

Class

A

6,989

EQT

AB

3,330

Essity

Aktiebolag

Class

B

5,935

Evolution

AB(Þ)

2,134

Fastighets

AB

Balder

Class

B(Æ)

20,213

Indutrade

AB

4,058

Investor

AB

Class

B

6,026

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Lifco

AB

Class

B

5,282

Saab

AB

Class

B

4,050

Sandvik

AB

3,898

Securitas

AB

Class

B

14,263

Skandinaviska

Enskilda

Banken

AB

Class

A

13,203

Skanska

AB

Class

B

7,487

SKF

AB

Class

B

8,587

Svenska

Handelsbanken

AB

Class

A

21,365

Swedbank

AB

Class

A

10,200

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

1,259

Tele2

AB

Class

B

10,656

Telefonaktiebolaget

LM

Ericsson

Class

B

27,671

Telia

Co.

AB

28,567

Volvo

AB

Class

B

10,540

5,059

Switzerland

-

3.5%

ABB,

Ltd.

9,311

691

Baloise

Holding

AG

536

Chocoladefabriken

Lindt

&

Spruengli

AG

553

Cie

Financiere

Richemont

SA

Class

A

1,767

DSM-

Firmenich

AG

1,152

EMS-

Chemie

Holding

AG

Galderma

Group

AG

560

Geberit

AG

Givaudan

SA

Helvetia

Holding

AG

Julius

Baer

Group,

Ltd.

1,368

Kuehne

&

Nagel

International

AG

Logitech

International

SA

1,412

Lonza

Group

AG

509

Partners

Group

Holding

AG

Sandoz

Group

AG

1,681

Schindler

Holding

AG

959

SGS

SA

2,321

Sonova

Holding

AG

Straumann

Holding

AG

1,336

Swiss

Life

Holding

AG

Swiss

Prime

Site

AG

Class

A

2,054

Swisscom

AG

UBS

Group

AG

24,837

949

VAT

Group

AG(Þ)

Zurich

Insurance

Group

AG

1,076

748

6,975

United

Kingdom

-

9.6%

3i

Group

PLC

13,252

766

Admiral

Group

PLC

5,615

Ashtead

Group

PLC

4,582

Associated

British

Foods

PLC

5,632

AstraZeneca

PLC

11,797

1,943

Auto

Trader

Group

PLC(Þ)

17,475

Aviva

PLC

27,245

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BAE

Systems

PLC

29,295

721

Barclays

PLC

115,430

617

British

American

Tobacco

PLC

19,237

985

BT

Group

PLC

143,892

Centrica

PLC

162,797

CK

Hutchison

Holdings,

Ltd.

Class

B

29,758

Coca-Cola

Europacific

Partners

PLC

997

Compass

Group

PLC

7,923

DCC

PLC

2,643

Diageo

PLC

9,405

Halma

PLC

9,185

Hikma

Pharmaceuticals

PLC

1,984

HSBC

Holdings

PLC

134,400

1,873

Imperial

Tobacco

Group

PLC

14,185

564

International

Consolidated

Airlines

Group

SA

51,983

Intertek

Group

PLC

2,811

J

Sainsbury

PLC

26,825

Kingfisher

PLC

39,650

Lloyds

Banking

Group

PLC

493,865

578

London

Stock

Exchange

Group

PLC

3,420

Marks

&

Spencer

Group

PLC

30,893

National

Grid

PLC

33,789

505

NatWest

Group

PLC

61,922

Next

PLC

2,730

514

Pearson

PLC

6,520

Reckitt

Benckiser

Group

PLC

3,506

RELX

PLC

12,453

550

Rolls-Royce

Holdings

PLC

62,097

953

Sage

Group

PLC

(The)

17,927

Smith

&

Nephew

PLC

18,318

Smiths

Group

PLC

11,390

SSE

PLC

4,631

Standard

Chartered

PLC

22,806

Tesco

PLC

31,346

Unilever

PLC

12,798

768

United

Utilities

Group

PLC

7,899

Vodafone

Group

PLC

198,437

WPP

PLC

8,038

18,954

United

States

-

7.7%

Alcon

AG

653

Amrize

,

Ltd.(Æ)

4,875

AP

Moller

-

Maersk

A/S

Class

B

BP

PLC

65,955

CSL,

Ltd.

2,134

CyberArk

Software,

Ltd.(Æ)

883

Experian

PLC

8,238

Ferrovial

SE

2,466

GSK

PLC

37,880

887

Haleon

PLC

51,557

Holcim

AG(Æ)

4,803

monday.com,

Ltd.(Æ)

Nestle

SA

18,511

1,768

Novartis

AG

15,112

1,870

QIAGEN

NV

2,137

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Roche

Holding

AG

6,097

1,973

Sanofi

SA

7,513

760

Schneider

Electric

SE

3,226

915

Shell

PLC

54,523

2,037

Spotify

Technology

SA(Æ)

1,292

847

Stellantis

NV

31,488

Swiss

Re

AG

2,557

Tenaris

SA

9,215

15,202

#### Total

#### Common

#### Stocks
(cost

$139,227)

188,286

#### Preferred

#### Stocks

#### -

#### 0.6%
Germany

-

0.6%

Dr

Ing

hc

F

Porsche

AG

5.018%

(Ÿ)(Þ)

3,488

Henkel

AG

&

Co.

KGaA

2.864%

(Ÿ)

5,108

Porsche

Automobil

Holding

SE

5.129%

(Ÿ)

3,094

Volkswagen

AG

6.526%

(Ÿ)

4,372

1,174

#### Total

#### Preferred

#### Stocks
(cost

$1,194)

1,174

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 3.3%
United

States

-

3.3%

U.S.

Cash

Management

Fund(@)

6,621,472

(∞)

6,620

#### Total

#### Short-Term

#### Investments
(cost

$6,620)

6,620

#### Total

#### Investments

#### -

#### 99.1%
(identified

cost

$147,041)

196,080

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.9%
1,740

#### Net

#### Assets

#### -

#### 100.0%
197,820

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $1.8%

ABN

AMRO

Bank

NV

06/06/22

EUR

5,334

19.26 103

Adyen

NV

12/20/19

EUR

617

1,423.15

878

1,058

Aena

SME

SA

06/16/23

EUR

10,952

20.80 228

Amundi

SA

01/10/17

EUR

596

52.76 31

Auto

Trader

Group

PLC

12/11/20

GBP

17,475

8.54 149

Cellnex

Telecom

SA

10/21/22

EUR

3,871

32.71 127

Dr

Ing

hc

F

Porsche

AG

03/22/23

EUR

3,488

62.61 218

Euronext

NV

06/06/22

EUR

1,173

94.86 111

Evolution

AB

11/24/20

SEK

2,134

79.42 170

Hydro

One,

Ltd.

06/16/23

CAD

4,221

33.06 140

Poste

Italiane

SpA

04/06/17

EUR

8,573

12.99 111

Scout24

SE

10/21/22

EUR

1,879

92.16 173

Siemens

Healthineers

AG

04/14/20

EUR

1,647

45.78 75

VAT

Group

AG

02/04/22

CHF

365.24 141

WH

Group,

Ltd.

03/18/20

HKD

248,289

0.93 232

Zalando

SE

06/16/23

EUR

5,549

31.70 176

3,583

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

MSCI

EAFE

Index

Futures

USD

6,176

12/25

S&P/TSX

Index

Futures

CAD

1,069

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

1,008

CAD

1,400

12/17/25

(8) Bank

of

America

USD

7,632

CAD

10,600

12/17/25

(57) Bank

of

America

CAD

USD

12/17/25

Bank

of

America

CAD

11,600

USD

8,363

12/17/25

Citigroup

USD

CAD

12/17/25

(5) Royal

Bank

of

Canada

USD

CAD

12/17/25

(5) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

11,146

$

—

$

—

$

11,146

Austria

—

—

—

Belgium

—

1,157

—

—

1,157

Brazil

—

—

Canada

21,506

—

—

—

21,506

Chile

—

—

—

China

—

1,171

—

—

1,171

Denmark

—

2,568

—

—

2,568

Finland

—

1,909

—

—

1,909

France

—

15,014

—

—

15,014

Germany

16,109

—

—

16,149

Hong

Kong

3,406

—

3,652

Indonesia

—

—

—

Ireland

569

—

—

771

Israel

1,841

—

—

2,240

Italy

—

5,655

—

—

5,655

Japan

37,620

—

—

37,642

Netherlands

—

8,656

—

—

8,656

New

Zealand

—

—

—

Norway

—

1,913

—

—

1,913

Portugal

—

653

—

—

653

Singapore

2,821

—

—

3,221

Spain

—

5,639

—

—

5,639

Sweden

—

5,059

—

—

5,059

Switzerland

—

6,975

—

—

6,975

United

Kingdom

18,865

—

—

18,954

United

States

1,402

13,800

—

—

15,202

Preferred

Stocks

—

1,174

—

—

1,174

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

6,620

6,620

Total

Investments

24,527

164,910

6,620

196,080

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Foreign

Currency

Exchange

Contracts

—

(75) —

—

(75) Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

22,292

.3

Consumer

Staples

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

11,253

.7

Energy

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

8,539

.3

Financial

Services

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

52,924

.8

Health

Care

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

17,770

.0

Materials

and

Processing

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

17,035

.6

Producer

Durables

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

25,572

.9

Technology

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

20,197

.2

Utilities

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

12,704

.4

#### Preferred

#### Stocks
Consumer

Discretionary

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

760

.4

Consumer

Staples

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

.2

#### Warrants

#### and

#### Rights

#### ...................................................................
—

—

#### Short-Term

#### Investments

#### .............................................................
6,620

.3

Total

Investments

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

196,080

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts

—

Total

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

—

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,136

$

—

Foreign

currency

exchange

contracts

—

(27) Total

$

2,136

$

(27) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

Total

$

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

Total

$

$

$

—

$

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

—

Citigroup

—

—

Royal

Bank

of

Canada

—

—

Total

$

$

$

—

$

^

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

147,041

Investments,

at

fair

value(>)

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

196,080

Foreign

currency

holdings(^)

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

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

Fund

shares

sold

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

Foreign

capital

gains

taxes

recoverable

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

1,217

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Total

assets

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

198,170

#### Liabilities
Payables:

Due

to

custodian

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

#### Net

#### Assets

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

197,820

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

30,799

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

166,863

#### Net

#### Assets

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

197,820

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

6,620

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

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

$

12.51 Class

M

—

Net

assets

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

$

1,543,694

Class

M

—

Shares

outstanding

($.01

par

value)

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

123,427

Net

asset

value

per

share:

Class

R6

(#)

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

$

12.73 Class

R6

—

Net

assets

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

$

89,311

Class

R6

—

Shares

outstanding

($.01

par

value)

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

7,018

Net

asset

value

per

share:

Class

S

(#)

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

$

12.49 Class

S

—

Net

assets

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

$

34,003,823

Class

S

—

Shares

outstanding

($.01

par

value)

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

2,723,107

Net

asset

value

per

share:

Class

Y

(#)

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

$

12.49 Class

Y

—

Net

assets

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

$

162,183,662

Class

Y

—

Shares

outstanding

($.01

par

value)

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

12,986,121

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

4,516

Dividends

from

affiliated

funds

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

Interest

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

Less

foreign

taxes

withheld

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

(444) Total

investment

income

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

4,304

#### Expenses
Advisory

fees

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

611

Administrative

fees

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

Custodian

fees

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

Transfer

agent

fees

-

Class

M

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

Transfer

agent

fees

-

Class

S

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

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Trustees'

fees

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

Printing

fees

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

Foreign

tax

expense

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

Miscellaneous

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

Expenses

before

reductions

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

1,191

Expense

reductions

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

(113) Net

expenses

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

1,078

Net

investment

income

(loss)

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

3,226

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

15,887

Futures

contracts

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

2,136

Foreign

currency

exchange

contracts

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

(27) Foreign

currency-related

transactions

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

(301) Net

realized

gain

(loss)

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

17,695

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

6,474

Futures

contracts

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

Foreign

currency

exchange

contracts

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

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

6,682

Net

realized

and

unrealized

gain

(loss)

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

24,377

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

27,603

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

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)

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

$

3,226

$

4,907

Net

realized

gain

(loss)

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

17,695

31,988

Net

change

in

unrealized

appreciation

(depreciation)

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

6,682

11,818

Net

increase

(decrease)

in

net

assets

from

operations

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

27,603

48,713

#### Distributions
To

shareholders

Class

M

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

(77) (534) Class

R6

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

(3) (2) Class

S

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

(1,577)

(2,258)

Class

Y

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

(5,365)

(5,772)

Net

decrease

in

net

assets

from

distributions

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

(7,022)

(8,566)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

33,943

(132,723)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
54,524

(92,576)

#### Net

#### Assets
Beginning

of

period

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

143,296

235,872

End

of

period

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

$

197,820

$

143,296

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

\*\*&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

M

Proceeds

from

shares

sold

$

$

2,149

Proceeds

from

reinvestment

of

distributions

533

Payments

for

shares

redeemed

(49) (519) (1,680)

(17,577)

Net

increase

(decrease)

(27) (297) (1,415)

(14,895)

Class

R6

Proceeds

from

shares

sold

—

\*\*

Proceeds

from

reinvestment

of

distributions

—

\*\*

—

\*\*

Payments

for

shares

redeemed

(—)

\*\*

(—)

\*\*\*

(—)

\*\*

(4) Net

increase

(decrease)

—

\*\*

Class

S

Proceeds

from

shares

sold

3,013

684

7,035

Proceeds

from

reinvestment

of

distributions

1,577

2,258

Payments

for

shares

redeemed

(908) (10,171)

(4,885)

(51,019)

Net

increase

(decrease)

(478) (5,581)

(3,972)

(41,726)

Class

Y

Proceeds

from

shares

sold

6,437

78,320

1,098

Proceeds

from

reinvestment

of

distributions

540

5,363

586

5,770

Payments

for

shares

redeemed

(4,005)

(43,871)

(7,90

7)

(82,972)

Net

increase

(decrease)

2,972

39,812

(7,2

09)

(76,104)

Total

increase

(decrease)

2,468

$

33,943

(12,59

6)

$

(132,723)

\*\*\* Less

than

$500.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 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 9.09 8.23 11.11 8.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.2

.24

.25

.28

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.03 1.73 .80

(2.50)

2.75 $

Total

from

Investment

Operations

2.30 1.97 1.05 (2.22)

3.04 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.51)

(.34)

(.19)

(.66)

(.20)

$

Total

Distributions

(.51)

(.34)

(.19)

(.66)

(.20)

$

Net

Asset

Value,

End

of

Period

12.51 10.72 9.09 8.23 11.11 %

Total

Return

22.70 21.97 12.87 (21.07)

37.15 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,544

1,616

14,236

12,297

21,121

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.

.91

.84

.83

.79

%

Expenses,

Net

(Ƃ)

.79

.61

.49

.49

.50

%

Net

Investment

Income

(Ƃ)

2.41 2.35 2.70 2.96 2.72 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.91 9.24 8.36 11.27 8.40 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.28

.26

.26

.29

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.07 1.75 .82

(2.54)

2.77 $

Total

from

Investment

Operations

2.35 2.01 1.08 (2.25)

3.07 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.53)

(.34)

(.20)

(.66)

(.20)

$

Total

Distributions

(.53)

(.34)

(.20)

(.66)

(.20)

$

Net

Asset

Value,

End

of

Period

12.73 10.91 9.24 8.36 11.27 %

Total

Return

22.78 22.07 12.96 (21.02)

36.94 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 89

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.8

.80

.69

.68

.64

%

Expenses,

Net

(Ƃ)

.75

.65

.47

.47

.48

%

Net

Investment

Income

(Ƃ)

2.46 2.47 2.72 2.97 2.78 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### 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

10.71 9.08 8.22 11.08 8.26 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.26

.24

.24

.26

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.02 1.71 .80

(2.47)

2.73 $

Total

from

Investment

Operations

2.28 1.95 1.04 (2.21)

3.00 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.50)

(.32)

(.18)

(.65)

(.18)

$

Total

Distributions

(.50)

(.32)

(.18)

(.65)

(.18)

$

Net

Asset

Value,

End

of

Period

12.49 10.71 9.08 8.22 11.08 %

Total

Return

22.49 21.81 12.70 (21.07)

36.67 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 34,004

34,267

65,101

65,107

100,757

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.03 .96

.84

.83

.79

%

Expenses,

Net

(Ƃ)

.94

.82

.64

.64

.65

%

Net

Investment

Income

(Ƃ)

2.28 2.31 2.54 2.78 2.53 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 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 9.09 8.23 11.10 8.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.

.26

.25

.28

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.0 3

1.71 .81

(2.48)

2.77 $

Total

from

Investment

Operations

2.30 1.97 1.06 (2.20)

3.04 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.53)

(.34)

(.20)

(.67)

(.21)

$

Total

Distributions

(.53)

(.34)

(.20)

(.67)

(.21)

$

Net

Asset

Value,

End

of

Period

12.49 10.72 9.09 8.23 11.10 %

Total

Return

22.74 22.03 12.95 (20.96)

37.07 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 162,183

107,346

156,480

163,627

229,824

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.83

.76

.65

.63

.60

%

Expenses,

Net

(Ƃ)

.75

.62

.45

.44

.45

%

Net

Investment

Income

(Ƃ)

2.41 2.50 2.70 2.95 2.62 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

104,632

Administrative

fees

8,022

Transfer

agent

fees

6,501

Trustees'

fees

551

$

119,706

#### 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
U.S.

Cash

Management

Fund

$

1,582

$

207,374

$

202,336

$

—

$

—

$

6,620

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

151,345,449

$

46,099,169

$

(1,364,908)

$

44,734,261

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

3,684,357

$

(17,696,218)

$

44,811,264

$

—

$

30,799,403

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

7,021,993

$

—

$

—

$

8,566,195

$

—

$

—

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.6%
Australia

-

2.0%

Aristocrat

Leisure,

Ltd.

10,600

ASX,

Ltd.

6,818

BHP

Group,

Ltd.

147,549

4,199

Brambles,

Ltd.

56,274

914

Coles

Group,

Ltd.

52,973

764

Commonwealth

Bank

of

Australia

14,420

1,617

Computershare,

Ltd.

15,185

Evolution

Mining,

Ltd.

67,890

Medibank

Pvt

,

Ltd.

80,367

Northern

Star

Resources,

Ltd.

56,605

908

Pro

Medicus

,

Ltd.

1,736

Qantas

Airways,

Ltd.

46,798

QBE

Insurance

Group,

Ltd.

201,729

2,626

Rio

Tinto

PLC

45,437

3,253

Rio

Tinto,

Ltd.

2,745

Sigma

Healthcare,

Ltd.

174,217

Suncorp

Group,

Ltd.

84,867

1,092

Telstra

Group,

Ltd.

508,975

1,624

Transurban

Group(Æ)

80,913

766

Wesfarmers,

Ltd.

23,043

1,264

Westpac

Banking

Corp.

23,159

589

22,608

Austria

-

0.7%

ams

-OSRAM

AG(Æ)

28,579

Erste

Group

Bank

AG

61,700

6,382

Mondi

PLC

82,756

923

7,699

Belgium

-

0.3%

Ageas

SA

25,135

1,664

Anheuser-Busch

InBev

SA

10,055

613

KBC

Groep

NV

3,686

Proximus

SADP

45,465

3,112

Brazil

-

1.1%

Ambev

SA

935,995

2,211

Banco

Bradesco

SA

-

ADR

744,890

2,518

Banco

do

Brasil

SA

235,016

957

Lojas

Renner

SA

306,210

845

MercadoLibre

,

Inc.(Æ)

1,077

2,506

Natura

Cosmeticos

SA(Æ)

481,067

806

Telefonica

Brasil

SA

276,106

1,644

Ultrapar

Participacoes

SA

175,075

697

Wheaton

Precious

Metals

Corp.

4,496

12,618

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

10,349

Canada

-

3.9%

Agnico

Eagle

Mines,

Ltd.

8,107

1,304

Alamos

Gold,

Inc.

Class

A

11,476

Bank

of

Montreal

2,956

Barrick

Mining

Corp.

78,474

2,576

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brookfield

Asset

Management,

Inc.

Class

A

5,552

Canadian

Imperial

Bank

of

Commerce

8,222

681

Canadian

Natural

Resources,

Ltd.

10,085

CCL

Industries,

Inc.

Class

B

5,370

Constellation

Software,

Inc.

705

Dollarama

,

Inc.

20,027

2,603

Enbridge,

Inc.

20,647

963

Fairfax

Financial

Holdings,

Ltd.

525

852

Franco-Nevada

Corp.

Class

T

2,251

George

Weston,

Ltd.

4,680

Great-West

Lifeco

,

Inc.

36,766

1,559

iA

Financial

Corp.,

Inc.

10,100

1,192

Imperial

Oil,

Ltd.

24,711

2,186

Intact

Financial

Corp.

4,086

762

Kinross

Gold

Corp.

44,918

1,045

Loblaw

Cos.,

Ltd.

16,012

636

Magna

International,

Inc.

Class

A

76,550

3,616

Manulife

Financial

Corp.

77,680

2,514

Metro,

Inc.

Class

A

3,785

Nutrien

,

Ltd.

13,925

758

RB

Global,

Inc.

2,980

Royal

Bank

of

Canada

36,372

5,328

Saputo,

Inc.

23,643

571

Shopify,

Inc.

Class

A(Æ)

23,706

4,122

Stantec

,

Inc.

20,514

2,272

Sun

Life

Financial,

Inc.

43,951

2,673

Suncor

Energy,

Inc.

7,305

Tourmaline

Oil

Corp.

33,087

1,455

WSP

Global,

Inc.

1,692

43,885

China

-

4.2%

Alibaba

Group

Holding,

Ltd.

455,400

9,676

Alibaba

Group

Holding,

Ltd.

-

ADR

11,023

1,879

Baidu,

Inc.

Class

A(Æ)

119,000

1,799

Bank

of

China

(Hong

Kong),

Ltd.

104,500

514

China

Mengniu

Dairy

Co.,

Ltd.

273,000

China

Merchants

Bank

Co.,

Ltd.

Class

H

167,000

1,042

China

Overseas

Land

&

Investment,

Ltd.

968,000

1,624

Haier

Smart

Home

Co.,

Ltd.

Class

H

565,400

1,841

Laopu

Gold

Co.,

Ltd.

Class

H

17,386

1,531

Prosus

NV

12,570

868

Tencent

Holdings,

Ltd.

201,488

16,378

Trip.com

Group,

Ltd.

-

ADR

82,830

5,852

Weichai

Power

Co.,

Ltd.

Class

H

396,000

818

Xiaomi

Corp.

Class

B(Æ)(Þ)

235,400

1,306

Yangzijiang

Shipbuilding

Holdings,

Ltd.

243,200

655

46,280

Denmark

-

1.4%

Carlsberg

A/S

Class

B

8,996

1,057

Danske

Bank

A/S

97,258

4,342

DSV

A/S

9,918

2,104

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Novo

Nordisk

A/S

Class

B

159,009

7,845

Novonesis

(Novozymes)

B

Class

B

1,619

15,445

Finland

-

1.3%

Elisa

Oyj

14,422

635

Nokia

Oyj

1,354,658

9,250

Nordea

Bank

Abp

21,027

Sampo

Oyj

Class

A

227,255

2,534

Wartsila

OYJ

Abp

Class

B

47,363

1,551

14,330

France

-

8.2%

Accor

SA

75,634

3,858

Airbus

SE

11,995

2,958

Amundi

SA(Þ)

37,747

2,798

Arkema

SA

48,583

2,884

AXA

SA

55,571

2,410

BNP

Paribas

SA

37,250

2,881

Bureau

Veritas

SA

84,759

2,783

Capgemini

SE

4,992

769

Carrefour

SA

96,629

1,449

Cie

de

Saint-Gobain

SA

19,900

1,932

Cie

Generale

des

Etablissements

Michelin

SCA

140,132

4,475

Credit

Agricole

SA

99,729

1,799

Danone

SA

36,691

3,241

Dassault

Aviation

SA

5,089

1,635

Engie

SA

148,853

3,483

EssilorLuxottica

SA

2,268

833

Hermes

International

1,290

3,187

L'Air

Liquide

SA

Class

A

3,440

667

L'Oreal

SA

4,958

2,070

LVMH

Moet

Hennessy

Louis

Vuitton

SE

14,920

10,550

Orange

SA

170,397

2,714

Publicis

Groupe

SA

41,370

4,142

Renault

SA

24,074

935

Rexel

SA

Class

H

106,103

3,671

Safran

SA

8,921

3,167

Sartorius

Stedim

Biotech

23,856

5,708

Societe

Generale

SA

69,839

4,419

Teleperformance

52,755

3,757

Thales

SA

1,351

TotalEnergies

SE

63,164

3,933

Valeo

SE

56,007

774

Vinci

SA

7,625

1,020

91,286

Germany

-

8.2%

adidas

AG

8,863

1,674

Allianz

SE

5,829

2,341

AUMOVIO

SE(Æ)

9,346

BASF

SE

110,114

5,434

Bayer

AG

82,531

2,564

Continental

AG

48,473

3,658

CTS

Eventim

AG

&

Co.

KGaA

63,821

5,711

Daimler

Truck

Holding

AG

148,905

5,960

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Deutsche

Bank

AG

15,637

557

Deutsche

Boerse

AG

21,070

5,333

Deutsche

Post

AG

10,096

Deutsche

Telekom

AG

38,624

1,197

E.ON

SE

26,241

Evonik

Industries

AG

218,091

3,654

Fresenius

Medical

Care

AG

59,000

3,167

Fresenius

SE

&

Co.

KGaA

47,745

2,754

GEA

Group

AG

14,205

1,015

Hannover

Rueck

SE

8,402

2,397

Heidelberg

Materials

AG

4,932

1,155

Infineon

Technologies

AG

51,990

2,056

Mercedes-Benz

Group

AG

39,924

2,583

MTU

Aero

Engines

AG

15,804

6,891

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,202

3,216

Rheinmetall

AG

2,272

4,458

SAP

SE

43,801

11,318

Siemens

AG

9,060

2,564

Siemens

Energy

AG(Æ)

7,328

908

Symrise

AG

82,393

6,816

90,734

Hong

Kong

-

1.9%

AIA

Group,

Ltd.

766,175

7,455

ASMPT,

Ltd.

73,900

774

CK

Asset

Holdings,

Ltd.

218,657

1,079

CLP

Holdings,

Ltd.

165,000

1,407

Hong

Kong

Exchanges

&

Clearing,

Ltd.

24,700

1,352

Power

Assets

Holdings,

Ltd.

143,500

911

Prudential

PLC

481,115

6,682

Sino

Land

Co.,

Ltd.

398,000

Sun

Hung

Kai

Properties,

Ltd.

28,500

WH

Group,

Ltd.(Þ)

1,191,000

1,142

21,642

India

-

0.8%

HDFC

Bank,

Ltd.

-

ADR

198,448

7,188

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

48,053

2,165

9,353

Indonesia

-

0.6%

Bank

Central

Asia

Tbk

PT

9,806,800

5,007

Bank

Negara

Indonesia

Persero

Tbk

PT

3,141,400

826

Bank

Rakyat

Indonesia

Persero

Tbk

PT

4,911,800

1,175

7,008

Ireland

-

1.0%

AIB

Group

PLC

215,457

1,984

Bank

of

Ireland

Group

PLC

345,692

5,660

Flutter

Entertainment

PLC(Æ)

13,474

3,104

10,748

Israel

-

0.2%

Bank

Hapoalim

BM

22,743

Bank

Leumi

Le-Israel

BM

25,511

518

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Check

Point

Software

Technologies,

Ltd.(Æ)

3,862

756

1,736

Italy

-

3.1%

BPER

Banca

SpA

166,633

1,992

Coca-Cola

HBC

AG

29,718

1,349

Davide

Campari-Milano

SpA

612,789

4,228

Enel

SpA

441,454

4,463

Eni

SpA

127,029

2,341

FinecoBank

Banca

Fineco

SpA

406,352

9,290

Generali

9,020

Intesa

Sanpaolo

SpA

87,670

564

Recordati

SpA

11,220

666

Ryanair

Holdings

PLC

11,729

Ryanair

Holdings

PLC

-

ADR

38,974

2,435

Snam

SpA

55,324

Terna

-

Rete

Elettrica

Nazionale

23,893

UniCredit

SpA

71,745

5,307

33,923

Japan

-

16.3%

Advantest

Corp.

28,700

4,294

Aeon

Co.,

Ltd.

31,800

502

Ajinomoto

Co.,

Inc.

21,388

606

Alfresa

Holdings

Corp.

35,000

Alps

Alpine

Co.,

Ltd.

34,100

Amada

Co.,

Ltd.

38,200

Asahi

Group

Holdings,

Ltd.

16,800

Asics

Corp.

30,700

782

Bandai

Namco

Holdings,

Inc.

22,400

696

Bridgestone

Corp.

97,000

4,248

Canon,

Inc.

76,700

2,201

Capcom

Co.,

Ltd.

13,000

Chiba

Bank,

Ltd.

(The)

166,100

1,628

Chugai

Pharmaceutical

Co.,

Ltd.

60,300

2,781

Daifuku

Co.,

Ltd.

12,500

Dai-ichi

Life

Holdings,

Inc.

107,700

756

Daiichi

Sankyo

Co.,

Ltd.

13,600

Daikin

Industries,

Ltd.

28,300

3,302

Daito

Trust

Construction

Co.,

Ltd.

41,500

774

Daiwa

House

Industry

Co.,

Ltd.

13,500

Denso

Corp.

157,400

2,199

Dentsu

,

Inc.

54,800

1,087

East

Japan

Railway

Co.

17,700

Eisai

Co.,

Ltd.

15,110

FANUC

Corp.

80,500

2,648

Fast

Retailing

Co.,

Ltd.

3,900

1,428

Fujikura,

Ltd.

8,300

1,133

Fujitsu,

Ltd.

44,600

1,163

Fukuoka

Financial

Group,

Inc.

51,000

1,481

Hakuhodo

DY

Holdings,

Inc.

58,500

Hino

Motors,

Ltd.(Æ)

99,200

Hitachi,

Ltd.

141,000

4,836

Honda

Motor

Co.,

Ltd.

120,174

1,220

Horiba,

Ltd.

8,800

818

Hoya

Corp.

42,500

6,889

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
IHI

Corp.

30,800

642

Iida

Group

Holdings

Co.,

Ltd.

55,200

845

Isuzu

Motors,

Ltd.

9,800

Japan

Airlines

Co.,

Ltd.

35,700

643

Japan

Post

Insurance

Co.,

Ltd.

Class

A

64,300

1,662

Japan

Tobacco,

Inc.

77,400

2,691

JGC

Holdings

Corp.

57,600

584

Kajima

Corp.

24,700

795

KDDI

Corp.

24,900

Keyence

Corp.

16,400

6,084

Kirin

Holdings

Co.,

Ltd.

30,800

Kobe

Bussan

Co.,

Ltd.

10,000

Koito

Manufacturing

Co.,

Ltd.

79,800

1,190

Komatsu,

Ltd.

46,500

1,553

Konami

Holdings

Corp.

3,800

636

Kubota

Corp.

135,300

1,764

Kyocera

Corp.

118,000

1,568

LY

Corp.

82,400

M3,

Inc.

22,200

MatsukiyoCocokara

&

Co.

15,500

MEIJI

Holdings

Co.,

Ltd.

18,200

Minebea

Co.,

Ltd.

178,900

3,531

Mitsubishi

Estate

Co.,

Ltd.

107,300

2,271

Mitsubishi

Gas

Chemical

Co.,

Inc.

35,500

656

Mitsubishi

Heavy

Industries,

Ltd.

50,300

1,506

Mitsubishi

UFJ

Financial

Group,

Inc.

106,122

1,603

Mitsui

Fudosan

Co.,

Ltd.

34,700

Mizuho

Financial

Group,

Inc.

32,700

1,092

MonotaRO

Co.,

Ltd.

15,100

MS&AD

Insurance

Group

Holdings,

Inc.

105,600

2,175

Murata

Manufacturing

Co.,

Ltd.

369,600

8,101

NEC

Corp.

28,000

1,016

Nikon

Corp.

40,700

Nintendo

Co.,

Ltd.

31,400

2,690

Nippon

Television

Holdings,

Inc.

22,700

550

Nissan

Motor

Co.,

Ltd.(Æ)

334,400

773

Nitto

Denko

Corp.

140,600

3,498

Nomura

Research

Institute,

Ltd.

14,200

556

NTT,

Inc.

324,700

Obayashi

Corp.

32,600

551

Obic

Co.,

Ltd.

7,000

Olympus

Corp.

251,100

3,106

Ono

Pharmaceutical

Co.,

Ltd.

27,592

Oracle

Corp.

2,600

Osaka

Gas

Co.,

Ltd.

12,100

Otsuka

Holdings

Co.,

Ltd.

13,900

753

Pan

Pacific

International

Holdings

Corp.

66,500

Panasonic

Holdings

Corp.

79,300

923

Persol

Holdings

Co.,

Ltd.

479,300

796

Recruit

Holdings

Co.,

Ltd.

16,300

815

Resona

Holdings,

Inc.

640,500

6,229

Rinnai

Corp.

32,200

730

Rohm

Co.,

Ltd.

105,600

1,685

Sanrio

Co.,

Ltd.

6,700

SCREEN

Holdings

Co.,

Ltd.

12,300

1,166

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SCSK

Corp.

4,800

Secom

Co.,

Ltd.

12,800

Sega

Sammy

Holdings,

Inc.

24,600

Sekisui

Chemical

Co.,

Ltd.

57,400

993

Shionogi

&

Co.,

Ltd.

101,500

1,705

SMC

Corp.

3,700

1,262

SoftBank

Corp.

2,116,600

5,300

Sompo

Holdings,

Inc.

100,700

3,068

Sony

Financial

Group,

Inc.(Æ)

42,750

Sony

Group

Corp.

193,350

5,412

Stanley

Electric

Co.,

Ltd.

30,423

598

Subaru

Corp.

61,088

1,309

Sumitomo

Heavy

Industries,

Ltd.

18,500

Sumitomo

Mitsui

Financial

Group,

Inc.

49,000

1,326

Sumitomo

Mitsui

Trust

Holdings,

Inc.

80,900

2,228

Sumitomo

Rubber

Industries,

Ltd.

51,000

597

Suntory

Beverage

&

Food,

Ltd.

123,200

3,725

Suzuki

Motor

Corp.

59,300

885

T&D

Holdings,

Inc.

116,000

2,493

Taiheiyo

Cement

Corp.

17,000

Taisei

Corp.

7,500

545

Taiyo

Nippon

Sanso

Corp.

7,700

Takeda

Pharmaceutical

Co.,

Ltd.

96,800

2,618

TDK

Corp.

239,100

4,123

THK

Co.,

Ltd.

21,100

564

TIS,

Inc.

4,600

Toho

Co.,

Ltd.

5,500

Tokio

Marine

Holdings,

Inc.

90,700

3,394

Tokyo

Electron,

Ltd.

31,068

6,892

Toray

Industries,

Inc.

130,800

801

Toyota

Motor

Corp.

39,400

804

Trend

Micro,

Inc.

4,700

Tsuruha

Holdings,

Inc.

57,600

1,000

Yamato

Holdings

Co.,

Ltd.

61,684

900

Zozo

,

Inc.

28,500

180,967

Luxembourg

-

0.3%

ArcelorMittal

SA

89,816

3,420

RTL

Group

SA

11,186

3,851

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

648,883

3,219

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

80,426

1,831

Netherlands

-

4.5%

ABN

AMRO

Bank

NV(Þ)

89,716

2,680

Adyen

NV(Æ)(Þ)

1,964

3,369

Argenx

SE(Æ)

3,300

2,696

ASML

Holding

NV

7,787

8,245

Ferrari

NV

5,275

2,110

Heineken

NV

5,524

ING

Groep

NV

286,162

7,174

Koninklijke

Ahold

Delhaize

NV

13,509

553

Koninklijke

KPN

NV

472,956

2,189

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Koninklijke

Philips

NV

182,881

4,994

NN

Group

NV

31,294

2,142

Randstad

NV

90,993

3,565

Universal

Music

Group

NV

347,118

9,312

VEON,

Ltd.

-

ADR(Æ)

7,343

49,809

New

Zealand

-

0.1%

Contact

Energy,

Ltd.

75,598

Meridian

Energy,

Ltd.

123,145

Xero

,

Ltd.(Æ)

2,430

1,050

Norway

-

0.8%

DNB

Bank

ASA

99,024

2,530

Equinor

ASA

Class

N

179,099

4,291

Gjensidige

Forsikring

ASA

21,635

582

Kongsberg

Gruppen

ASA

16,606

Norsk

Hydro

ASA

22,543

Orkla

ASA

94,338

957

Telenor

ASA

20,996

9,248

Poland

-

0.3%

Zabka

Group

SA(Æ)

599,434

3,480

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

607,370

—

LUKOIL

PJSC(Æ)(Š)

10,952

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

145,363

—

Sberbank

of

Russia

PJSC(Æ)(Š)

415,116

—

—

Singapore

-

2.0%

DBS

Group

Holdings,

Ltd.

93,080

3,852

Grab

Holdings,

Ltd.

Class

A(Æ)

849,545

5,106

Oversea-Chinese

Banking

Corp.,

Ltd.

218,560

2,860

Sea,

Ltd.

-

ADR(Æ)

40,569

6,339

Singapore

Exchange,

Ltd.

47,200

612

Singapore

Technologies

Engineering,

Ltd.

52,100

Singapore

Telecommunications,

Ltd.

956,400

3,118

22,226

South

Africa

-

0.3%

Anglo

American

PLC

26,123

985

MTN

Group,

Ltd.

181,820

1,810

Old

Mutual,

Ltd.

1,068,638

835

Valterra

Platinum,

Ltd.

3,534

3,846

South

Korea

-

1.7%

Coway

Co.,

Ltd.

5,633

Hankook

Tire

&

Technology

Co.,

Ltd.

13,952

Hyundai

Mobis

Co.,

Ltd.

7,314

1,620

KB

Financial

Group,

Inc.

20,880

1,701

KT

Corp.

-

ADR

68,380

1,268

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Samsung

Electronics

Co.,

Ltd.

57,134

4,301

Shinhan

Financial

Group

Co.,

Ltd.

75,715

3,903

SK

Hynix,

Inc.

9,718

3,797

SK

Telecom

Co.,

Ltd.

29,266

1,075

18,471

Spain

-

1.5%

Aena

SME

SA(Þ)

20,096

545

Banco

Bilbao

Vizcaya

Argentaria

SA

49,856

1,006

Banco

Santander

SA

109,343

1,113

CaixaBank

SA

145,229

1,534

Endesa

SA

42,027

1,506

Iberdrola

SA

58,722

1,189

Industria

de

Diseno

Textil

SA

164,298

9,057

Telefonica

SA

75,688

16,333

Sweden

-

1.4%

Assa

Abloy

AB

Class

B

34,856

1,320

Atlas

Copco

AB

Class

A

106,015

1,792

Atlas

Copco

AB

Class

B

150,395

2,265

Essity

Aktiebolag

Class

B

61,720

1,695

Industrivarden

AB

Class

C

14,579

607

Investor

AB

Class

B

10,971

Lifco

AB

Class

B

7,942

Saab

AB

Class

B

9,100

503

Skanska

AB

Class

B

32,045

876

SKF

AB

Class

B

67,516

1,740

Svenska

Cellulosa

AB

SCA

Class

B

57,207

763

Svenska

Handelsbanken

AB

Class

A

24,410

Tele2

AB

Class

B

51,551

816

Telefonaktiebolaget

LM

Ericsson

Class

B

223,292

2,253

15,622

Switzerland

-

3.8%

ABB,

Ltd.

17,422

1,293

Adecco

Group

AG

28,119

784

Chocoladefabriken

Lindt

&

Spruengli

AG

814

Cie

Financiere

Richemont

SA

Class

A

5,821

1,150

Galderma

Group

AG

15,902

2,940

Geberit

AG

Helvetia

Holding

AG

609

Julius

Baer

Group,

Ltd.

48,204

3,251

Lonza

Group

AG

11,051

7,624

Partners

Group

Holding

AG

1,400

1,711

Schindler

Holding

AG

1,583

563

SGS

SA

15,349

1,729

Swatch

Group

AG

(The)

Class

B

6,299

1,310

Swisscom

AG

843

617

UBS

Group

AG

390,722

14,924

Zurich

Insurance

Group

AG

4,728

3,286

42,450

Taiwan

-

3.0%

Delta

Electronics,

Inc.

60,000

1,922

E

Ink

Holdings,

Inc.

120,000

824

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MediaTek

,

Inc.

39,000

1,655

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

294,000

14,225

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

48,028

14,429

33,055

Thailand

-

0.2%

Kasikornbank

PCL

433,700

2,503

United

Kingdom

-

9.7%

3i

Group

PLC

18,314

1,059

AstraZeneca

PLC

35,833

5,903

Auto

Trader

Group

PLC(Þ)

22,671

BAE

Systems

PLC

36,994

911

Barclays

PLC

676,768

3,619

British

American

Tobacco

PLC

114,205

5,846

British

Land

Co.

PLC

(The)(ö)

168,518

840

BT

Group

PLC

915,651

2,234

Burberry

Group

PLC(Æ)

61,358

997

CK

Hutchison

Holdings,

Ltd.

Class

B

184,631

1,226

Compass

Group

PLC

246,571

8,153

Croda

International

PLC

12,492

DCC

PLC

13,884

915

Diageo

PLC

30,407

700

Diploma

PLC

71,867

5,295

easyJet

PLC

204,113

1,303

Halma

PLC

14,322

667

Hikma

Pharmaceuticals

PLC

18,045

HSBC

Holdings

PLC

501,029

6,982

Imperial

Tobacco

Group

PLC

7,706

Intermediate

Capital

Group

PLC

67,391

1,713

International

Consolidated

Airlines

Group

SA

73,767

Intertek

Group

PLC

92,996

6,200

J

Sainsbury

PLC

1,003,088

4,501

Kingfisher

PLC

286,258

1,162

Klarna

Group

PLC(Æ)

48,244

1,813

Land

Securities

Group

PLC(ö)

126,658

1,035

Lloyds

Banking

Group

PLC

354,564

London

Stock

Exchange

Group

PLC

43,308

5,397

National

Grid

PLC

62,000

927

NatWest

Group

PLC

63,451

Next

PLC

4,411

830

Reckitt

Benckiser

Group

PLC

109,100

8,330

RELX

PLC

159,577

7,053

Rolls

Royce

Holdings

PLC

245,709

3,769

Schroders

PLC

68,254

Smiths

Group

PLC

10,481

Standard

Chartered

PLC

294,558

6,036

Tate

&

Lyle

PLC

114,538

581

Tesco

PLC

216,480

1,307

Travis

Perkins

PLC

61,834

510

Unilever

PLC

62,464

3,748

Wise

PLC

Class

A(Æ)

153,786

1,953

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WPP

PLC

205,637

778

107,739

United

States

-

9.3%

Amrize

,

Ltd.(Æ)

25,320

1,302

Aon

PLC

Class

A

9,352

3,186

AP

Moller

-

Maersk

A/S

Class

B

BP

PLC

496,809

2,904

CyberArk

Software,

Ltd.(Æ)

1,490

776

Experian

PLC

9,267

Ferrovial

SE

7,232

GSK

PLC

377,814

8,852

Haleon

PLC

2,132,785

9,931

Holcim

AG(Æ)

24,851

2,205

James

Hardie

Industries

PLC(Æ)

74,672

1,569

Linde

PLC

18,527

7,750

Medtronic

PLC

26,771

2,428

Nestle

SA

51,676

4,937

Novartis

AG

47,593

5,890

Roche

Holding

AG

25,463

8,223

Sanofi

SA

104,588

10,581

Schneider

Electric

SE

51,017

14,470

Shell

PLC

286,909

10,724

Spotify

Technology

SA(Æ)

5,572

3,651

Swiss

Re

AG

13,223

2,411

Tenaris

SA

38,009

757

103,775

#### Total

#### Common

#### Stocks
(cost

$858,686)

1,052,297

#### Preferred

#### Stocks

#### -

#### 0.4%
Brazil

-

0.0%

Raizen

SA

0.000%

(Æ)

1,113,007

Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.864%

(Ÿ)

26,939

2,182

Volkswagen

AG

6.526%

(Ÿ)

17,857

1,855

4,037

#### Total

#### Preferred

#### Stocks
(cost

$5,982)

4,234

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 2.9%
United

States

-

2.9%

U.S.

Cash

Management

Fund(@)

32,871,958

(∞)

32,865

#### Total

#### Short-Term

#### Investments
(cost

$32,863)

32,865

#### Total

#### Investments

#### -

#### 97.9%
(identified

cost

$897,531)

1,089,396

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.1%
22,892

#### Net

#### Assets

#### -

#### 100.0%
1,112,288

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $1.3%

ABN

AMRO

Bank

NV

10/03/19

EUR

89,716

17.28 1,550

2,680

Adyen

NV

04/19/22

EUR

1,964

1,747.31

3,432

3,369

Aena

SME

SA

01/23/25

EUR

20,096

23.36 470

545

Amundi

SA

02/28/19

EUR

37,747

66.73 2,519

2,798

Auto

Trader

Group

PLC

08/04/23

GBP

22,671

8.08 183

Larsen

&

Toubro,

Ltd.

02/23/24

48,053

41.66 2,002

2,165

WH

Group,

Ltd.

06/26/19

HKD

1,191,000

0.84 1,005

1,142

Xiaomi

Corp.

04/11/25

HKD

235,400

5.68 1,336

1,306

14,238

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

CAC40

Euro

Index

Futures

EUR

5,936

11/25

DAX

Index

Futures

EUR

4,807

12/25

EURO

STOXX

Index

Futures

EUR

3,401

12/25

FTSE/MIB

Index

Futures

EUR

,

714

12/25

IBEX

Index

Futures

EUR

1,920

11/25

OMXS30

Index

Futures

SEK

15,512

11/25

S&P

500

E-Mini

Index

Futures

USD

1,375

12/25

S&P/TSX

Index

Futures

CAD

94,068

12/25

1,745

SPI

Index

Futures

AUD

,

12/25

(39) TOPIX

Index

Futures

JPY

,

,

960

12/25

1,297

Short

Positions

FTSE

Index

Futures

GBP

8,089

12/25

(490) Hang

Seng

Index

Futures

HKD

86,788

11/25

MSCI

Emerging

Markets

Index

Futures

893

USD

,

849

12/25

(2,724)

MSCI

Singapore

Index

Futures

SGD

,

758

11/25

(3) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

587

EUR

507

11/04/25

(2) Bank

of

America

USD

2,063

EUR

1,790

11/04/25

—

Bank

of

America

USD

HKD

2,915

11/04/25

—

Bank

of

America

USD

13,655

JPY

2,000,000

12/17/25

(622) Bank

of

America

EUR

823

USD

948

11/04/25

—

Bank

of

America

GBP

USD

11/04/25

—

Bank

of

America

JPY

225,976

USD

1,465

11/05/25

(2) BNP

Paribas

USD

6,920

AUD

10,425

12/17/25

(95) BNP

Paribas

USD

11,632

CAD

16,034

12/17/25

(174) #### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
BNP

Paribas

USD

9,501

JPY

1,386,037

12/17/25

(469) BNP

Paribas

USD

2,202

SEK

20,393

12/17/25

(50) BNP

Paribas

CHF

1,788

USD

2,268

12/17/25

BNP

Paribas

EUR

3,404

USD

4,014

12/17/25

BNP

Paribas

GBP

2,085

USD

2,828

12/17/25

Morgan

Stanley

USD

6,901

AUD

10,425

12/17/25

(77) Morgan

Stanley

USD

11,624

CAD

16,034

12/17/25

(166) Morgan

Stanley

USD

9,489

JPY

1,386,037

12/17/25

(456) Morgan

Stanley

USD

2,192

SEK

20,394

12/17/25

(40) Morgan

Stanley

CHF

1,788

USD

2,265

12/17/25

Morgan

Stanley

EUR

3,404

USD

4,005

12/17/25

Morgan

Stanley

GBP

2,085

USD

2,823

12/17/25

Royal

Bank

of

Canada

USD

6,914

AUD

10,425

12/17/25

(89) Royal

Bank

of

Canada

USD

11,626

CAD

16,034

12/17/25

(168) Royal

Bank

of

Canada

USD

9,496

JPY

1,386,037

12/17/25

(463) Royal

Bank

of

Canada

USD

2,198

SEK

20,394

12/17/25

(46) Royal

Bank

of

Canada

CHF

1,788

USD

2,267

12/17/25

Royal

Bank

of

Canada

EUR

3,404

USD

4,012

12/17/25

Royal

Bank

of

Canada

GBP

2,085

USD

2,825

12/17/25

Standard

Chartered

USD

6,899

AUD

10,425

12/17/25

(75) Standard

Chartered

USD

11,623

CAD

16,034

12/17/25

(165) Standard

Chartered

USD

9,492

JPY

1,386,037

12/17/25

(459) Standard

Chartered

USD

2,192

SEK

20,393

12/17/25

(40) Standard

Chartered

CHF

1,788

USD

2,265

12/17/25

Standard

Chartered

EUR

3,404

USD

4,006

12/17/25

Standard

Chartered

GBP

2,085

USD

2,823

12/17/25

State

Street

USD

1,547

DKK

9,800

12/17/25

(30) State

Street

USD

SGD

12/17/25

(7) State

Street

HKD

2,290

USD

12/17/25

—

State

Street

NOK

55,940

USD

5,641

12/17/25

State

Street

NZD

960

USD

573

12/17/25

UBS

USD

6,926

AUD

10,425

12/17/25

(102) UBS

USD

11,642

CAD

16,034

12/17/25

(184) UBS

USD

9,503

JPY

1,386,037

12/17/25

(470) UBS

USD

2,203

SEK

20,393

12/17/25

(51) UBS

CHF

1,788

USD

2,270

12/17/25

UBS

EUR

3,404

USD

4,014

12/17/25

UBS

GBP

2,085

USD

2,829

12/17/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(3,376)

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

22,608

$

—

$

—

$

22,608

Austria

—

7,699

—

—

7,699

Belgium

—

3,112

—

—

3,112

Brazil

12,618

—

—

—

12,618

Burkina

Faso

—

—

—

Canada

43,885

—

—

—

43,885

China

7,731

38,549

—

—

46,280

Denmark

—

15,445

—

—

15,445

Finland

—

14,330

—

—

14,330

France

—

91,286

—

—

91,286

Germany

90,332

—

—

90,734

Hong

Kong

—

21,642

—

—

21,642

India

7,188

2,165

—

—

9,353

Indonesia

—

7,008

—

—

7,008

Ireland

—

10,748

—

—

10,748

Israel

756

980

—

—

1,736

Italy

2,435

31,488

—

—

33,923

Japan

180,924

—

—

180,967

Luxembourg

—

3,851

—

—

3,851

Macao

—

3,219

—

—

3,219

Mexico

1,831

—

—

—

1,831

Netherlands

780

49,029

—

—

49,809

New

Zealand

—

1,050

—

—

1,050

Norway

—

9,248

—

—

9,248

Poland

—

3,480

—

—

3,480

Russia

—

—

—

—

—

Singapore

11,445

10,781

—

—

22,226

South

Africa

—

3,846

—

—

3,846

South

Korea

1,268

17,203

—

—

18,471

Spain

—

16,333

—

—

16,333

Sweden

—

15,622

—

—

15,622

Switzerland

—

42,450

—

—

42,450

Taiwan

14,429

18,626

—

—

33,055

Thailand

—

2,503

—

—

2,503

United

Kingdom

1,813

105,926

—

—

107,739

United

States

17,791

85,984

—

—

103,775

Preferred

Stocks

4,037

—

—

4,234

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

32,865

32,865

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Total

Investments

125,027

931,504

—

32,865

1,089,396

Other

Financial

Instruments

Assets

Futures

Contracts

3,754

—

—

—

3,754

Foreign

Currency

Exchange

Contracts

—

1,126

—

—

1,126

Liabilities

Futures

Contracts

(3,256)

—

—

—

(3,256)

Foreign

Currency

Exchange

Contracts

(4) (4,498)

—

—

(4,502)

Total

Other

Financial

Instruments

\*

$

$

(3,372)

$

—

$

—

$

(2,878)

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

183,109

.5

Consumer

Staples

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

72,442

.5

Energy

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

46,130

.2

Financial

Services

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

271,428

.4

Health

Care

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

97,891

.8

Materials

and

Processing

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

82,611

.4

Producer

Durables

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

118,841

.7

Technology

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

143,768

.9

Utilities

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

36,077

.2

#### Preferred

#### Stocks
Consumer

Discretionary

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

1,855

.2

Consumer

Staples

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

2,182

.2

Utilities

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

—

\*\*

#### Warrants

#### and

#### Rights

#### ...................................................................
—

—

#### Short-Term

#### Investments

#### .............................................................
32,865

.9

Total

Investments

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

1,089,396

.9

\*\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

1,126

Variation

margin

on

futures

contracts\*

3,754

—

Total

$

3,754

$

1,126

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

3,256

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

4,502

Total

$

3,256

$

4,502

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

5,135

$

—

Foreign

currency

exchange

contracts

—

(7,057)

Total

$

5,135

$

(7,057)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(495) $

—

Foreign

currency

exchange

contracts

—

2,151

Total

$

(495) $

2,151

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

1,126

$

—

$

1,126

Total

Financial

and

Derivative

Assets

1,126

—

1,126

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,126

$

—

$

1,126

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
BNP

Paribas

$

$

$

—

$

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

—

State

Street

—

UBS

—

—

Total

$

1,126

$

1,02

$

—

$

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

4,502

$

—

$

4,502

Total

Financial

and

Derivative

Liabilities

4,502

—

4,502

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4) —

(4) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

4,498

$

—

$

4,498

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

622

$

—

$

—

$

622

BNP

Paribas

788

—

584

Morgan

Stanley

739

—

552

Royal

Bank

of

Canada

—

Standard

Chartered

739

—

551

State

Street

—

—

UBS

807

—

600

Total

$

4,498

$

1,02

$

—

$

3,47

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

897,531

Investments,

at

fair

value(>)

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

1,089,396

Cash

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

887

Foreign

currency

holdings(^)

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

5,859

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

1,126

Receivables:

Dividends

and

interest

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

2,114

Dividends

from

affiliated

funds

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

Investments

sold

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

3,714

Fund

shares

sold

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

914

Foreign

capital

gains

taxes

recoverable

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

6,054

From

broker(a)

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

12,395

Variation

margin

on

futures

contracts

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

505

Total

assets

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

1,123,081

#### Liabilities
Payables:

Investments

purchased

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

3,715

Fund

shares

redeemed

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

1,513

Accrued

fees

to

affiliates

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

833

Other

accrued

expenses

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

4,502

Total

liabilities

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

10,793

#### Net

#### Assets

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

1,112,288

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

252,719

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

859,351

#### Net

#### Assets

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

1,112,288

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

32,865

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

5,988

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

12,395

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

50.83 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

53.93 Class

A

—

Net

assets

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

$

22,059,594

Class

A

—

Shares

outstanding

($.01

par

value)

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

433,996

Net

asset

value

per

share:

Class

C

(#)

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

$

50.88 Class

C

—

Net

assets

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

$

6,521,269

Class

C

—

Shares

outstanding

($.01

par

value)

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

128,179

Net

asset

value

per

share:

Class

M

(#)

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

$

51.12 Class

M

—

Net

assets

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

$

215,168,889

Class

M

—

Shares

outstanding

($.01

par

value)

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

4,209,236

Net

asset

value

per

share:

Class

S

(#)

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

$

51.11 Class

S

—

Net

assets

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

$

820,897,278

Class

S

—

Shares

outstanding

($.01

par

value)

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

16,062,582

Net

asset

value

per

share:

Class

Y

(#)

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

$

51.22 Class

Y

—

Net

assets

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

$

47,641,052

Class

Y

—

Shares

outstanding

($.01

par

value)

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

930,111

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

32,133

Dividends

from

affiliated

funds

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

1,550

Interest

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

Less

foreign

taxes

withheld

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

(3,075)

Total

investment

income

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

30,830

#### Expenses
Advisory

fees

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

7,471

Administrative

fees

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

510

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

Transfer

agent

fees

-

Class

S

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

1,585

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

11,062

Expense

reductions

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

(815) Net

expenses

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

10,247

Net

investment

income

(loss)

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

20,583

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

69,967

Futures

contracts

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

5,135

Foreign

currency

exchange

contracts

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

(7,057)

Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

68,339

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

109,405

Investments

in

affiliated

funds

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

Futures

contracts

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

(495) Foreign

currency

exchange

contracts

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

2,151

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

111,317

Net

realized

and

unrealized

gain

(loss)

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

179,656

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

200,239

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

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)

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

$

20,583

$

21,288

Net

realized

gain

(loss)

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

68,339

24,437

Net

change

in

unrealized

appreciation

(depreciation)

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

111,317

156,360

Net

increase

(decrease)

in

net

assets

from

operations

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

200,239

202,085

#### Distributions
To

shareholders

Class

A

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

(554) (342) Class

C

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

(132) (72) Class

M

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

(6,370)

(4,372)

Class

S

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

(25,324)

(16,969)

Class

Y

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

(1,480)

(977) Net

decrease

in

net

assets

from

distributions

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

(33,860)

(22,732)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(95,555)

(199,006)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
70,824

(19,653)

#### Net

#### Assets
Beginning

of

period

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

1,041,464

1,061,117

End

of

period

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

$

1,112,288

$

1,041,464

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

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

$

2,784

$

2,243

Proceeds

from

reinvestment

of

distributions

553

Payments

for

shares

redeemed

(62) (2,839)

(81) (3,400)

Net

increase

(decrease)

(19) (816) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(2

1)

(993) (23) (963) Net

increase

(decrease)

(1

4)

(651) (17) (740) Class

M

Proceeds

from

shares

sold

757

34,285

804

34,312

Proceeds

from

reinvestment

of

distributions

6,368

4,372

Payments

for

shares

redeemed

(1,391)

(63,075)

(904)

(38,228)

Net

increase

(decrease)

(479) (22,422)

Class

S

Proceeds

from

shares

sold

2,042

92,263

1,338

56,507

Proceeds

from

reinvestment

of

distributions

611

25,142

16,844

Payments

for

shares

redeemed

(4,044)

(185,270)

(6,711)

(272,542)

Net

increase

(decrease)

(1,391)

(67,865)

(4,960)

(199,191)

Class

Y

Proceeds

from

shares

sold

1,136

1,088

Proceeds

from

reinvestment

of

distributions

1,480

977

Payments

for

shares

redeemed

(16

6)

(7,731)

(18) (780) Net

increase

(decrease)

(107)

(5,115)

1,285

Total

increase

(decrease)

(1,979)

$

(95,555)

(4,957)

$

(199,0

06)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### 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

43.63 36.79 33.13 44.41 32.08 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.75

.73

.66

.67

.67

$

Net

Realized

and

Unrealized

Gain

(Loss)

7.75 6.90 3.53 (10.63)

11.99 $

Total

from

Investment

Operations

8.50 7.63 4.19 (9.96)

12.66 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.30)

(.79)

—

(1.05)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

(.53)

(.27)

—

$

Total

Distributions

(1.30)

(.79)

(.53)

(1.32)

(.33)

$

Net

Asset

Value,

End

of

Period

50.83 43.63 36.79 33.13 44.41 %

Total

Return

(±)

20.20 20.90 12.68 (23.02)

39.61 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 22,060

18,390

16,197

16,547

23,364

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.28 1.28 1.26 1.26 1.25 %

Expenses,

Net

(Ƃ)

1.26 1.26 1.22 1.22 1.22 %

Net

Investment

Income

(Ƃ)

1.62 1.73 1.70 1.75 1.60 %

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

43.62 36.76 33.35 44.66 32.24 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.4

.41

.38

.38

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

7. 80

6.91 3.56 (10.71)

12.09 $

Total

from

Investment

Operations

8.20 7.32 3.94 (10.33)

12.44 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.94)

(.46)

—

(.71)

(.02)

$

Distributions

from

Net

Realized

Gain

—

—

(.53)

(.27)

—

$

Total

Distributions

(.94)

(.46)

(.53)

(.98)

(.02)

$

Net

Asset

Value,

End

of

Period

50.88 43.62 36.76 33.35 44.66 %

Total

Return

19.31 19.99 11.84 (23.58)

38.59 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,521

6,208

5,865

6,326

9,663

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.03 2.03 2.01 2.01 2.00 %

Expenses,

Net

(Ƃ)

2.01 2.01 1.97 1.97 1.97 %

Net

Investment

Income

(Ƃ)

.87

.97

.97

.98

.83

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

43.88 36.99 33.18 44.49 32.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.93

.89

.81

.82

.87

$

Net

Realized

and

Unrealized

Gain

(Loss)

7.78 6.95 3.53 (10.63)

11.96 $

Total

from

Investment

Operations

8.71 7.84 4.34 (9.81)

12.83 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.47)

(.95)

—

(1.23)

(.47)

$

Distributions

from

Net

Realized

Gain

—

—

(.53)

(.27)

—

$

Total

Distributions

(1.47)

(.95)

(.53)

(1.50)

(.47)

$

Net

Asset

Value,

End

of

Period

51.12 43.88 36.99 33.18 44.49 %

Total

Return

20.67 21.38 13.12 (22.71)

40.15 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 215,169

205,711

173,150

268,131

364,171

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.03 1.03 1.01 1.01 1.00 %

Expenses,

Net

(Ƃ)

.87

.87

.83

.83

.83

%

Net

Investment

Income

(Ƃ)

2.02 2.10 2.10 2.15 2.06 %

Portfolio

Turnover

Rate

#### 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

43.86 36.97 33.20 44.51 32.14 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.88

.85

.77

.79

.78

$

Net

Realized

and

Unrealized

Gain

(Loss)

7.80 6.93 3.53 (10.64)

12.02 $

Total

from

Investment

Operations

8.68 7.78 4.30 (9.85)

12.80 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.43)

(.89)

—

(1.19)

(.43)

$

Distributions

from

Net

Realized

Gain

—

—

(.53)

(.27)

—

$

Total

Distributions

(1.43)

(.89)

(.53)

(1.46)

(.43)

$

Net

Asset

Value,

End

of

Period

51.11 43.86 36.97 33.20 44.51 %

Total

Return

20.57 21.24 12.99 (22.78)

40.02 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 820,897

765,590

828,666

1,131,900

1,578,103

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.03 1.03 1.01 1.01 1.00 %

Expenses,

Net

(Ƃ)

.97

.97

.93

.93

.93

%

Net

Investment

Income

(Ƃ)

1.91 2.00 1.98 2.05 1.85 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

43.96 37.06 33.23 44.56 32.17 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.97

.93

.84

.85

.86

$

Net

Realized

and

Unrealized

Gain

(Loss)

7.79 6.94 3.52 (10.66)

12.02 $

Total

from

Investment

Operations

8.76 7.87 4.36 (9.81)

12.88 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.50)

(.97)

—

(1.25)

(.49)

$

Distributions

from

Net

Realized

Gain

—

—

(.53)

(.27)

—

$

Total

Distributions

(1.50)

(.97)

(.53)

(1.52)

(.49)

$

Net

Asset

Value,

End

of

Period

51.22 43.96 37.06 33.23 44.56 %

Total

Return

20.75 21.45 13.16 (22.68)

40.26 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 47,641

45,565

37,239

36,313

61,501

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.83

.83

.81

.81

.80

%

Expenses,

Net

(Ƃ)

.81

.81

.77

.77

.77

%

Net

Investment

Income

(Ƃ)

2.10 2.17 2.17 2.22 2.05 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

645,818

Administrative

fees

45,061

Distribution

fees

8,879

Shareholder

servicing

fees

1,393

Transfer

agent

fees

128,205

Trustees'

fees

3,309

$

832,665

#### 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
U.S.

Cash

Management

Fund

$

22,784

$

347,132

$

337,054

$

—

$

$

32,865

$

1,550

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

910,260,548

$

235,891,169

$

(56,785,178)

$

179,105,991

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

35,539,318

$

37,941,873

$

179,238,222

$

—

$

252,719,413

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

33,860,424

$

—

$

—

$

22,732,491

$

—

$

—

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 93.2%
Australia

-

0.7%

BHP

Group,

Ltd.

88,316

2,513

BlueScope

Steel,

Ltd.

25,018

Brambles,

Ltd.

139,794

2,271

Computershare,

Ltd.

39,306

939

HUB24,

Ltd.

8,591

645

Medibank

Pvt

,

Ltd.

169,169

539

Pro

Medicus

,

Ltd.

1,212

Rio

Tinto

PLC

47,323

3,388

Santos,

Ltd.

383,479

1,585

Sigma

Healthcare,

Ltd.

77,880

Technology

One,

Ltd.

16,769

Telstra

Group,

Ltd.

186,042

594

13,619

Austria

-

0.4%

ams

-OSRAM

AG(Æ)

39,651

547

Erste

Group

Bank

AG

45,845

4,742

Mondi

PLC

131,081

1,461

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

2,688

6,888

Belgium

-

0.3%

Ageas

SA

47,390

3,138

Anheuser-Busch

InBev

SA

26,421

1,610

Proximus

SADP

61,306

527

5,275

Brazil

-

0.9%

Ambev

SA

950,788

2,246

Banco

Bradesco

SA

-

ADR

1,209,008

4,086

Lojas

Renner

SA

508,171

1,402

MercadoLibre

,

Inc.(Æ)

2,374

5,525

Natura

Cosmeticos

SA(Æ)

628,791

1,053

Telefonica

Brasil

SA

431,293

2,569

Ultrapar

Participacoes

SA

311,228

1,239

18,120

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

18,892

757

Canada

-

1.3%

Air

Canada

Class

B(Æ)

47,433

624

ARC

Resources,

Ltd.

11,224

Bank

of

Montreal

8,448

1,049

Barrick

Mining

Corp.

166,332

5,460

Brookfield

Corp.

9,634

Cameco

Corp.

4,001

Canadian

Imperial

Bank

of

Commerce

12,691

1,051

Canadian

National

Railway

Co.

15,099

1,448

CCL

Industries,

Inc.

Class

B

7,854

Enbridge,

Inc.

3,200

iA

Financial

Corp.,

Inc.

6,015

710

Intact

Financial

Corp.

6,148

1,147

Keyera

Corp.

23,390

690

Kinross

Gold

Corp.

32,977

767

Manulife

Financial

Corp.

47,763

1,546

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nutrien

,

Ltd.

15,243

830

Royal

Bank

of

Canada

18,675

2,736

Shopify,

Inc.

Class

A(Æ)

16,385

2,849

Stantec

,

Inc.

14,232

1,576

Sun

Life

Financial,

Inc.

13,171

801

Toronto-Dominion

Bank

(The)

2,377

Tourmaline

Oil

Corp.

7,072

25,437

China

-

2.2%

Alibaba

Group

Holding,

Ltd.

414,100

8,798

Alibaba

Group

Holding,

Ltd.

-

ADR

20,333

3,465

Baidu,

Inc.

Class

A(Æ)

190,800

2,884

China

Mengniu

Dairy

Co.,

Ltd.

430,000

783

Kuaishou

Technology(Þ)

236,200

2,203

PDD

Holdings,

Inc.

-

ADR(Æ)

27,057

3,649

Tencent

Holdings,

Ltd.

134,700

10,949

Trip.com

Group,

Ltd.

-

ADR

125,249

8,849

41,580

Denmark

-

0.7%

Demant

A/S(Æ)

14,888

DSV

A/S

6,340

1,345

Genmab

A/S(Æ)

4,459

1,273

H

Lundbeck

A/S

40,815

Novo

Nordisk

A/S

Class

B

190,449

9,396

12,807

Finland

-

0.5%

Elisa

Oyj

6,423

Konecranes

Oyj

6,409

632

Nokia

Oyj

819,830

5,598

Sampo

Oyj

Class

A

103,835

1,158

Wartsila

OYJ

Abp

Class

B

38,979

1,277

8,948

France

-

3.9%

Accor

SA

33,719

1,720

Airbus

SE

25,412

6,267

Arkema

SA

14,795

878

AXA

SA

62,933

2,730

BNP

Paribas

SA

115,398

8,926

Capgemini

SE

6,750

1,039

Carrefour

SA

147,610

2,213

Cie

de

Saint-Gobain

SA

26,592

2,581

Credit

Agricole

SA

13,050

Danone

SA

25,771

2,276

Dassault

Aviation

SA

2,382

765

Eiffage

SA

7,533

929

Engie

SA

193,926

4,538

EssilorLuxottica

SA

7,505

2,756

Gaztransport

Et

Technigaz

SA

4,504

891

Hermes

International

618

1,527

Legrand

SA

12,068

2,082

LVMH

Moet

Hennessy

Louis

Vuitton

SE

13,683

9,675

Orange

SA

270,204

4,303

Pernod

Ricard

SA

15,298

1,499

Renault

SA

37,789

1,468

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Societe

Generale

SA

137,318

8,689

TotalEnergies

SE

87,024

5,419

Valeo

SE

88,785

1,227

74,633

Germany

-

2.5%

AUMOVIO

SE(Æ)

12,676

545

BASF

SE

58,825

2,903

Bayerische

Motoren

Werke

AG

2,099

Continental

AG

22,007

1,661

Daimler

Truck

Holding

AG

146,617

5,868

Deutsche

Telekom

AG

87,320

2,707

Evonik

Industries

AG

104,238

1,747

Fresenius

Medical

Care

AG

26,374

1,415

Fresenius

SE

&

Co.

KGaA

66,566

3,839

GEA

Group

AG

3,818

Hannover

Rueck

SE

2,723

777

Henkel

AG

&

Co.

KGaA

3,615

Infineon

Technologies

AG

43,000

1,701

LEG

Immobilien

SE

5,586

Mercedes-Benz

Group

AG

18,587

1,202

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,024

3,106

Rheinmetall

AG

981

1,925

SAP

SE

5,526

1,428

Siemens

AG

12,848

3,636

Siemens

Healthineers

AG(Þ)

36,653

2,053

Symrise

AG

106,860

8,840

Talanx

AG

6,659

810

Volkswagen

AG

5,398

568

47,894

Hong

Kong

-

1.1%

AIA

Group,

Ltd.

957,348

9,315

ASMPT,

Ltd.

137,000

1,435

CK

Asset

Holdings,

Ltd.

362,000

1,787

Hong

Kong

Exchanges

&

Clearing,

Ltd.

33,360

1,827

Power

Assets

Holdings,

Ltd.

65,500

Prudential

PLC

346,698

4,815

WH

Group,

Ltd.(Þ)

1,445,791

1,386

20,981

India

-

0.5%

HDFC

Bank,

Ltd.

-

ADR

250,104

9,059

Indonesia

-

0.1%

Bank

Negara

Indonesia

Persero

Tbk

PT

4,807,600

1,264

Ireland

-

0.8%

Accenture

PLC

Class

A

29,025

7,259

AIB

Group

PLC

358,478

3,301

Bank

of

Ireland

Group

PLC

200,995

3,291

Flutter

Entertainment

PLC(Æ)

8,312

1,915

15,766

Israel

-

0.1%

Bank

Leumi

Le-Israel

BM

21,140

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nice,

Ltd.(Æ)

5,633

771

1,200

Italy

-

1.0%

BPER

Banca

SpA

271,263

3,243

De'

Longhi

SpA

6,620

Eni

SpA

204,573

3,770

Intesa

Sanpaolo

SpA

274,599

1,768

Recordati

SpA

4,903

Ryanair

Holdings

PLC

-

ADR

30,530

1,907

UniCredit

SpA

93,333

6,904

Unipol

Gruppo

SpA

27,644

605

18,729

Japan

-

5.8%

Advantest

Corp.

15,100

2,259

Alfresa

Holdings

Corp.

56,000

790

Alps

Alpine

Co.,

Ltd.

40,000

509

Amada

Co.,

Ltd.

62,800

749

Bridgestone

Corp.

21,000

920

Canon,

Inc.

76,500

2,195

Chiba

Bank,

Ltd.

(The)

243,600

2,388

Dai-ichi

Life

Holdings,

Inc.

88,200

619

Daiichi

Sankyo

Co.,

Ltd.

39,300

940

Denso

Corp.

49,700

694

Dentsu

,

Inc.

88,900

1,763

Eisai

Co.,

Ltd.

31,900

949

Fanuc

Corp.

7,700

Hakuhodo

DY

Holdings,

Inc.

102,700

742

Hino

Motors,

Ltd.(Æ)

121,700

Hitachi,

Ltd.

86,400

2,963

Honda

Motor

Co.,

Ltd.

191,531

1,945

Horiba,

Ltd.

12,900

1,199

Hoya

Corp.

53,600

8,689

Isuzu

Motors,

Ltd.

26,800

Japan

Airlines

Co.,

Ltd.

53,400

962

Japan

Post

Insurance

Co.,

Ltd.

Class

A

100,700

2,603

JGC

Holdings

Corp.

92,500

938

Keyence

Corp.

20,100

7,456

Kirin

Holdings

Co.,

Ltd.

43,600

612

Koito

Manufacturing

Co.,

Ltd.

124,700

1,859

Kubota

Corp.

213,000

2,777

Kyocera

Corp.

142,300

1,891

Mitsubishi

Corp.

81,707

1,963

Mitsubishi

Estate

Co.,

Ltd.

145,200

3,073

Mitsubishi

Gas

Chemical

Co.,

Inc.

68,600

1,268

Mitsubishi

UFJ

Financial

Group,

Inc.

8,700

Mitsui

Chemicals,

Inc.

15,100

Mitsui

Fudosan

Co.,

Ltd.

66,000

685

Mizuho

Financial

Group,

Inc.

31,400

1,048

MS&AD

Insurance

Group

Holdings,

Inc.

37,900

780

Murata

Manufacturing

Co.,

Ltd.

138,800

3,042

Nikon

Corp.

61,900

712

Nintendo

Co.,

Ltd.

13,600

1,165

Nippon

Television

Holdings,

Inc.

38,600

936

Nissan

Motor

Co.,

Ltd.(Æ)

489,900

1,133

Ono

Pharmaceutical

Co.,

Ltd.

52,388

640

ORIX

Corp.

34,908

851

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Persol

Holdings

Co.,

Ltd.

663,100

1,101

Resona

Holdings,

Inc.

346,200

3,367

Rinnai

Corp.

40,200

911

Rohm

Co.,

Ltd.

166,300

2,654

SCREEN

Holdings

Co.,

Ltd.

17,900

1,697

Sega

Sammy

Holdings,

Inc.

43,600

806

Sekisui

Chemical

Co.,

Ltd.

46,800

810

Sompo

Holdings,

Inc.

51,600

1,572

Sony

Group

Corp.

83,100

2,326

Stanley

Electric

Co.,

Ltd.

40,629

799

Subaru

Corp.

96,485

2,068

Sumitomo

Heavy

Industries,

Ltd.

33,100

884

Sumitomo

Metal

Mining

Co.,

Ltd.

24,900

818

Sumitomo

Mitsui

Financial

Group,

Inc.

191,700

5,189

Sumitomo

Mitsui

Trust

Holdings,

Inc.

125,300

3,451

Sumitomo

Rubber

Industries,

Ltd.

79,700

933

T&D

Holdings,

Inc.

185,300

3,982

Taiheiyo

Cement

Corp.

24,800

673

Takeda

Pharmaceutical

Co.,

Ltd.

57,400

1,552

THK

Co.,

Ltd.

29,400

786

Tokio

Marine

Holdings,

Inc.

55,400

2,073

Tokyo

Broadcasting

System

Holdings,

Inc.

5,300

Toyota

Motor

Corp.

113,700

2,319

Tsuruha

Holdings,

Inc.

98,200

1,704

Yamato

Holdings

Co.,

Ltd.

103,300

1,507

112,217

Luxembourg

-

0.0%

RTL

Group

SA

13,036

503

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

137,605

3,133

Netherlands

-

2.3%

ABN

AMRO

Bank

NV(Þ)

140,009

4,182

Argenx

SE(Æ)

2,045

1,670

ASML

Holding

NV

6,500

6,883

Ferrari

NV

1,752

701

Heineken

NV

30,668

2,371

ING

Groep

NV

416,201

10,434

Koninklijke

Philips

NV

141,535

3,865

NN

Group

NV

64,868

4,440

Randstad

NV

43,149

1,691

Universal

Music

Group

NV

290,769

7,800

VEON,

Ltd.

-

ADR(Æ)

12,474

601

44,638

Nigeria

-

0.0%

Airtel

Africa

PLC(Þ)

80,263

Norway

-

0.0%

Aker

ASA

Class

A

1,841

DNB

Bank

ASA

9,973

Norsk

Hydro

ASA

46,230

Orkla

ASA

29,875

1,013

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

280,696

—

Gazprom

PJSC

-

ADR(Æ)(Š)

38,324

—

LUKOIL

PJSC(Æ)(Š)

3,764

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

5,353

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)(Š)

105,880

—

Sberbank

of

Russia

PJSC(Æ)(Š)

303,624

—

—

Singapore

-

0.6%

DBS

Group

Holdings,

Ltd.

111,324

4,607

Oversea-Chinese

Banking

Corp.,

Ltd.

87,700

1,147

Sea,

Ltd.

-

ADR(Æ)

15,787

2,467

Singapore

Telecommunications,

Ltd.

234,800

766

United

Overseas

Bank,

Ltd.

81,401

2,167

11,154

South

Africa

-

0.3%

Anglo

American

PLC

42,721

1,610

MTN

Group,

Ltd.

287,459

2,863

Old

Mutual,

Ltd.

2,046,895

1,599

Valterra

Platinum,

Ltd.

6,635

6,477

South

Korea

-

1.3%

Coway

Co.,

Ltd.

10,278

644

Hankook

Tire

&

Technology

Co.,

Ltd.

22,652

736

Hyundai

Mobis

Co.,

Ltd.

11,379

2,520

KB

Financial

Group,

Inc.

32,403

2,640

KT

Corp.

-

ADR

115,154

2,136

Samsung

Electronics

Co.,

Ltd.

120,103

9,041

Shinhan

Financial

Group

Co.,

Ltd.

113,421

5,847

SK

Telecom

Co.,

Ltd.

54,364

1,997

25,561

Spain

-

0.6%

Aena

SME

SA(Þ)

83,620

2,270

Industria

de

Diseno

Textil

SA

155,621

8,579

Mapfre

SA

108,062

11,326

Sweden

-

0.6%

Atlas

Copco

AB

Class

B

41,258

621

Essity

Aktiebolag

Class

B

27,186

747

Industrivarden

AB

Class

A

5,008

Investor

AB

Class

B

57,328

1,892

SKF

AB

Class

B

114,989

2,964

Telefonaktiebolaget

LM

Ericsson

Class

B

581,335

5,867

12,300

Switzerland

-

1.3%

Adecco

Group

AG

45,681

1,273

Cie

Financiere

Richemont

SA

Class

A

14,968

2,958

Galderma

Group

AG

9,735

1,800

Logitech

International

SA

3,234

SGS

SA

7,175

808

Sonova

Holding

AG

1,656

Swatch

Group

AG

(The)

Class

B

10,646

2,214

TE

Connectivity

PLC

1,771

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UBS

Group

AG

305,164

11,656

Zurich

Insurance

Group

AG

3,604

2,504

24,489

Taiwan

-

2.7%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

129,000

6,242

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

153,904

46,237

52,479

Thailand

-

0.3%

Kasikornbank

PCL

-

NVDR

877,700

5,066

SCB

X

PCL

-

NVDR

165,500

671

5,737

Turkey

-

0.0%

Coca-Cola

Icecek

AS

178,901

United

Kingdom

-

4.6%

AstraZeneca

PLC

12,576

2,072

AstraZeneca

PLC

-

ADR

43,359

3,573

BAE

Systems

PLC

44,064

1,085

British

American

Tobacco

PLC

145,907

7,469

British

Land

Co.

PLC

(The)(ö)

280,035

1,397

BT

Group

PLC

1,208,111

2,948

Burberry

Group

PLC(Æ)

98,898

1,608

CK

Hutchison

Holdings,

Ltd.

Class

B

295,000

1,958

Compass

Group

PLC

132,123

4,369

DCC

PLC

27,407

1,807

easyJet

PLC

331,671

2,117

Games

Workshop

Group

PLC

1,694

Howden

Joinery

Group

PLC

15,453

HSBC

Holdings

PLC

284,933

3,970

Imperial

Tobacco

Group

PLC

6,246

International

Consolidated

Airlines

Group

SA

57,904

J

Sainsbury

PLC

244,736

1,098

JET2

PLC

43,559

760

Kingfisher

PLC

682,383

2,769

Klarna

Group

PLC(Æ)

47,979

1,802

Land

Securities

Group

PLC(ö)

208,845

1,707

Lloyds

Banking

Group

PLC

4,343,507

5,083

NatWest

Group

PLC

647,043

4,965

Next

PLC

6,164

1,159

Reckitt

Benckiser

Group

PLC

59,553

4,547

RELX

PLC

174,775

7,725

Rolls-Royce

Holdings

PLC

84,992

1,304

Standard

Chartered

PLC

338,540

6,937

Subsea

SA

8,843

Tate

&

Lyle

PLC

162,763

826

TechnipFMC

PLC

48,575

2,008

Unilever

PLC

132,272

7,937

Unite

Group

PLC

(The)(ö)

29,616

WPP

PLC

322,476

1,221

87,701

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

States

-

55.6%

Abbott

Laboratories

31,946

3,949

AbbVie,

Inc.

14,786

3,224

Adobe,

Inc.(Æ)

9,978

3,396

Advanced

Micro

Devices,

Inc.(Æ)

811

Aflac,

Inc.

22,614

2,424

Agilent

Technologies,

Inc.

2,032

Airbnb,

Inc.

Class

A(Æ)

87,726

11,101

Akamai

Technologies,

Inc.(Æ)

2,723

Albemarle

Corp.

1,430

Align

Technology,

Inc.(Æ)

655

Allstate

Corp.

(The)

11,498

2,202

Alphabet,

Inc.

Class

A

38,134

10,723

Alphabet,

Inc.

Class

C

217,263

61,229

Altria

Group,

Inc.

46,087

2,598

Amazon.com,

Inc.(Æ)

193,210

47,186

American

Express

Co.

5,429

1,958

American

Financial

Group,

Inc.

2,733

American

International

Group,

Inc.

25,408

2,006

American

Tower

Corp.(ö)

8,722

1,561

Amphenol

Corp.

Class

A

5,680

791

Amrize

,

Ltd.(Æ)

16,246

835

Analog

Devices,

Inc.

7,423

1,738

Antero

Midstream

Corp.

83,460

1,440

Antero

Resources

Corp.(Æ)

23,638

731

AP

Moller

-

Maersk

A/S

Class

A

726

AP

Moller

-

Maersk

A/S

Class

B

842

1,736

API

Group

Corp.(Æ)

10,157

Apollo

Global

Management,

Inc.

1,712

Apple,

Inc.

225,439

60,952

Applied

Materials,

Inc.

94,901

22,121

Arista

Networks,

Inc.(Æ)

22,399

3,532

Armstrong

World

Industries,

Inc.

3,862

735

Astera

Labs,

Inc.(Æ)

5,527

1,032

Autodesk,

Inc.(Æ)

1,405

Automatic

Data

Processing,

Inc.

10,555

2,747

AvalonBay

Communities,

Inc.(ö)

4,478

779

Baker

Hughes

Co.

136,984

6,631

Bank

of

America

Corp.

199,456

10,661

Berkshire

Hathaway,

Inc.

Class

B(Æ)

6,823

3,258

Best

Buy

Co.,

Inc.

2,658

BlackRock,

Inc.

3,361

3,639

Blackstone,

Inc.

Class

A

35,316

5,179

Boeing

Co.

(The)(Æ)

14,307

2,876

Booking

Holdings,

Inc.

1,563

7,937

Boston

Scientific

Corp.(Æ)

2,285

BP

PLC

783,453

4,580

Bristol-Myers

Squibb

Co.

64,397

2,967

Broadcom,

Inc.

77,443

28,625

Brown

&

Brown,

Inc.

3,063

Brown-Forman

Corp.

Class

B

18,943

516

Builders

FirstSource

,

Inc.(Æ)

1,850

Cadence

Design

Systems,

Inc.(Æ)

686

Capital

One

Financial

Corp.

45,923

10,103

Carlisle

Cos.,

Inc.

702

CF

Industries

Holdings,

Inc.

2,569

Charles

Schwab

Corp.

(The)

137,253

12,973

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chevron

Corp.

8,963

1,414

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

152,487

4,832

Cigna

Group

(The)

21,361

5,221

Cincinnati

Financial

Corp.

6,817

1,054

Cintas

Corp.

2,959

542

Cisco

Systems,

Inc.

70,149

5,129

Citigroup,

Inc.

26,469

2,679

CME

Group,

Inc.

Class

A

23,310

6,189

Coca-Cola

Co.

(The)

12,066

831

Coca-Cola

Consolidated,

Inc.

7,967

1,039

Cognizant

Technology

Solutions

Corp.

Class

A

38,787

2,827

ConocoPhillips

5,535

Cooper

Cos,

Inc.

(The)(Æ)

80,830

5,651

Copart

,

Inc.(Æ)

3,475

Corning,

Inc.

47,838

4,261

Costco

Wholesale

Corp.

5,581

5,087

Coterra

Energy,

Inc.

7,734

CSX

Corp.

79,452

2,862

Cummins,

Inc.

1,191

521

Danaher

Corp.

17,700

3,812

Deckers

Outdoor

Corp.(Æ)

26,996

2,200

Delta

Air

Lines,

Inc.

80,582

4,624

Devon

Energy

Corp.

9,096

DexCom

,

Inc.(Æ)

50,241

2,925

Diamondback

Energy,

Inc.

1,715

DocuSign,

Inc.(Æ)

2,857

DoorDash

,

Inc.

Class

A(Æ)

6,796

1,729

Doximity

,

Inc.

Class

A(Æ)

16,243

1,072

DraftKings

,

Inc.

Class

A(Æ)

18,580

568

eBay,

Inc.

25,345

2,061

Ecolab,

Inc.

784

Edison

International

24,081

1,334

Edwards

Lifesciences

Corp.(Æ)

22,337

1,842

Electronic

Arts,

Inc.

998

Elevance

Health,

Inc.

16,959

5,379

Eli

Lilly

&

Co.

12,666

10,929

EMCOR

Group,

Inc.

4,377

2,958

Emerson

Electric

Co.

1,775

EOG

Resources,

Inc.

25,100

2,657

EQT

Corp.

4,628

Equifax,

Inc.

33,281

7,026

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

14,324

875

Erie

Indemnity

Co.

Class

A

896

Expand

Energy

Corp.

2,384

Expedia

Group,

Inc.

1,200

Expeditors

International

of

Washington,

Inc.

2,045

Exxon

Mobil

Corp.

59,634

6,820

F5,

Inc.(Æ)

630

FactSet

Research

Systems,

Inc.

509

Fastenal

Co.

11,097

FedEx

Corp.

1,760

Ferguson

Enterprises,

Inc.

12,100

3,007

Fiserv,

Inc.(Æ)

6,946

Fortinet,

Inc.(Æ)

3,251

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fox

Corp.

Class

A

16,998

1,099

Fox

Corp.

Class

B

47,123

2,752

Garmin,

Ltd.

12,607

2,697

GE

Vernova

,

Inc.

1,231

720

General

Dynamics

Corp.

32,874

11,338

General

Electric

Co.

2,512

776

General

Motors

Co.

45,711

3,158

Gilead

Sciences,

Inc.

48,100

5,762

Goldman

Sachs

Group,

Inc.

(The)

3,278

2,588

GSK

PLC

300,156

7,033

Haleon

PLC

2,534,721

11,802

Hartford

Insurance

Group,

Inc.

(The)

12,609

1,566

HCA

Healthcare,

Inc.

28,542

13,120

Hershey

Co.

(The)

9,149

1,552

Holcim

AG(Æ)

14,463

1,283

Home

Depot,

Inc.

(The)

7,404

2,811

Honeywell

International,

Inc.

15,038

3,028

Hormel

Foods

Corp.

22,969

Hubbell,

Inc.

Class

B

3,594

1,689

HubSpot

,

Inc.(Æ)

2,658

1,308

IDEX

Corp.

4,342

744

Illinois

Tool

Works,

Inc.

1,510

Insulet

Corp.(Æ)

8,000

2,504

Intuit,

Inc.

9,806

6,546

Intuitive

Surgical,

Inc.(Æ)

10,963

5,857

Ionis

Pharmaceuticals,

Inc.(Æ)

2,496

Jack

Henry

&

Associates,

Inc.

1,280

Johnson

&

Johnson

56,490

10,669

JPMorgan

Chase

&

Co.

33,794

10,514

Kellanova

15,437

1,282

Keysight

Technologies,

Inc.(Æ)

1,732

Kimberly-Clark

Corp.

18,804

2,251

KLA

Corp.

1,678

2,028

Kroger

Co.

(The)

6,607

Lam

Research

Corp.

16,197

2,550

Las

Vegas

Sands

Corp.

44,207

2,624

Linde

PLC

25,621

10,717

Lockheed

Martin

Corp.

1,701

837

LPL

Financial

Holdings,

Inc.

1,028

Lululemon

Athletica

,

Inc.(Æ)

1,114

Marsh

&

McLennan

Cos.,

Inc.

14,374

2,561

Marvell

Technology,

Inc.

9,687

908

MasTec

,

Inc.(Æ)

7,496

1,530

Mastercard

,

Inc.

Class

A

36,640

20,225

McCormick

&

Co.,

Inc.

15,358

985

McDonald's

Corp.

9,847

2,939

Medtronic

PLC

13,077

1,186

Merck

&

Co.,

Inc.

61,176

5,260

Meta

Platforms,

Inc.

Class

A

58,138

37,694

MetLife,

Inc.

21,960

1,753

Microsoft

Corp.

105,004

54,372

Mid-America

Apartment

Communities,

Inc.(ö)

5,597

718

Mondelez

International,

Inc.

Class

A

46,157

2,652

Monster

Beverage

Corp.(Æ)

50,078

3,347

Moody's

Corp.

1,179

566

MSCI,

Inc.

Class

A

11,710

6,892

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nestle

SA

61,090

5,836

NetApp,

Inc.

2,103

Netflix,

Inc.

Class

B(Æ)

7,065

7,905

NEXTracker

,

Inc.

Class

A(Æ)

22,031

2,230

NIKE,

Inc.

Class

B

55,680

3,596

Nordson

Corp.

3,301

766

Northrop

Grumman

Corp.

12,308

7,181

Novartis

AG

56,790

7,028

Nucor

Corp.

1,602

NVIDIA

Corp.

223,978

45,353

NVR,

Inc.(Æ)

Old

Dominion

Freight

Line,

Inc.

1,782

ON

Semiconductor

Corp.(Æ)

5,502

Oracle

Corp.

8,943

2,349

O'Reilly

Automotive,

Inc.(Æ)

17,883

1,689

Otis

Worldwide

Corp.

21,375

1,983

Packaging

Corp.

of

America

6,461

1,265

Palantir

Technologies,

Inc.

Class

A(Æ)

35,330

7,083

Palo

Alto

Networks,

Inc.(Æ)

1,145

Parker-Hannifin

Corp.

2,873

2,220

Paychex,

Inc.

18,773

2,197

PepsiCo,

Inc.

42,508

6,210

PG&E

Corp.

95,687

1,527

Philip

Morris

International,

Inc.

22,974

3,316

Pilgrim's

Pride

Corp.

41,531

1,582

Principal

Financial

Group,

Inc.

8,195

689

Procter

&

Gamble

Co.

(The)

51,057

7,677

Progressive

Corp.

(The)

24,180

4,981

Public

Storage(ö)

4,791

1,335

PulteGroup,

Inc.

2,273

QUALCOMM,

Inc.

12,578

2,275

Range

Resources

Corp.

8,548

Regeneron

Pharmaceuticals,

Inc.

Reliance,

Inc.

3,670

1,037

ResMed

,

Inc.

1,572

ROBLOX

Corp.

Class

A(Æ)

19,921

2,265

Roche

Holding

AG

32,315

10,461

Roku,

Inc.(Æ)

4,183

Ross

Stores,

Inc.

2,218

RPM

International,

Inc.

1,517

RTX

Corp.

25,398

4,534

Salesforce,

Inc.

5,957

1,551

Sanofi

SA

85,340

8,634

Schneider

Electric

SE

50,775

14,401

Seagate

Technology

Holdings

PLC

38,222

9,780

ServiceNow

,

Inc.(Æ)

2,360

2,170

Shell

PLC

243,995

9,116

Smithfield

Foods,

Inc.

41,960

930

Smurfit

WestRock

PLC

4,479

Snap-on,

Inc.

3,779

1,268

Solstice

Advanced

Materials

Inc.(Æ)

3,759

Spotify

Technology

SA(Æ)

2,541

1,665

Starbucks

Corp.

16,044

1,297

Swiss

Re

AG

7,625

1,390

Synopsys,

Inc.(Æ)

11,349

5,150

Take-Two

Interactive

Software,

Inc.(Æ)

11,398

2,922

Target

Corp.

1,574

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tenaris

SA

9,972

Teradyne,

Inc.

1,877

Tesla,

Inc.(Æ)

13,357

6,098

Texas

Instruments,

Inc.

3,052

Texas

Pacific

Land

Corp.

TJX

Cos.,

Inc.

(The)

37,753

5,291

T-Mobile

US,

Inc.

8,017

1,684

Tractor

Supply

Co.

4,050

Trane

Technologies

PLC

1,043

TransDigm

Group,

Inc.

7,213

9,438

Travelers

Cos.,

Inc.

(The)

9,940

2,670

Uber

Technologies,

Inc.(Æ)

128,620

12,412

Ulta

Beauty,

Inc.(Æ)

4,025

2,093

Union

Pacific

Corp.

14,794

3,260

United

Airlines,

Inc.(Æ)

41,391

3,892

United

Parcel

Service,

Inc.

Class

B

2,479

United

Rentals,

Inc.

641

558

United

Therapeutics

Corp.(Æ)

UnitedHealth

Group,

Inc.

36,820

12,576

Valero

Energy

Corp.

1,820

Veeva

Systems,

Inc.

Class

A(Æ)

1,187

Verisk

Analytics,

Inc.

Class

A

1,301

Vertex

Pharmaceuticals,

Inc.(Æ)

14,790

6,294

Vertiv

Holdings

Co.

Class

A

45,875

8,847

Viking

Holdings,

Ltd.(Æ)

29,834

1,815

Visa,

Inc.

Class

A

18,618

6,344

W.W.

Grainger,

Inc.

Walmart,

Inc.

18,504

1,872

Waste

Management,

Inc.

13,807

2,758

Waters

Corp.(Æ)

656

Watsco

,

Inc.

570

Wells

Fargo

&

Co.

2,257

Welltower

,

Inc.(ö)

33,578

6,079

Williams-Sonoma,

Inc.

1,238

Workday,

Inc.

Class

A(Æ)

1,734

Zebra

Technologies

Corp.

Class

A(Æ)

717

Zoetis,

Inc.

Class

A

1,921

Zoom

Video

Communications,

Inc.

Class

A(Æ)

2,199

1,066,486

#### Total

#### Common

#### Stocks
(cost

$1,178,339)

1,788,682

#### Preferred

#### Stocks

#### -

#### 0.3%
Brazil

-

0.0%

Raizen

SA

0.972%

(Æ)

2,492,790

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.864%

(Ÿ)

22,516

1,824

Volkswagen

AG

6.526%

(Ÿ)

29,126

3,026

4,850

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Preferred

#### Stocks
(cost

$6,579)

5,290

#### Short-Term

#### Investments

#### -

#### 2.3%
United

States

-

2.3%

U.S.

Cash

Management

Fund(@)

44,178,851

(∞)

44,170

#### Total

#### Short-Term

#### Investments
(cost

$44,170)

44,170

#### Total

#### Investments

#### -

#### 95.8%
(identified

cost

$1,229,088)

1,838,142

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 4.2%
80,527

#### Net

#### Assets

#### -

#### 100.0%
1,918,669

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $0.6%

ABN

AMRO

Bank

NV

03/26/20

EUR

140,009

10.37 1,452

4,182

Aena

SME

SA

09/10/24

EUR

83,620

21.50 1,798

2,270

Airtel

Africa

PLC

09/09/25

GBP

80,263

3.02 243

Kuaishou

Technology

11/01/24

HKD

236,200

5.88 1,388

2,203

Siemens

Healthineers

AG

09/25/25

EUR

36,653

54.11 1,983

2,053

WH

Group,

Ltd.

11/10/22

HKD

1,445,791

0.55 794

1,386

12,386

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

30,501

12/25

870

S&P

500

E-Mini

Index

Futures

797

USD

273,929

12/25

8,427

S&P/TSX

Index

Futures

CAD

36,701

12/25

681

SPI

Index

Futures

AUD

26,009

12/25

(22) Short

Positions

CAC40

Euro

Index

Futures

EUR

21,956

11/25

(569) DAX

Index

Futures

EUR

19,227

12/25

(325) EURO

STOXX

Index

Futures

EUR

12,415

12/25

(629) FTSE

Index

Futures

501

GBP

48,828

12/25

(2,970)

FTSE/MIB

Index

Futures

EUR

6,643

12/25

(16) Hang

Seng

Index

Futures

HKD

45,337

11/25

IBEX

Index

Futures

EUR

7,521

11/25

(256) MSCI

Emerging

Markets

Index

Futures

1,191

USD

83,823

12/25

(3,652)

MSCI

Singapore

Index

Futures

SGD

6,736

11/25

(2) OMXS30

Index

Futures

SEK

57,616

11/25

(110) TOPIX

Index

Futures

JPY

866,840

12/25

(398) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,149

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

23,593

JPY

3,500,000

12/17/25

(784) Bank

of

America

AUD

USD

11/04/25

—

Bank

of

America

CAD

1,350

USD

963

11/03/25

Bank

of

America

CHF

899

USD

1,118

11/04/25

Bank

of

America

EUR

4,611

USD

5,316

11/04/25

Bank

of

America

GBP

1,368

USD

1,796

11/04/25

(1) Bank

of

America

HKD

1,778

USD

11/04/25

—

Bank

of

America

JPY

438,083

USD

2,840

11/05/25

(3) Bank

of

America

SGD

USD

11/04/25

—

BNP

Paribas

USD

6,127

AUD

9,230

12/17/25

(85) BNP

Paribas

USD

4,470

JPY

652,072

12/17/25

(220) BNP

Paribas

CHF

9,271

USD

11,761

12/17/25

BNP

Paribas

EUR

17,542

USD

20,687

12/17/25

BNP

Paribas

GBP

9,397

USD

12,741

12/17/25

Morgan

Stanley

USD

6,110

AUD

9,230

12/17/25

(68) #### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Morgan

Stanley

USD

4,464

JPY

652,072

12/17/25

(215) Morgan

Stanley

CHF

9,271

USD

11,748

12/17/25

Morgan

Stanley

EUR

17,542

USD

20,642

12/17/25

Morgan

Stanley

GBP

9,397

USD

12,718

12/17/25

Royal

Bank

of

Canada

USD

6,121

AUD

9,230

12/17/25

(79) Royal

Bank

of

Canada

USD

4,468

JPY

652,072

12/17/25

(218) Royal

Bank

of

Canada

CHF

9,271

USD

11,756

12/17/25

Royal

Bank

of

Canada

EUR

17,542

USD

20,677

12/17/25

Royal

Bank

of

Canada

GBP

9,397

USD

12,730

12/17/25

Standard

Chartered

USD

6,108

AUD

9,230

12/17/25

(66) Standard

Chartered

USD

4,466

JPY

652,072

12/17/25

(216) Standard

Chartered

CHF

9,271

USD

11,749

12/17/25

Standard

Chartered

EUR

17,542

USD

20,643

12/17/25

Standard

Chartered

GBP

9,397

USD

12,720

12/17/25

State

Street

USD

EUR

11/03/25

—

State

Street

USD

EUR

11/03/25

—

State

Street

USD

GBP

11/03/25

—

State

Street

USD

ILS

11/03/25

—

State

Street

USD

NZD

12/17/25

(7) State

Street

USD

2,663

SEK

24,762

12/17/25

(50) State

Street

BRL

1,129

USD

11/04/25

—

State

Street

CAD

USD

11/03/25

—

State

Street

CAD

14,555

USD

10,552

12/17/25

State

Street

CHF

USD

11/03/25

—

State

Street

CHF

USD

11/03/25

—

State

Street

DKK

27,019

USD

4,265

12/17/25

State

Street

EUR

USD

11/03/25

—

State

Street

EUR

USD

11/03/25

—

State

Street

GBP

USD

11/03/25

—

State

Street

GBP

USD

11/03/25

—

State

Street

HKD

2,830

USD

12/17/25

—

State

Street

NOK

29,929

USD

3,018

12/17/25

State

Street

SGD

USD

12/17/25

UBS

USD

6,132

AUD

9,230

12/17/25

(90) UBS

USD

4,471

JPY

652,072

12/17/25

(222) UBS

CHF

9,271

USD

11,771

12/17/25

UBS

EUR

17,542

USD

20,687

12/17/25

UBS

GBP

9,397

USD

12,746

12/17/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

2,781

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

13,619

$

—

$

—

$

13,619

Austria

—

6,888

—

—

6,888

Belgium

—

5,275

—

—

5,275

Brazil

18,120

—

—

—

18,120

Burkina

Faso

757

—

—

—

757

Canada

25,437

—

—

—

25,437

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
China

15,963

25,617

—

—

41,580

Denmark

—

12,807

—

—

12,807

Finland

—

8,948

—

—

8,948

France

—

74,633

—

—

74,633

Germany

545

47,349

—

—

47,894

Hong

Kong

—

20,981

—

—

20,981

India

9,059

—

—

—

9,059

Indonesia

—

1,264

—

—

1,264

Ireland

7,259

8,507

—

—

15,766

Israel

—

1,200

—

—

1,200

Italy

1,907

16,822

—

—

18,729

Japan

—

112,217

—

—

112,217

Luxembourg

—

503

—

—

503

Mexico

3,133

—

—

—

3,133

Netherlands

601

44,037

—

—

44,638

Nigeria

—

—

—

Norway

—

1,013

—

—

1,013

Russia

—

—

—

—

—

Singapore

2,467

8,687

—

—

11,154

South

Africa

—

6,477

—

—

6,477

South

Korea

2,136

23,425

—

—

25,561

Spain

—

11,326

—

—

11,326

Sweden

—

12,300

—

—

12,300

Switzerland

24,052

—

—

24,489

Taiwan

46,237

6,242

—

—

52,479

Thailand

—

5,737

—

—

5,737

Turkey

—

—

—

United

Kingdom

7,604

80,097

—

—

87,701

United

States

981,426

85,060

—

—

1,066,486

Preferred

Stocks

4,850

—

—

5,290

Short-Term

Investments

—

—

—

44,170

44,170

Total

Investments

1,123,528

670,444

—

44,170

1,838,142

Other

Financial

Instruments

Assets

Futures

Contracts

10,098

—

—

—

10,098

Foreign

Currency

Exchange

Contracts

5,102

—

—

5,105

Liabilities

Futures

Contracts

(8,949)

—

—

—

(8,949)

Foreign

Currency

Exchange

Contracts

(4)

(2,320)

—

—

(2,324)

Total

Other

Financial

Instruments

\*

$

1,148

$

2,782

$

—

$

—

$

3,9

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

252,059

13.1 Consumer

Staples

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

90,369

4.7 Energy

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

64,693

3.4 Financial

Services

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

359,437

18.7 Health

Care

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

186,772

9.7 Materials

and

Processing

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

62,781

3.3 Producer

Durables

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

164,426

8.6 Technology

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

578,116

30.1 Utilities

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

30,029

1.6 #### Preferred

#### Stocks
Consumer

Discretionary

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

3,026

0.2 Consumer

Staples

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

1,824

0.1 Utilities

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

—

\*

\*

#### Short-Term

#### Investments

#### .............................................................
44,170

2.3 Total

Investments

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

1,838,142

95.8 \*\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

5,105

Variation

margin

on

futures

contracts\*

10,098

—

Total

$

10,098

$

5,105

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

8,

949

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

2,324

Total

$

8,949

$

2,324

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,470

$

—

Foreign

currency

exchange

contracts

—

(14,443)

Total

$

2,470

$

(14,443)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(1,033)

$

—

Foreign

currency

exchange

contracts

—

2,072

Total

$

(1,033)

$

2,072

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

5,105

$

—

$

5,105

Total

Financial

and

Derivative

Assets

5,105

—

5,105

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(3) —

(3) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

5,102

$

—

$

5,102

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
BNP

Paribas

$

994

$

$

—

$

689

Morgan

Stanley

913

—

630

Royal

Bank

of

Canada

—

Standard

Chartered

918

—

636

State

Street

—

UBS

1,009

—

697

Total

$

5,102

$

1,536

$

—

$

3,566

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

Amounts

in

thousands

^

&nbsp;&nbsp;&nbsp;&nbsp;Collateral

received

or

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

&nbsp;&nbsp;&nbsp;&nbsp;Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

2,324

$

—

$

2,324

Total

Financial

and

Derivative

Liabilities

2,324

—

2,324

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4)

—

(4)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

2,3

$

—

$

2,3

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

784

$

—

$

—

$

784

BNP

Paribas

—

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

—

State

Street

—

—

UBS

—

—

Total

$

2,320

$

1,536

$

—

$

784

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

1,229,088

Investments,

at

fair

value(>)

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

1,838,142

Foreign

currency

holdings(^)

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

9,116

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

5,105

Receivables:

Dividends

and

interest

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

2,145

Dividends

from

affiliated

funds

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

Investments

sold

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

34,867

Fund

shares

sold

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

1,209

Foreign

capital

gains

taxes

recoverable

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

3,505

From

broker(a)

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

35,680

Variation

margin

on

futures

contracts

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

1,158

Total

assets

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

,

931

,131

#### Liabilities
Payables:

Due

to

custodian

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

1,695

Investments

purchased

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

4,969

Fund

shares

redeemed

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

1,831

Accrued

fees

to

affiliates

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

1,381

Other

accrued

expenses

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

2,324

Total

liabilities

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

,462

#### Net

#### Assets

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

1,918,669

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

772,211

Shares

of

beneficial

interest

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

1,621

Additional

paid-in

capital

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

1,144,837

#### Net

#### Assets

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

1,918,669

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

44,170

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

9,209

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

35,680

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

11.67 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

12.38 Class

A

—

Net

assets

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

$

15,603,953

Class

A

—

Shares

outstanding

($.01

par

value)

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

1,336,737

Net

asset

value

per

share:

Class

C

(#)

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

$

11.38 Class

C

—

Net

assets

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

$

2,960,219

Class

C

—

Shares

outstanding

($.01

par

value)

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

260,111

Net

asset

value

per

share:

Class

M

(#)

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

$

11.87 Class

M

—

Net

assets

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

$

293,707,836

Class

M

—

Shares

outstanding

($.01

par

value)

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

24,740,449

Net

asset

value

per

share:

Class

S

(#)

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

$

11.86 Class

S

—

Net

assets

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

$

911,715,571

Class

S

—

Shares

outstanding

($.01

par

value)

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

76,887,351

Net

asset

value

per

share:

Class

Y

(#)

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

$

11.81 Class

Y

—

Net

assets

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

$

694,681,675

Class

Y

—

Shares

outstanding

($.01

par

value)

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

58,833,982

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

41,957

Dividends

from

affiliated

funds

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

3,074

Interest

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

1,096

Less

foreign

taxes

withheld

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

(3,081)

Total

investment

income

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

43,046

#### Expenses
Advisory

fees

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

13,743

Administrative

fees

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

924

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

579

Transfer

agent

fees

-

Class

S

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

1,897

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

18,312

Expense

reductions

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

(883) Net

expenses

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

17,429

Net

investment

income

(loss)

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

25,617

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

184,083

Futures

contracts

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

2,470

Foreign

currency

exchange

contracts

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

(14,443)

Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

172,600

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

146,039

Futures

contracts

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

(1,033)

Foreign

currency

exchange

contracts

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

2,072

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

147,521

Net

realized

and

unrealized

gain

(loss)

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

320,121

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

345,738

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

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)

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

$

25,617

$

26,711

Net

realized

gain

(loss)

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

172,

600

129,945

Net

change

in

unrealized

appreciation

(depreciation)

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

147,52

304,552

Net

increase

(decrease)

in

net

assets

from

operations

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

345,738

461,208

#### Distributions
To

shareholders

Class

A

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

(871) (95) Class

C

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

(172) (6) Class

M

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

(19,815)

(3,411)

Class

S

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

(68,288)

(9,871)

Class

Y

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

(48,869)

(10,064)

Net

decrease

in

net

assets

from

distributions

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

(138,015)

(23,447)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(186,494)

38,427

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
21,229

476,188

#### Net

#### Assets
Beginning

of

period

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

1,897,440

1,421,252

End

of

period

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

$

1,918,669

$

1,897,440

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

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

$

3,520

$

2,102

Proceeds

from

reinvestment

of

distributions

871

Payments

for

shares

redeemed

(220) (2,359)

(82) (802) Net

increase

(decrease)

2,032

1,395

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(49) (507) (72) (690) Net

increase

(decrease)

(14) (165) (45) (441) Class

M

Proceeds

from

shares

sold

4,709

49,640

8,184

82,019

Proceeds

from

reinvestment

of

distributions

1,983

19,813

3,410

Payments

for

shares

redeemed

(12,733)

(136,825)

(5,635)

(55,730)

Net

increase

(decrease)

(6,041)

(67,372)

2,920

29,699

Class

S

Proceeds

from

shares

sold

23,539

253,876

34,551

316,455

Proceeds

from

reinvestment

of

distributions

6,823

68,099

1,069

9,837

Payments

for

shares

redeemed

(34,209)

(365,526)

(18,669)

(186,231)

Net

increase

(decrease)

(3,847)

(43,551)

16,951

140,061

Class

Y

Proceeds

from

shares

sold

1,313

12,432

2,395

Proceeds

from

reinvestment

of

distributions

4,926

48,869

1,100

10,064

Payments

for

shares

redeemed

(13,108)

(138,739)

(14,771)

(144,746)

Net

increase

(decrease)

(6,869)

(77,438)

(13,42

5)

(132,287)

Total

increase

(decrease)

(16,568)

$

(186,494)

6,54

$

38,427

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### 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

10.49 8.16 7.44 9.69 8.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.10

.11

.09

.09

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.80 2.32 .76

(1.71)

3.18 $

Total

from

Investment

Operations

1.90 2.43 .85

(1.62)

3.23 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.10)

(.13)

(.08)

(.07)

$

Distributions

from

Net

Realized

Gain

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.72)

(.10)

(.13)

(.63)

(2.43)

$

Net

Asset

Value,

End

of

Period

11.67 10.49 8.16 7.44 9.69 %

Total

Retu

rn

(±)

19.35 29.90 11.52 (17.81)

41.83 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,604

11,887

8,061

6,399

9,215

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.26 1.32 1.49 1.50 1.50 %

Expenses,

Net

(Ƃ)

1.23 1.23 1.24 1.24 1.27 %

Net

Investment

Income

(Ƃ)

.99

1.12 1.14 1.13 .57

%

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

10.23 7.95 7.25 9.45 8.72 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.02

.04

.03

.03

(.02)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.76 2.26 .73

(1.67)

3.11 $

Total

from

Investment

Operations

1.78 2.30 .76

(1.64)

3.09 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

—

(.02)

(.06)

(.01)

—

$

Distributions

from

Net

Realized

Gain

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.63)

(.02)

(.06)

(.56)

(2.36)

$

Net

Asset

Value,

End

of

Period

11.38 10.23 7.95 7.25 9.45 %

Total

Return

18.51 28.97 10.57 (18.38)

40.73 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,960

2,801

2,534

3,062

4,098

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.01 2.08 2.24 2.25 2.25 %

Expenses,

Net

(Ƃ)

1.98 1.98 1.99 1.99 2.02 %

Net

Investment

Income

(Ƃ)

.23

.37

.39

.37

(.19)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.65 8.28 7.55 9.82 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.14

.15

.13

.12

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.83 2.34 .76

(1.72)

3.21 $

Total

from

Investment

Operations

1.97 2.49 .89

(1.60)

3.29 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.12)

(.12)

(.16)

(.12)

(.10)

$

Distributions

from

Net

Realized

Gain

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.75)

(.12)

(.16)

(.67)

(2.46)

$

Net

Asset

Value,

End

of

Period

11.87 10.65 8.28 7.55 9.82 %

Total

Return

19.80 30.35 11.96 (17.49)

42.21 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 293,708

327,731

230,720

17,613

7,717

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.01 1.07 1.24 1.26 1.25 %

Expenses,

Net

(Ƃ)

.88

.88

.89

.89

.92

%

Net

Investment

Income

(Ƃ)

1.34 1.46 1.53 1.48 .90

%

Portfolio

Turnover

Rate

#### 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

10.64 8.28 7.56 9.83 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.13

.14

.12

.12

.07

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.83 2.34 .76

(1.73)

3.22 $

Total

from

Investment

Operations

1.96 2.48 .88

(1.61)

3.29 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.12)

(.16)

(.11)

(.09)

$

Distributions

from

Net

Realized

Gain

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.74)

(.12)

(.16)

(.66)

(2.45)

$

Net

Asset

Value,

End

of

Period

11.86 10.64 8.28 7.56 9.83 %

Total

Return

19.74 30.16 11.75 (17.55)

42.12 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 911,715

858,898

528,001

99,740

117,789

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.01 1.07 1.24 1.25 1.25 %

Expenses,

Net

(Ƃ)

.98

.98

.99

.99

1.02 %

Net

Investment

Income

(Ƃ)

1.26 1.37 1.42 1.37 .81

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.59 8.24 7.51 9.77 8.96 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.15

.15

.13

.13

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.83 2.33 .76

(1.71)

3.18 $

Total

from

Investment

Operations

1.98 2.48 .89

(1.58)

3.28 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.13)

(.13)

(.16)

(.13)

(.11)

$

Distributions

from

Net

Realized

Gain

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.76)

(.13)

(.16)

(.68)

(2.47)

$

Net

Asset

Value,

End

of

Period

11.81 10.59 8.24 7.51 9.77 %

Total

Return

20.05 30.35 12.04 (17.39)

42.30 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 694,682

696,123

651,936

890,697

1,202,793

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.82

.88

1.04 1.05 1.04 %

Expenses,

Net

(Ƃ)

.78

.78

.79

.79

.82

%

Net

Investment

Income

(Ƃ)

1.42 1.55 1.61 1.57 1.10 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

1,106,664

Administrative

fees

77,217

Distribution

fees

5,243

Shareholder

servicing

fees

639

Transfer

agent

fees

185,438

Trustees'

fees

6,197

$

1,381,398

#### 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
U.S.

Cash

Management

Fund

$

67,585

$

1,120,122

$

1,143,537

$

—

$

—

$

44,170

$

3,074

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,248,431,727

$

635,931,551

$

(47,472,571)

$

588,458,980

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

49,230,974

$

134,136,115

$

588,844,280

$

—

$

772,211,369

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

25,133,374

$

112,881,517

$

—

$

23,447,454

$

—

$

—

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

(18,743)

Additional

paid-in

capital

18,743

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.3%
Austria

-

0.2%

Erste

Group

Bank

AG

12,397

1,282

Brazil

-

5.3%

Allos

SA

58,766

Ambev

SA

900,661

2,128

B3

SA

-

Brasil

Bolsa

Balcao

1,137,130

2,676

Banco

Bradesco

SA

67,507

Banco

BTG

Pactual

SA

27,900

Banco

do

Brasil

SA

229,000

932

BB

Seguridade

Participacoes

SA

11,143

Centrais

Eletricas

Brasileiras

SA

60,253

624

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

56,153

1,376

Cosan

SA

187,665

Cyrela

Brazil

Realty

SA

113,934

645

Embraer

SA

199,026

3,218

Embraer

SA

-

ADR

9,471

611

Equatorial

Energia

SA

85,788

584

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

224,073

1,303

Hypera

SA

292,197

1,403

Itau

Unibanco

Holding

SA

-

ADR

258,612

1,903

Localiza

Rent

a

Car

SA

207,089

1,518

Lojas

Renner

SA

404,701

1,116

Magazine

Luiza

SA

462,304

728

MBRF

Global

Foods

Company

SA

143,345

MercadoLibre,

Inc.(Æ)

1,907

4,438

Natura

Cosmeticos

SA(Æ)

492,525

825

NU

Holdings,

Ltd.

Class

A(Æ)

406,294

6,545

Petroleo

Brasileiro

SA

156,840

919

PRIO

SA(Æ)

50,121

Raia

Drogasil

SA

340,973

1,268

Rede

D'Or

Sao

Luiz

SA(Þ)

70,874

571

Suzano

SA

48,131

Telefonica

Brasil

SA

75,680

TIM

SA

214,058

966

Vale

SA

116,217

1,410

Vale

SA

Class

B

-

ADR

119,738

1,448

Vibra

Energia

SA

78,138

WEG

SA

142,344

1,114

XP,

Inc.

Class

A

41,043

748

44,065

Canada

-

0.5%

Barrick

Mining

Corp.

66,002

2,165

Capstone

Mining

Corp.(Æ)

66,843

595

Parex

Resources,

Inc.

124,293

1,590

4,350

Chile

-

0.1%

Banco

de

Chile

2,888,251

505

China

-

27.1%

AAC

Technologies

Holdings,

Inc.

75,000

Agricultural

Bank

of

China,

Ltd.

Class

A

109,500

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Agricultural

Bank

of

China,

Ltd.

Class

H

1,555,000

1,183

Akeso,

Inc.

Class

B(Æ)(Þ)

33,000

Alibaba

Group

Holding,

Ltd.

1,042,737

22,155

Alibaba

Group

Holding,

Ltd.

-

ADR

5,819

992

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,411,500

1,990

Aluminum

Corp.

of

China,

Ltd.

Class

H

600,000

764

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

133,500

Anta

Sports

Products,

Ltd.

244,200

2,546

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

27,011

1,052

AVICOPTER

PLC

Class

A

78,900

Baidu,

Inc.

Class

A(Æ)

339,850

5,137

Bank

of

China,

Ltd.

Class

H

4,620,000

2,612

Bank

of

Communications

Co.,

Ltd.

Class

H

741,000

657

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

679,800

1,235

Bilibili,

Inc.

-

ADR(Æ)

5,938

Bilibili,

Inc.

Class

Z(Æ)

46,480

1,402

Bosideng

International

Holdings,

Ltd.

468,000

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

1,198,400

1,213

BYD

Co.,

Ltd.

Class

H

184,000

2,384

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,075,000

China

CITIC

Bank

Corp.,

Ltd.

Class

H

777,679

741

China

Construction

Bank

Corp.

Class

H

4,650,712

4,601

China

CSSC

Holdings,

Ltd.

Class

A

157,044

793

China

Forestry

Holdings

Co.,

Ltd.(Æ)

(Š)

871,100

—

China

Galaxy

Securities

Co.,

Ltd.

Class

H

134,000

China

Gold

International

Resources

Corp.,

Ltd.

2,900

China

Hongqiao

Group,

Ltd.

206,000

783

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

592,800

1,607

China

Life

Insurance

Co.,

Ltd.

Class

H

530,000

1,674

China

Mengniu

Dairy

Co.,

Ltd.

1,320,000

2,404

China

Merchants

Bank

Co.,

Ltd.

Class

A

31,100

China

Merchants

Bank

Co.,

Ltd.

Class

H

880,852

5,499

China

Minsheng

Banking

Corp.,

Ltd.

Class

A

529,600

China

Overseas

Land

&

Investment,

Ltd.

1,335,500

2,241

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

173,600

701

China

Resources

Gas

Group,

Ltd.

99,000

China

Resources

Land,

Ltd.

587,000

2,112

China

Tower

Corp.,

Ltd.

Class

H(Þ)

464,300

671

China

Yangtze

Power

Co.,

Ltd.

Class

A

51,893

Chow

Tai

Fook

Jewellery

Group,

Ltd.

450,400

883

CITIC

Securities

Co.,

Ltd.

Class

A

245,100

1,015

CITIC,

Ltd.

409,000

631

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

59,880

3,297

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

49,000

3,498

CSPC

Pharmaceutical

Group,

Ltd.

619,000

610

DiDi

Global,

Inc.

-

ADR(Æ)

117,892

759

Eastroc

Beverage

Group

Co.,

Ltd.

31,225

1,231

ENN

Energy

Holdings,

Ltd.

50,700

Eoptolink

Technology

Inc.,

Ltd.

Class

A

23,600

1,125

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

184,800

992

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

142,596

1,854

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

H(Þ)

37,600

GDS

Holdings,

Ltd.

Class

A(Æ)

105,500

Geely

Automobile

Holdings,

Ltd.

462,000

1,090

Great

Wall

Motor

Co.,

Ltd.

Class

H

613,000

1,194

Guoquan

Food

(Shanghai)

Co.,

Ltd.

Class

H

412,800

Guosen

Securities

Co.,

Ltd.

Class

A

220,800

Guoyuan

Securities

Co.,

Ltd.

Class

A

704,285

869

H

World

Group,

Ltd.

396,400

1,536

Haier

Smart

Home

Co.,

Ltd.

Class

A

31,700

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,110,200

3,615

Hansoh

Pharmaceutical

Group

Co.,

Ltd.(Þ)

154,000

710

Hisense

Visual

Technology

Co.,

Ltd.

Class

A

156,600

546

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

291,658

1,072

Huatai

Securities

Co.,

Ltd.

Class

A

168,000

515

Huatai

Securities

Co.,

Ltd.

Class

H(Þ)

132,000

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

3,717,401

2,876

Innovent

Biologics,

Inc.(Æ)(Þ)

117,500

1,309

JD

Health

International,

Inc.(Æ)(Þ)

63,500

JD

Logistics,

Inc.(Æ)(Þ)

165,200

JD.com,

Inc.

-

ADR

51,282

1,694

JD.com,

Inc.

Class

A

140,726

2,317

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

8,892

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

127,400

1,234

Kanzhun,

Ltd.

-

ADR

49,836

1,104

Kingsoft

Corp.,

Ltd.

132,600

578

Kuaishou

Technology(Þ)

52,900

Kunlun

Energy

Co.,

Ltd.

316,000

Kweichow

Moutai

Co.,

Ltd.

Class

A

763

Laopu

Gold

Co.,

Ltd.

Class

H

10,100

889

Lenovo

Group,

Ltd.

450,701

660

Lens

Technology

Co.,

Ltd.

Class

H

211,400

718

LexinFintech

Holdings,

Ltd.

-

ADR

65,331

Li

Ning

Co.,

Ltd.

656,000

1,426

Longfor

Group

Holdings,

Ltd.(Þ)

853,500

1,052

Meituan

Class

B(Æ)(Þ)

70,428

928

NetEase,

Inc.

35,000

979

NetEase,

Inc.

-

ADR

20,528

2,876

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

23,600

PDD

Holdings,

Inc.

-

ADR(Æ)

3,848

519

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

202,169

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

788,545

1,864

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

62,000

505

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

793,000

5,733

Pop

Mart

International

Group,

Ltd.(Þ)

56,600

1,615

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

172,000

Prosus

NV

21,785

1,505

Qfin

Holdings,

Inc.

-

ADR

38,124

921

SAIC

Motor

Corp.,

Ltd.

Class

A

424,965

996

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

930,300

604

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

1,392,400

971

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

1,103,200

847

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

1,600

Shenzhou

International

Group

Holdings,

Ltd.

58,900

506

Sino

Biopharmaceutical,

Ltd.

1,097,000

999

Sinopharm

Group

Co.,

Ltd.

Class

H

120,000

Starlake

Bioscience

Co.,

Inc.

Zhaoqing

Guangdong

Class

A

209,400

Sunny

Optical

Technology

Group

Co.,

Ltd.

167,400

1,609

SY

Holdings

Group,

Ltd.(Þ)

115,000

Tencent

Holdings,

Ltd.

483,513

39,302

Tencent

Music

Entertainment

Group

-

ADR

70,295

1,569

Tingyi

Cayman

Islands

Holding

Corp.

46,000

Trip.com

Group,

Ltd.

17,350

1,220

Trip.com

Group,

Ltd.

-

ADR

13,016

920

Tsingtao

Brewery

Co.,

Ltd.

Class

H

16,000

Vipshop

Holdings,

Ltd.

-

ADR

52,937

926

Weichai

Power

Co.,

Ltd.

Class

H

1,051,000

2,172

Western

Mining

Co.,

Ltd.

Class

A

359,600

1,217

Wilmar

International,

Ltd.

637,500

1,531

Wuliangye

Yibin

Co.,

Ltd.

Class

A

20,379

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

256,200

3,564

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

383,500

1,788

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,235,000

6,851

Xinyi

Glass

Holdings,

Ltd.

1,155,000

1,352

Yadea

Group

Holdings,

Ltd.(Þ)

64,000

Yum

China

Holdings,

Inc.

16,994

735

Zai

Lab,

Ltd.(Æ)

139,500

Zhejiang

China

Commodities

City

Group

Co.,

Ltd.

Class

A

265,800

689

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

134,139

1,007

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

859,173

1,272

Zhejiang

NHU

Co.,

Ltd.

Class

A

281,593

964

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zhongsheng

Group

Holdings,

Ltd.

725,000

1,142

Zijin

Mining

Group

Co.,

Ltd.

Class

A

218,274

933

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,522,000

6,285

ZTO

Express

(Cayman),

Inc.

73,150

1,350

ZTO

Express

(Cayman),

Inc.

-

ADR

89,268

1,660

224,937

Colombia

-

0.2%

Grupo

Cibest

SA

-

ADR

30,618

1,777

Czech

Republic

-

0.1%

CEZ

AS

7,706

Germany

-

0.0%

Siemens

Energy

AG(Æ)

2,295

Greece

-

0.6%

Alpha

Bank

SA

520,446

2,037

Eurobank

Ergasias

SA

70,292

National

Bank

of

Greece

SA

83,478

1,225

OPAP

SA

21,774

Piraeus

Financial

Holdings

SA

109,066

851

4,828

Hong

Kong

-

1.2%

AIA

Group,

Ltd.

383,800

3,734

ASMPT,

Ltd.

117,300

1,229

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

1,630,000

—

China

Huishan

Dairy

Holdings

Co.,

Ltd.(Æ)(Š)

1,269,000

China

Lumena

New

Materials

Corp.

(Æ)(Š)

75,600

—

China

Metal

Recycling

Holdings,

Ltd.

(Æ)(Š)

335,400

—

Damai

Entertainment

Holdings,

Ltd.(Æ)

1,990,000

Hong

Kong

Exchanges

&

Clearing,

Ltd.

33,400

1,828

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

1,831,000

1,756

Zijin

Gold

International

Co.,

Ltd.(Æ)

62,794

1,062

9,913

Hungary

-

0.7%

MOL

Hungarian

Oil

&

Gas

PLC

39,651

OTP

Bank

PLC

50,452

4,814

Richter

Gedeon

Nyrt

13,820

5,589

India

-

11.5%

Apollo

Hospitals

Enterprise,

Ltd.

25,431

2,202

Asian

Paints,

Ltd.

4,069

Axis

Bank,

Ltd.

167,456

2,325

Bajaj

Auto,

Ltd.

1,226

Bajaj

Finance,

Ltd.

353,477

4,139

Bank

of

Baroda

123,026

Bharat

Electronics,

Ltd.

1,208,742

5,792

Bharat

Petroleum

Corp.,

Ltd.

113,916

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bharti

Airtel,

Ltd.

431,787

9,971

Britannia

Industries,

Ltd.

23,779

1,561

BSE,

Ltd.

15,751

Canara

Bank

443,813

684

Central

Depository

Services

India,

Ltd.

(Þ)

5,684

Cipla,

Ltd.

45,740

773

Colgate-Palmolive

India,

Ltd.

1,221

Dabur

India,

Ltd.

Class

A

9,402

Dixon

Technologies

India,

Ltd.(Þ)

1,418

DLF,

Ltd.

164,202

1,397

Dr

Reddy's

Laboratories,

Ltd.

6,063

Eternal,

Ltd.(Æ)

374,715

1,339

GAIL

India,

Ltd.

193,740

GE

Vernova

T&D

India,

Ltd.

8,344

GMR

Infrastructure,

Ltd.(Æ)

799,649

847

Godrej

Properties,

Ltd.(Æ)

23,657

610

Grasim

Industries,

Ltd.

22,231

724

Havells

India,

Ltd.

9,120

HCL

Technologies,

Ltd.

110,086

1,911

HDFC

Asset

Management

Co.,

Ltd.(Þ)

11,836

717

HDFC

Bank,

Ltd.

904,043

10,037

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

152,769

1,258

Hero

MotoCorp,

Ltd.

10,604

662

Hindalco

Industries,

Ltd.

96,856

925

Hindustan

Aeronautics,

Ltd.(Þ)

26,686

1,404

Hindustan

Petroleum

Corp.,

Ltd.

76,994

Hindustan

Unilever,

Ltd.

2,627

ICICI

Bank,

Ltd.

138,015

2,093

ICICI

Bank,

Ltd.

-

ADR

47,206

1,430

Indian

Hotels

Co.,

Ltd.

(The)

154,778

1,293

Indian

Oil

Corp.,

Ltd.

225,949

Indus

Towers,

Ltd.(Æ)

95,397

Infosys,

Ltd.

91,763

1,531

Infosys,

Ltd.

-

ADR

70,140

1,162

InterGlobe

Aviation,

Ltd.(Þ)

9,024

572

ITC,

Ltd.

50,606

JSW

Energy,

Ltd.

152,394

906

JSW

Infrastructure,

Ltd.

238,373

779

Kfin

Technologies,

Ltd.

9,978

Kotak

Mahindra

Bank,

Ltd.

28,779

681

Lupin,

Ltd.

40,616

900

Macrotech

Developers,

Ltd.(Þ)

10,914

Mahindra

&

Mahindra,

Ltd.

79,816

3,134

MakeMyTrip,

Ltd.(Æ)

3,589

Marico,

Ltd.

18,169

Maruti

Suzuki

India,

Ltd.

7,807

1,421

Max

Healthcare

Institute,

Ltd.

19,802

Multi

Commodity

Exchange

of

India,

Ltd.

1,411

National

Aluminium

Co.,

Ltd.

234,318

618

Nestle

India,

Ltd.

9,354

Paradeep

Phosphates,

Ltd.(Þ)

191,053

Petronet

LNG,

Ltd.

256,659

813

Phoenix

Mills,

Ltd.

(The)

54,874

1,041

Power

Finance

Corp.,

Ltd.

115,750

526

Power

Grid

Corp.

of

India,

Ltd.

278,852

904

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
REC,

Ltd.

86,672

Reliance

Industries,

Ltd.

228,119

3,811

Shriram

Finance,

Ltd.

302,292

2,547

Siemens

Energy

India,

Ltd.(Æ)

14,367

515

Siemens,

Ltd.

2,284

State

Bank

of

India

112,351

1,186

Sun

Pharmaceutical

Industries,

Ltd.

116,485

2,214

Tata

Global

Beverages,

Ltd.

6,245

Tata

Motors,

Ltd.(Æ)(Š)

102,169

Tata

Motors,

Ltd.

102,169

Tata

Steel,

Ltd.

292,963

603

Titan

Co.,

Ltd.

36,036

1,521

TVS

Motor

Co.,

Ltd.

32,136

1,269

UltraTech

Cement,

Ltd.

5,051

679

UPL,

Ltd.

439,722

3,566

Vedanta,

Ltd.

107,207

596

Wipro,

Ltd.

213,103

578

95,476

Indonesia

-

1.2%

Aneka

Tambang

Tbk

PT

1,665,863

Astra

International

Tbk

PT

5,595,421

2,075

Bank

Central

Asia

Tbk

PT

4,735,200

2,418

Bank

Mandiri

Persero

Tbk

PT

7,845,100

2,222

Bank

Rakyat

Indonesia

Persero

Tbk

PT

6,197,554

1,482

Telkom

Indonesia

Persero

Tbk

PT

9,237,982

1,779

10,286

Kazakhstan

-

0.5%

Kaspi.KZ

JSC

21,120

1,653

Kaspi.KZ

JSC

-

ADR

30,242

2,262

3,915

Kuwait

-

0.1%

Kuwait

Finance

House

170,234

Kuwait

International

Bank

173,856

National

Bank

of

Kuwait

SAKP

163,974

563

1,159

Macao

-

0.6%

Galaxy

Entertainment

Group,

Ltd.

682,000

3,384

Sands

China,

Ltd.

556,800

1,445

4,829

Malaysia

-

0.3%

CIMB

Group

Holdings

BHD

472,800

823

Malayan

Banking

BHD

376,400

887

Press

Metal

Berhad

50,700

Public

Bank

Bhd

1,019,800

1,028

2,815

Mexico

-

1.6%

America

Movil

SAB

de

CV

1,241,415

1,416

Arca

Continental

SAB

de

CV

76,181

738

Fibra

Uno

Administracion

SA

de

CV(ö)

38,348

Fresnillo

PLC

136,983

3,994

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

12,483

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Grupo

Financiero

Banorte

SAB

de

CV

Class

O

272,413

2,564

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

664,653

1,286

Southern

Copper

Corp.

3,214

Ternium

SA

-

ADR

20,967

755

Wal-Mart

de

Mexico

SAB

de

CV

684,602

2,263

13,672

Netherlands

-

0.2%

ASML

Holding

NV

Class

G

1,263

1,338

Peru

-

0.3%

Credicorp,

Ltd.

11,050

2,884

Philippines

-

0.4%

Ayala

Land,

Inc.

2,306,100

780

BDO

Unibank,

Inc.

429,100

973

International

Container

Terminal

Services,

Inc.

154,910

1,394

SM

Investments

Corp.

7,500

3,240

Poland

-

1.0%

Allegro.eu

SA(Æ)(Þ)

68,777

642

Bank

Polska

Kasa

Opieki

SA

10,118

518

Dino

Polska

SA(Æ)(Þ)

146,703

1,749

ORLEN

SA

73,263

1,983

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

115,016

2,352

Powszechny

Zaklad

Ubezpieczen

SA

66,309

1,060

8,304

Qatar

-

0.1%

Qatar

National

Bank

QPSC

158,711

807

Romania

-

0.0%

NEPI

Rockcastle

NV

54,700

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

1,156,822

—

HeadHunter

Group

PLC

-

ADR(Æ)(Š)

7,327

—

LUKOIL

PJSC(Æ)(Š)

143,733

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

34,534

—

Novatek

PJSC(Æ)(Š)

145,224

—

Polyus

PJSC(Æ)(Š)

56,790

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

87,303

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,336,065

—

Surgutneftegas

OJSC(Æ)(Š)

2,093,900

—

Tatneft

PJSC(Š)

375,001

—

—

Saudi

Arabia

-

2.1%

Al

Rajhi

Bank

162,477

4,585

Alinma

Bank

12,884

Almarai

Co.

JSC

5,360

Arab

National

Bank

52,906

Banque

Saudi

Fransi

121,544

578

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

3,380

Elm

Co.

1,223

Etihad

Etisalat

Co.

107,457

1,938

Ridyadh

Cables

Group

Co.

2,236

Riyad

Bank

124,350

899

SABIC

Agri-Nutrients

Co.

15,185

Saudi

Arabian

Mining

Co.(Æ)

38,509

660

Saudi

Arabian

Oil

Co.(Þ)

161,787

1,117

Saudi

Awwal

Bank

148,136

1,276

Saudi

National

Bank

(The)

320,005

3,405

Saudi

Telecom

Co.

123,353

1,483

17,577

Singapore

-

0.9%

DBS

Group

Holdings,

Ltd.

6,900

Grab

Holdings,

Ltd.

Class

A(Æ)

411,349

2,472

Sea,

Ltd.

-

ADR(Æ)

28,328

4,426

7,184

South

Africa

-

2.9%

Absa

Group,

Ltd.

81,758

912

Anglogold

Ashanti

PLC

94,196

6,430

Aspen

Pharmacare

Holdings,

Ltd.

35,115

Bid

Corp.,

Ltd.

24,747

611

Bidvest

Group,

Ltd.

(The)

97,684

1,268

FirstRand,

Ltd.

215,939

1,025

Foschini

Group,

Ltd.

(The)

82,007

Gold

Fields,

Ltd.

109,635

4,216

Gold

Fields,

Ltd.

-

ADR

35,020

1,345

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

39,173

647

MTN

Group,

Ltd.

111,900

1,114

Naspers,

Ltd.

Class

N

28,851

2,027

Nedbank

Group,

Ltd.

36,760

501

Sanlam,

Ltd.

129,172

678

Sibanye

Stillwater,

Ltd.(Æ)

643,433

1,707

Standard

Bank

Group,

Ltd.

67,038

987

24,104

South

Korea

-

15.1%

Amorepacific

Corp.

16,679

1,414

Celltrion,

Inc.

624

Cosmax,

Inc.

4,127

594

Coupang,

Inc.(Æ)

69,203

2,212

D'Alba

Global

Co.,

Ltd.(Æ)

1,510

DB

Insurance

Co.,

Ltd.

8,347

742

Hana

Financial

Group,

Inc.

46,961

2,821

Hankook

Tire

&

Technology

Co.,

Ltd.

57,446

1,866

Hanwha

Aerospace

Co.,

Ltd.

2,948

2,024

HD

Hyundai

Electric

Co.,

Ltd.

5,661

3,446

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

8,794

3,703

HD

Hyundai

Marine

Solution

Co.,

Ltd.

5,069

856

Hyundai

Engineering

&

Construction

Co.,

Ltd.

18,030

888

Hyundai

Glovis

Co.,

Ltd.

4,069

538

Hyundai

Heavy

Industries

Co.,

Ltd.

12,492

4,151

Hyundai

Mobis

Co.,

Ltd.

12,947

2,867

Hyundai

Motor

Co.

12,693

2,575

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hyundai

Robotics

Co.,

Ltd.

9,516

1,366

Hyundai

Rotem

Co.,

Ltd.

9,517

1,538

Kakao

Corp.

10,819

KB

Financial

Group,

Inc.

59,823

4,875

Kia

Corp.

7,634

641

Korea

Electric

Power

Corp.

111,610

3,323

KT&G

Corp.

16,076

1,516

LG

Corp.

Class

H

7,458

LG

Electronics,

Inc.

Class

H

12,816

785

NAVER

Corp.

12,431

2,327

Samsung

Biologics

Co.,

Ltd.(Æ)(Š)(Þ)

1,580

1,354

Samsung

C&T

Corp.

6,908

1,093

Samsung

Electro-Mechanics

Co.,

Ltd.

26,049

4,458

Samsung

Electronics

Co.,

Ltd.

380,807

28,668

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

6,666

2,067

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

119,401

2,471

Samsung

SDS

Co.,

Ltd.

3,036

Samsung

Securities

Co.,

Ltd.

15,769

853

Samyang

Foods

Co.,

Ltd.

1,145

1,083

Shinhan

Financial

Group

Co.,

Ltd.

70,016

3,609

SK

Hynix,

Inc.

68,086

26,599

SK

Square

Co.,

Ltd.(Æ)

6,222

1,129

S-Oil

Corp.(Æ)

24,635

1,241

Sung

Kwang

Bend

Co.,

Ltd.

16,526

Woori

Financial

Group,

Inc.

107,031

1,911

125,506

Taiwan

-

17.0%

Accton

Technology

Corp.

162,000

5,664

Arcadyan

Technology

Corp.

38,000

ASE

Technology

Holding

Co.,

Ltd.

190,000

1,517

Asia

Cement

Corp.

22,000

Asia

Vital

Components

Co.,

Ltd.

36,000

1,641

ASPEED

Technology,

Inc.

14,000

2,479

Asustek

Computer,

Inc.

66,155

1,497

Bizlink

Holding,

Inc.

116,022

5,238

Catcher

Technology

Co.,

Ltd.

59,000

Cathay

Financial

Holding

Co.,

Ltd.

361,000

751

Compal

Electronics,

Inc.

1,148,000

1,230

CTBC

Financial

Holding

Co.,

Ltd.

1,052,000

1,431

Delta

Electronics,

Inc.

156,169

5,001

E.Sun

Financial

Holding

Co.,

Ltd.

651,146

630

Elite

Material

Co.,

Ltd.

17,000

744

Eva

Airways

Corp.

229,000

First

Financial

Holding

Co.,

Ltd.

74,952

Fubon

Financial

Holding

Co.,

Ltd.

356,593

1,056

Gigabyte

Technology

Co.,

Ltd.

22,000

Globalwafers

Co.,

Ltd.

115,000

1,886

Hiwin

Technologies

Corp.

227,000

1,644

Hon

Hai

Precision

Industry

Co.,

Ltd.

979,000

8,161

International

Games

System

Co.,

Ltd.

6,000

KGI

Financial

Holding

Co.,

Ltd.

2,158,040

1,114

Largan

Precision

Co.,

Ltd.

28,000

2,013

Lite-On

Technology

Corp.

15,107

MediaTek,

Inc.

181,000

7,679

Mega

Financial

Holding

Co.,

Ltd.

65,238

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pegatron

Corp.

176,000

Quanta

Computer,

Inc.

86,000

840

Realtek

Semiconductor

Corp.

87,000

1,455

SinoPac

Financial

Holdings

Co.,

Ltd.

786,227

656

Synnex

Technology

International

Corp.

12,000

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

1,525,000

73,787

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

27,677

8,315

Uni-President

Enterprises

Corp.

21,000

United

Microelectronics

Corp.

332,707

502

Wistron

Corp.

166,000

807

WPG

Holdings,

Ltd.

148,000

Yageo

Corp.

124,260

1,001

Yuanta

Financial

Holding

Co.,

Ltd.

657,792

737

141,774

Thailand

-

1.8%

Advanced

Info

Service

PCL

-

NVDR

220,000

2,054

Amata

Corp.

PCL

-

NVDR

205,100

Bangkok

Bank

PCL

-

NVDR

327,700

1,607

Charoen

Pokphand

Foods

PCL

-

NVDR

1,081,900

706

CP

ALL

PCL

-

NVDR

986,300

1,407

Gulf

Development

PCL(Æ)

-

NVDR

102,900

Indorama

Ventures

PCL

-

NVDR

1,222,400

723

Kasikornbank

PCL

-

NVDR

273,900

1,581

PTT

Exploration

&

Production

PCL

-

NVDR

51,300

PTT

Oil

&

Retail

Business

PCL

-

NVDR

3,176,900

1,447

PTT

PCL

-

NVDR

148,400

SCB

X

PCL

-

NVDR

363,400

1,473

Siam

Cement

PCL

(The)

-

NVDR

183,400

1,157

Srisawad

Corp.

PCL

-

NVDR

1,518,050

1,322

Thai

Beverage

PCL

3,478,200

1,281

15,300

Turkey

-

0.9%

Akbank

TAS

979,229

1,417

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

288,395

1,397

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

43,145

BIM

Birlesik

Magazalar

AS

83,633

1,073

Haci

Omer

Sabanci

Holding

AS

270,117

524

Migros

Ticaret

AS

16,845

Turk

Hava

Yollari

AO

166,612

1,155

Turkcell

Iletisim

Hizmetleri

AS

456,628

1,083

Turkiye

Petrol

Rafinerileri

AS

116,830

549

7,481

United

Arab

Emirates

-

1.6%

Abu

Dhabi

Commercial

Bank

PJSC

248,048

973

Aldar

Properties

PJSC

793,575

1,944

Dubai

Islamic

Bank

PJSC

70,706

Emaar

Development

PJSC

79,344

Emaar

Properties

PJSC

1,460,561

5,645

Emirates

NBD

Bank

PJSC

115,618

885

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
First

Abu

Dhabi

Bank

PJSC

445,054

2,115

Parkin

Co.

PJSC

101,155

Salik

Co.

PJSC

526,440

857

13,077

United

Kingdom

-

0.2%

HSBC

Holdings

PLC

33,722

Investec

PLC

125,076

944

1,414

United

States

-

0.8%

BeOne

Medicines,

Ltd.

-

ADR(Æ)

4,515

1,402

Cognizant

Technology

Solutions

Corp.

Class

A

24,600

1,793

Freeport-McMoRan,

Inc.

26,705

1,113

Globant

SA(Æ)

9,268

571

JBS

NV

Class

A(Æ)

35,178

Meta

Platforms,

Inc.

Class

A

954

618

Netflix,

Inc.

Class

B(Æ)

6,320

Vietnam

-

0.2%

FPT

Corp.

125,350

Vietnam

Dairy

Products

JSC

720,400

1,577

2,072

#### Total

#### Common

#### Stocks
(cost

$526,929)

808,980

#### Preferred

#### Stocks

#### -

#### 1.1%
Brazil

-

1.0%

Banco

Bradesco

SA

6.902%

(Æ)(Ÿ)

610,158

2,060

Cia

Energetica

de

Minas

Gerais

13.023%

(Ÿ)

1,081,725

2,280

Itau

Unibanco

Holding

SA

6.467%

(Ÿ)

224,548

1,646

Metalurgica

Gerdau

SA

3.697%

(Ÿ)

118,000

Petroleo

Brasileiro

SA

-

Petrobras

9.222%

(Ÿ)

368,990

2,040

8,269

India

-

0.0%

TVS

Motor

Co.

6.000%

(Æ)(Š)

104,180

Russia

-

0.0%

Sberbank

of

Russia

PJSC

0.000%

(Æ)(Š)

348,120

—

Surgutneftegas

OJSC

0.000%

(Æ)(Š)

2,472,400

—

—

South

Korea

-

0.1%

Hyundai

Motor

Co.

5.428%

(Ÿ)

2,901

Samsung

Electronics

Co.,

Ltd.

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.906%

(Ÿ)

3,024

626

#### Total

#### Preferred

#### Stocks
(cost

$8,372)

8,907

#### Short-Term

#### Investments

#### -

#### 1.7%
United

States

-

1.7%

U.S.

Cash

Management

Fund(@)

14,523,565

(∞)

14,521

#### Total

#### Short-Term

#### Investments
(cost

$14,520)

14,521

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$549,821)

832,408

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1%)
(1,087)

#### Net

#### Assets

#### -

#### 100.0%
831,321

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $4.7%

Akeso,

Inc.

05/22/25

HKD

33,000

10.67 352

Allegro.eu

SA

02/19/25

PLN

68,777

7.81 537

642

Budweiser

Brewing

Co.

APAC,

Ltd.

03/26/25

HKD

1,198,400

1.15 1,374

1,213

Central

Depository

Services

India,

Ltd.

03/26/24

INR

5,684

10.76 61

CGN

Power

Co.,

Ltd.

05/29/24

HKD

1,075,000

0.39 415

China

International

Capital

Corp.,

Ltd.

03/09/23

HKD

592,800

2.24 1,326

1,607

China

Tower

Corp.,

Ltd.

06/30/21

HKD

464,300

1.37 636

671

Dino

Polska

SA

06/24/19

PLN

146,703

3.73 547

1,749

Dixon

Technologies

India,

Ltd.

01/13/25

INR

1,418

187.10 265

Fuyao

Glass

Industry

Group

Co.,

Ltd.

12/13/23

HKD

37,600

4.68 176

Hansoh

Pharmaceutical

Group

Co.,

Ltd.

09/10/25

HKD

154,000

4.71 726

710

Hapvida

Participacoes

e

Investimentos

SA

09/03/25

BRL

224,073

7.37 1,651

1,303

HDFC

Asset

Management

Co.,

Ltd.

07/31/24

INR

11,836

50.42 597

717

HDFC

Life

Insurance

Co.,

Ltd.

09/20/23

INR

152,769

7.65 1,168

1,258

Hindustan

Aeronautics,

Ltd.

04/13/22

INR

26,686

20.39 544

1,404

Huatai

Securities

Co.,

Ltd.

03/12/25

HKD

132,000

1.89 249

Innovent

Biologics,

Inc.

07/23/25

HKD

117,500

12.05 1,416

1,309

InterGlobe

Aviation,

Ltd.

12/13/23

INR

9,024

35.82 323

572

JD

Health

International,

Inc.

08/27/25

HKD

63,500

8.58 545

JD

Logistics,

Inc.

12/11/24

HKD

165,200

1.86 308

Kuaishou

Technology

08/27/25

HKD

52,900

10.06 532

Longfor

Group

Holdings,

Ltd.

04/30/25

HKD

853,500

1.36 1,164

1,052

Macrotech

Developers,

Ltd.

02/07/24

INR

10,914

13.67 149

Meituan

06/26/24

HKD

70,428

14.22 1,001

928

Nongfu

Spring

Co.,

Ltd.

02/27/24

HKD

23,600

5.70 134

Paradeep

Phosphates,

Ltd.

12/18/24

INR

191,053

1.33 255

Pop

Mart

International

Group,

Ltd.

08/28/24

HKD

56,600

6.71 380

1,615

Postal

Savings

Bank

of

China

Co.,

Ltd.

09/25/25

HKD

172,000

0.69 118

Rede

D'Or

Sao

Luiz

SA

06/18/25

BRL

70,874

6.61 468

571

Samsung

Biologics

Co.,

Ltd.

03/03/20

KRW

1,580

524.80 829

1,354

Saudi

Arabian

Oil

Co.

11/27/24

SAR

161,787

7.23 1,170

1,117

SY

Holdings

Group,

Ltd.

07/16/25

HKD

115,000

1.76 202

WH

Group,

Ltd.

01/31/24

HKD

1,831,000

0.60 1,103

1,756

WuXi

AppTec

Co.,

Ltd.

12/18/24

HKD

256,200

10.03 2,569

3,564

WuXi

Biologics

(Cayman),

Inc.

06/13/25

HKD

383,500

3.81 1,460

1,788

Xiaomi

Corp.

09/13/23

HKD

1,235,000

3.66 4,517

6,851

Yadea

Group

Holdings,

Ltd.

09/25/25

HKD

64,000

1.79 115

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

05/28/25

HKD

134,139

7.49 1,005

1,007

38,984

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

IFSC

NIFTY

Index

Futures

USD

3,988

11/25

(11) MSCI

Emerging

Markets

Index

Futures

USD

14,709

12/25

627

Short

Positions

MSCI

Emerging

Markets

Index

Futures

USD

4,223

12/25

(182) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

HKD

604

11/03/25

—

Bank

of

America

HKD

6,273

USD

807

11/03/25

—

Bank

of

America

TRY

12,530

USD

11/03/25

—

Citigroup

USD

3,781

INR

335,000

12/17/25

(17) State

Street

USD

3,736

TWD

112,000

12/17/25

(94) State

Street

TWD

112,000

USD

3,671

12/17/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(82) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Austria

$

—

$

1,282

$

—

$

—

$

1,282

Brazil

44,065

—

—

—

44,065

Canada

4,350

—

—

—

4,350

Chile

—

505

—

—

505

China

18,075

206,862

—

—

224,937

Colombia

1,777

—

—

—

1,777

Czech

Republic

—

—

—

Germany

—

—

—

Greece

—

4,828

—

—

4,828

Hong

Kong

1,062

8,782

—

9,913

Hungary

—

5,589

—

—

5,589

India

2,880

92,296

—

95,476

Indonesia

—

10,286

—

—

10,286

Kazakhstan

2,262

1,653

—

—

3,915

Kuwait

—

1,159

—

—

1,159

Macao

—

4,829

—

—

4,829

Malaysia

—

2,815

—

—

2,815

Mexico

9,678

3,994

—

—

13,672

Netherlands

1,338

—

—

—

1,338

Peru

2,884

—

—

—

2,884

Philippines

—

3,240

—

—

3,240

Poland

—

8,304

—

—

8,304

Qatar

—

807

—

—

807

Romania

—

—

—

Russia

—

—

—

—

—

Saudi

Arabia

—

17,577

—

—

17,577

Singapore

6,898

—

—

7,184

South

Africa

6,575

17,529

—

—

24,104

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
South

Korea

2,213

121,939

1,354

—

125,506

Taiwan

8,315

133,459

—

—

141,774

Thailand

—

15,300

—

—

15,300

Turkey

—

7,481

—

—

7,481

United

Arab

Emirates

—

13,077

—

—

13,077

United

Kingdom

—

1,414

—

—

1,414

United

States

6,320

—

—

—

6,320

Vietnam

—

2,072

—

—

2,072

Preferred

Stocks

8,269

626

—

8,907

Short-Term

Investments

—

—

—

14,521

14,521

Total

Investments

126,961

689,191

1,735

14,521

832,408

Other

Financial

Instruments

Assets

Futures

Contracts

627

—

—

—

627

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(193) —

—

—

(193) Foreign

Currency

Exchange

Contracts

—

(111) —

—

(111) Total

Other

Financial

Instruments

\*

$

$

(82) $

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

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

147,187

.7

Consumer

Staples

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

32,706

.9

Energy

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

19,316

.3

Financial

Services

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

192,582

.2

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Health

Care

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

26,828

.2

Materials

and

Processing

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

58,019

.0

Producer

Durables

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

64,072

.7

Technology

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

238,825

.7

Utilities

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

29,445

.6

#### Preferred

#### Stocks
Consumer

Discretionary

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

.1

Energy

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

2,040

.2

Financial

Services

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

3,706

.5

Materials

and

Processing

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

—

\*\*

Technology

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

—

\*\*

Utilities

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

2,280

.3

#### Short-Term

#### Investments

#### .............................................................
14,521

.7

Total

Investments

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

832,408

.1

\*\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

627

—

Total

$

627

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

4,986

$

—

Foreign

currency

exchange

contracts

—

(426) Total

$

4,986

$

(426) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

(82) Total

$

$

(82) \*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
State

Street

$

$

$

—

$

—

Total

$

$

$

—

$

—

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Citigroup

$

$

—

$

—

$

State

Street

—

Total

$

$

$

—

$

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

549,821

Investments,

at

fair

value(>)

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

832,408

Foreign

currency

holdings(^)

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

1,785

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

989

Dividends

from

affiliated

funds

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

Investments

sold

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

1,990

Fund

shares

sold

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

569

Foreign

capital

gains

taxes

recoverable

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

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Total

assets

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

838,679

#### Liabilities
Payables:

Due

to

custodian

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

Investments

purchased

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

963

Fund

shares

redeemed

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

1,251

Accrued

fees

to

affiliates

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

716

Other

accrued

expenses

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

Deferred

capital

gains

tax

liability

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

3,786

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

7,358

#### Net

#### Assets

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

831,321

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

258,64

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

572,28

#### Net

#### Assets

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

831,321

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

14,521

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

3,432

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

21.02 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

22.30 Class

A

—

Net

assets

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

$

10,545,499

Class

A

—

Shares

outstanding

($.01

par

value)

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

501,574

Net

asset

value

per

share:

Class

C

(#)

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

$

19.10 Class

C

—

Net

assets

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

$

3,125,499

Class

C

—

Shares

outstanding

($.01

par

value)

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

163,626

Net

asset

value

per

share:

Class

M

(#)

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

$

21.19 Class

M

—

Net

assets

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

$

125,217,667

Class

M

—

Shares

outstanding

($.01

par

value)

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

5,909,988

Net

asset

value

per

share:

Class

R6

(#)

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

$

21.27 Class

R6

—

Net

assets

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

$

2,212,714

Class

R6

—

Shares

outstanding

($.01

par

value)

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

104,007

Net

asset

value

per

share:

Class

S

(#)

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

$

21.22 Class

S

—

Net

assets

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

$

542,909,615

Class

S

—

Shares

outstanding

($.01

par

value)

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

25,581,756

Net

asset

value

per

share:

Class

Y

(#)

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

$

21.25 Class

Y

—

Net

assets

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

$

147,309,868

Class

Y

—

Shares

outstanding

($.01

par

value)

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

6,931,060

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

21,516

Dividends

from

affiliated

funds

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

1,063

Interest

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

Less

foreign

taxes

withheld

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

(2,238)

Total

investment

income

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

20,401

#### Expenses
Advisory

fees

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

7,028

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

M

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

Transfer

agent

fees

-

Class

R6

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,025

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

9,586

Expense

reductions

..........................................................................................................................................................

(996) Net

expenses

................................................................................................................................................................................

8,590

Net

investment

income

(loss)

.......................................................................................................................................................

11,811

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$1

,

187)

..............................................................................................

42,000

Investments

in

affiliated

funds

.........................................................................................................................................

(5) Futures

contracts

..............................................................................................................................................................

4,986

Foreign

currency

exchange

contracts

...............................................................................................................................

(426) Foreign

currency-related

transactions

..............................................................................................................................

(148) Net

realized

gain

(loss)

................................................................................................................................................................

46,407

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($163))

......................................................

139,538

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(82) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

139,818

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

186,225

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

198,036

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

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)

.......................................................................................................

$

11,811

$

13,651

Net

realized

gain

(loss)

................................................................................................................

46,407

32,280

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

139,818

113,708

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

198,036

159,639

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(191) (173) Class

C

.....................................................................................................................................

(49) (52) Class

M

....................................................................................................................................

(2,669)

(2,678)

Class

R6

...................................................................................................................................

(99) (44) Class

S

......................................................................................................................................

(12,834)

(12,362)

Class

Y

.....................................................................................................................................

(2,866)

(2,818)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(18,708)

(18,127)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(114,602)

(133,071)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
64,726

8,441

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

766,595

758,154

End

of

period

......................................................................................................................................

$

831,321

$

766,595

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

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

$

1,456

$

1,303

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(110) (1,927)

(111) (1,722)

Net

increase

(decrease)

(13) (281) (16) (247) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(46) (719) (53) (756) Net

increase

(decrease)

(36) (566) (41) (598) Class

M

Proceeds

from

shares

sold

1,917

32,512

1,512

24,054

Proceeds

from

reinvestment

of

distributions

2,669

2,677

Payments

for

shares

redeemed

(3,366)

(57,790)

(1,492)

(23,460)

Net

increase

(decrease)

(1,281)

(22,609)

3,271

Class

R6

Proceeds

from

shares

sold

664

10,759

525

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(677) (11,137)

(26) (413) Net

increase

(decrease)

(7) (279) 11

Class

S

Proceeds

from

shares

sold

3,572

61,466

3,153

49,411

Proceeds

from

reinvestment

of

distributions

798

12,735

830

12,278

Payments

for

shares

redeemed

(9,887)

(174,837)

(12,087)

(185,343)

Net

increase

(decrease)

(5,517)

(100,636)

(8,104)

(123,654)

Class

Y

Proceeds

from

shares

sold

1,837

34,735

2,113

Proceeds

from

reinvestment

of

distributions

2,865

2,818

Payments

for

shares

redeemed

(1,540)

(27,831)

(1,043)

(16,930)

Net

increase

(decrease)

9,769

(716) (11,999)

Total

increase

(decrease)

(6,378)

$

(114,602)

(8,664)

$

(133,071)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### 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

16.68 13.86 12.84 21.81 18.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.23

.24

.33

.41

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.48 2.91 .96

(6.79)

3.49 $

Total

from

Investment

Operations

4.71 3.15 1.29 (6.38)

3.76 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.37)

(.33)

(.27)

(.61)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.37)

(.33)

(.27)

(2.59)

(.08)

$

Net

Asset

Value,

End

of

Period

21.02 16.68 13.86 12.84 21.81 %

Total

Return

(±)

28.97 23.07 9.97 (32.86)

20.76 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 10,545

8,577

7,346

7,583

13,526

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.54 1.63 1.79 1.77 1.74 %

Expenses,

Net

(Ƃ)

1.42 1.44 1.45 1.44 1.42 %

Net

Investment

Income

(Ƃ)

1.30 1.54 2.23 2.41 1.22 %

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

15.18 12.63 11.72 20.10 16.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.08

.11

.20

.25

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.09 2.66 .87

(6.20)

3.24 $

Total

from

Investment

Operations

4.17 2.77 1.07 (5.95)

3.33 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.25)

(.22)

(.16)

(.45)

—

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.25)

(.22)

(.16)

(2.43)

—

$

Net

Asset

Value,

End

of

Period

19.10 15.18 12.63 11.72 20.10 %

Total

Return

28.00 22.16 9.09 (33.33)

19.86 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,125

3,036

3,046

3,368

6,121

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.29 2.38 2.54 2.52 2.49 %

Expenses,

Net

(Ƃ)

2.17 2.19 2.20 2.19 2.17 %

Net

Investment

Income

(Ƃ)

.50

.77

1.51 1.63 .45

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

16.80 13.97 12.95 21.98 18.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.29

.30

.38

.47

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.53 2.92 .97

(6.83)

3.51 $

Total

from

Investment

Operations

4.82 3.22 1.35 (6.36)

3.86 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.39)

(.33)

(.69)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.43)

(.39)

(.33)

(2.67)

(.15)

$

Net

Asset

Value,

End

of

Period

21.19 16.80 13.97 12.95 21.98 %

Total

Return

29. 51

23.40 10.36 (32.59)

21.16 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 125,218

120,831

97,617

107,266

157,235

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.2 9

1.38 1.54 1.52 1.49 %

Expenses,

Net

(Ƃ)

1.0 7

1.09 1.10 1.09 1.07 %

Net

Investment

Income

(Ƃ)

1.6 4

1.87 2.57 2.79 1.56 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

16.88 14.03 13.01 22.05 18.33 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.22

.30

.43

.48

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.61 2.94 .93

(6.85)

3.73 $

Total

from

Investment

Operations

4.83 3.24 1.36 (6.37)

3.87 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.39)

(.34)

(.69)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.44)

(.39)

(.34)

(2.67)

(.15)

$

Net

Asset

Value,

End

of

Period

21.27 16.88 14.03 13.01 22.05 %

Total

Return

29.47 23.51 10.39 (32.54)

21.18 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,213

1,882

1,414

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.1 4

1.23 1.38 1.37 1.35 %

Expenses,

Net

(Ƃ)

1.0 2

1.04 1.04 1.04 1.03 %

Net

Investment

Income

(Ƃ)

1. 30

1.92 2.86 2.83 .64

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### 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

16.83 13.99 12.96 21.99 18.28 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.27

.28

.37

.45

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.53 2.93 .97

(6.83)

3.53 $

Total

from

Investment

Operations

4.80 3.21 1.34 (6.38)

3.84 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.41)

(.37)

(.31)

(.67)

(.13)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.41)

(.37)

(.31)

(2.65)

(.13)

$

Net

Asset

Value,

End

of

Period

21.22 16.83 13.99 12.96 21.99 %

Total

Return

29.33 23.28 10.29 (32.67)

21.01 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 542,910

523,461

548,280

640,012

1,006,019

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.29 1.38 1.54 1.52 1.49 %

Expenses,

Net

(Ƃ)

1.17 1.19 1.20 1.19 1.17 %

Net

Investment

Income

(Ƃ)

1.5 3

1.77 2.47 2.69 1.41 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

16.86 14.01 12.99 22.04 18.32 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.30

.31

.39

.48

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.53 2.94 .97

(6.84)

3.65 $

Total

from

Investment

Operations

4.83 3.25 1.36 (6.36)

3.88 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.40)

(.34)

(.71)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.98)

—

$

Total

Distributions

(.44)

(.40)

(.34)

(2.69)

(.16)

$

Net

Asset

Value,

End

of

Period

21.25 16.86 14.01 12.99 22.04 %

Total

Return

29.52 23.57 10.44 (32.54)

21.23 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 147,310

108,808

100,451

65,124

96,275

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.09 1.18 1.34 1.33 1.29 %

Expenses,

Net

(Ƃ)

.99

1.01 1.02 1.01 .99

%

Net

Investment

Income

(Ƃ)

1.70 1.95 2.63 2.84 1.04 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

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

an

underlying

fund

which

is,

or

was,

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

$

581,863

Administrative

fees

33,262

Distribution

fees

4,176

Shareholder

servicing

fees

653

Transfer

agent

fees

93,543

Trustees'

fees

2,378

$

715,875

#### 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
U.S.

Cash

Management

Fund

$

33,825

$

307,996

$

327,298

$

(5)

$

$

14,521

$

1,063

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

570,806,449

$

320,164,053

$

(58,638,784)

$

261,525,269

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

14,176,830

$

(11,570,277)

$

256,037,923

$

—

$

258,644,476

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

18,707,879

$

—

$

—

$

18,126,5

$

—

$

—

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

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

equalization,

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.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 98.3%
Consumer

Discretionary

-

14.0%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

195,224

14,163

Amazon.com,

Inc.(Æ)

1,834,944

448,130

Autoliv

,

Inc.

32,888

3,841

AutoZone,

Inc.(Æ)

3,781

13,893

Best

Buy

Co.,

Inc.

63,283

5,198

Capri

Holdings,

Ltd.(Æ)

255,643

5,305

Cava

Group,

Inc.(Æ)

170,051

9,137

Charter

Communications,

Inc.

Class

A(Æ)

13,349

3,121

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

687,450

21,785

Comcast

Corp.

Class

A

799,983

22,267

Costco

Wholesale

Corp.

119,777

109,171

Deckers

Outdoor

Corp.(Æ)

3,577

Dollar

General

Corp.

442,144

43,622

Dollar

Tree,

Inc.(Æ)

182,184

18,058

Domino's

Pizza,

Inc.

7,051

2,809

DR

Horton,

Inc.

169,618

25,287

eBay,

Inc.

26,648

2,167

Expedia

Group,

Inc.

5,900

1,298

Ford

Motor

Co.

577,448

7,582

Fox

Corp.

Class

A

190,145

12,293

Garmin,

Ltd.

46,864

10,026

General

Motors

Co.

544,696

37,633

Grand

Canyon

Education,

Inc.(Æ)

17,657

3,325

Hilton

Worldwide

Holdings,

Inc.

58,633

15,066

Home

Depot,

Inc.

(The)

75,922

28,819

Lennar

Corp.

Class

A

140,995

17,451

Lennar

Corp.

Class

B

Leonardo

DRS,

Inc.

90,649

3,314

Liberty

Media

Corp.

Class

A(Æ)

21,159

1,856

Live

Nation

Entertainment,

Inc.(Æ)

228,255

34,131

Lowe's

Cos.,

Inc.

185,439

44,159

Marriott

International,

Inc.

Class

A

7,893

2,057

McDonald's

Corp.

5,663

1,690

Netflix,

Inc.

Class

B(Æ)

73,342

82,059

New

York

Times

Co.

(The)

Class

A

69,057

3,935

News

Corp.

Class

A

251,088

6,654

NIKE,

Inc.

Class

B

2,506

nVent

Electric

PLC

6,066

694

NVR,

Inc.(Æ)

1,999

14,414

O'Reilly

Automotive,

Inc.(Æ)

750,240

70,853

Polaris,

Inc.

110,327

7,293

PulteGroup,

Inc.

240,752

28,859

Ross

Stores,

Inc.

30,823

4,898

Royal

Caribbean

Cruises,

Ltd.

10,518

3,017

RTX

Corp.

228,015

40,701

Starbucks

Corp.

218,530

17,672

Tapestry,

Inc.

78,600

8,632

Target

Corp.

119,240

11,056

Tesla,

Inc.(Æ)

257,915

117,754

TJX

Cos.,

Inc.

(The)

206,593

28,952

Tractor

Supply

Co.

166,363

9,002

Travel

+

Leisure

Co.

52,623

3,304

Ulta

Beauty,

Inc.(Æ)

22,507

11,701

Walmart,

Inc.

526,143

53,235

Walt

Disney

Co.

(The)

95,095

10,710

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Warner

Bros

Discovery,

Inc.(Æ)

108,314

2,432

Williams-Sonoma,

Inc.

44,282

8,606

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,396

Yum

China

Holdings,

Inc.

29,534

1,278

Yum!

Brands,

Inc.

284,366

39,302

1,560,523

Consumer

Staples

-

3.3%

Ambev

SA

-

ADR

3,573,200

8,254

Archer-Daniels-Midland

Co.

257,537

15,589

Church

&

Dwight

Co.,

Inc.

14,788

1,297

Coca-Cola

Co.

(The)

102,679

7,075

Coca-Cola

Europacific

Partners

PLC

72,498

6,440

Colgate-Palmolive

Co.

88,107

6,789

Conagra

Brands,

Inc.

794,561

13,658

Constellation

Brands,

Inc.

Class

A

18,440

2,423

CVS

Health

Corp.

564,710

44,132

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

153,792

14,870

Haleon

PLC

-

ADR

958,773

8,888

Hershey

Co.

(The)

32,399

5,496

Ingredion,

Inc.

138,487

15,983

Kenvue

,

Inc.

107,506

1,545

Keurig

Dr

Pepper,

Inc.

14,941

Kimberly-Clark

Corp.

5,800

694

Kroger

Co.

(The)

975,852

62,093

Molson

Coors

Beverage

Co.

Class

B

200,585

8,769

Mondelez

International,

Inc.

Class

A

349,771

20,098

Monster

Beverage

Corp.(Æ)

339,237

22,671

PepsiCo,

Inc.

131,961

19,278

Philip

Morris

International,

Inc.

112,197

16,193

Procter

&

Gamble

Co.

(The)

266,025

40,002

Sysco

Corp.

51,834

3,850

Tyson

Foods,

Inc.

Class

A

413,939

21,281

Unilever

PLC

-

ADR

15,084

908

368,682

Energy

-

2.6%

Baker

Hughes

Co.

191,902

9,290

BP

PLC

-

ADR

91,575

3,217

Canadian

Natural

Resources,

Ltd.

278,164

8,907

Chevron

Corp.

225,302

35,535

Devon

Energy

Corp.

30,184

981

Diamondback

Energy,

Inc.

114,378

16,378

Eaton

Corp.

PLC

105,586

40,287

EOG

Resources,

Inc.

104,447

11,055

EQT

Corp.

44,879

2,405

Exxon

Mobil

Corp.

661,848

75,689

Halliburton

Co.

245,512

6,589

Marathon

Petroleum

Corp.

64,204

12,514

Phillips

103,255

14,057

Shell

PLC

-

ADR

363,675

27,246

Valero

Energy

Corp.

128,835

21,845

285,995

Financial

Services

-

12.9%

AerCap

Holdings

NV

366,426

47,723

Aflac,

Inc.

25,549

2,739

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Allstate

Corp.

(The)

132,623

25,400

American

Express

Co.

170,417

61,475

American

International

Group,

Inc.

99,016

7,818

American

Tower

Corp.(ö)

86,616

15,503

Ameriprise

Financial,

Inc.

5,878

2,661

Annaly

Capital

Management,

Inc.(ö)

99,532

2,107

Aon

PLC

Class

A

59,307

20,205

Apollo

Global

Management,

Inc.

159,449

19,821

Arthur

J

Gallagher

&

Co.

67,311

16,793

Assurant,

Inc.

5,910

1,251

Assured

Guaranty,

Ltd.

599

AvalonBay

Communities,

Inc.(ö)

5,000

870

Bank

of

America

Corp.

820,165

43,838

Bank

of

New

York

Mellon

Corp.

(The)

60,794

6,561

Bank

OZK

21,974

989

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

88,431

BOK

Financial

Corp.

15,319

1,602

Capital

One

Financial

Corp.

183,447

40,357

Carlyle

Group,

Inc.

(The)

377,151

20,110

Charles

Schwab

Corp.

(The)

140,526

13,283

Chubb,

Ltd.

142,769

39,538

Cincinnati

Financial

Corp.

26,369

4,076

Citigroup,

Inc.

555,573

56,241

Citizens

Financial

Group,

Inc.

462,301

23,517

CME

Group,

Inc.

Class

A

14,101

3,744

East

West

Bancorp,

Inc.

28,223

2,867

Equinix

,

Inc.(ö)

32,204

27,245

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

135,374

8,265

Essex

Property

Trust,

Inc.(ö)

8,915

2,245

Evercore

,

Inc.

Class

A

14,201

4,183

Everest

Group,

Ltd.

900

Fifth

Third

Bancorp

223,451

9,300

First

Citizens

BancShares

,

Inc.

Class

A

1,845

3,367

Goldman

Sachs

Group,

Inc.

(The)

12,071

9,528

Hartford

Insurance

Group,

Inc.

(The)

63,811

7,924

Healthpeak

Properties,

Inc.(ö)

1,016,959

18,254

Host

Hotels

&

Resorts,

Inc.(ö)

478,642

7,668

Howard

Hughes

Holdings,

Inc.(Æ)

277,402

21,992

Huntington

Bancshares,

Inc.

831,115

12,832

Intercontinental

Exchange,

Inc.

163,857

23,971

Janus

Henderson

Group

PLC

119,188

5,192

JPMorgan

Chase

&

Co.

357,953

111,366

Kimco

Realty

Corp.(ö)

434,379

8,974

Markel

Group,

Inc.(Æ)

9,476

18,711

Mastercard

,

Inc.

Class

A

257,728

142,263

MetLife,

Inc.

171,966

13,726

Millrose

Properties,

Inc.

Class

A(ö)

339,559

10,937

Morgan

Stanley

198,001

32,472

Northern

Trust

Corp.

1,828

PNC

Financial

Services

Group,

Inc.

(The)

22,409

4,091

Progressive

Corp.

(The)

233,134

48,026

Prologis,

Inc.(ö)

21,459

2,663

Prudential

Financial,

Inc.

67,246

6,994

Public

Storage(ö)

20,445

5,695

Raymond

James

Financial,

Inc.

10,375

1,646

Regions

Financial

Corp.

755,927

18,293

Reinsurance

Group

of

America,

Inc.

Class

A

57,212

10,439

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Simon

Property

Group,

Inc.(ö)

State

Street

Corp.

42,925

4,965

Synchrony

Financial

264,937

19,706

Torchmark

Corp.

116,150

15,275

Travelers

Cos.,

Inc.

(The)

26,691

7,170

Truist

Financial

Corp.

8,224

US

Bancorp

11,100

518

Visa,

Inc.

Class

A

289,631

98,689

Voya

Financial,

Inc.

21,215

1,580

Webster

Financial

Corp.

19,386

1,106

Wells

Fargo

&

Co.

1,048,463

91,185

Welltower

,

Inc.(ö)

58,700

10,627

Willis

Towers

Watson

PLC

62,325

19,514

WR

Berkley

Corp.

98,367

7,017

1,446,068

Health

Care

-

8.8%

10X

Genomics,

Inc.

Class

A(Æ)

305,338

4,165

Abbott

Laboratories

254,958

31,518

AbbVie,

Inc.

205,697

44,850

ABIOMED,

Inc.(Š)

9,546

—

Agilent

Technologies,

Inc.

189,859

27,788

Alnylam

Pharmaceuticals,

Inc.(Æ)

6,598

3,009

Amgen,

Inc.

53,187

15,873

AstraZeneca

PLC

-

ADR

68,212

5,621

Becton

Dickinson

&

Co.

1,334

Biogen,

Inc.(Æ)

10,200

1,574

BioMarin

Pharmaceutical,

Inc.(Æ)

216,241

11,584

Boston

Scientific

Corp.(Æ)

371,420

37,409

Bristol-Myers

Squibb

Co.

23,317

1,074

Centene

Corp.(Æ)

268,533

9,498

Cigna

Group

(The)

74,733

18,266

Danaher

Corp.

208,019

44,803

DaVita,

Inc.(Æ)

44,461

5,292

Dentsply

Sirona,

Inc.

551,301

6,952

Edwards

Lifesciences

Corp.(Æ)

160,496

13,233

Elevance

Health,

Inc.

58,028

18,407

Eli

Lilly

&

Co.

60,108

51,865

Exelixis

,

Inc.(Æ)

203,432

7,867

GE

HealthCare

Technologies,

Inc.

204,324

15,314

Genmab

A/S

-

ADR(Æ)

342,344

9,794

Gilead

Sciences,

Inc.

58,798

7,043

GSK

PLC

-

ADR

450,872

21,128

Halozyme

Therapeutics,

Inc.(Æ)

37,472

2,443

HCA

Healthcare,

Inc.

17,182

7,898

Henry

Schein,

Inc.(Æ)

113,919

7,200

Humana,

Inc.

42,354

11,782

Icon

PLC(Æ)

105,071

18,053

IDEXX

Laboratories,

Inc.(Æ)

76,708

48,288

Incyte

Corp.(Æ)

38,990

3,645

Intuitive

Surgical,

Inc.(Æ)

107,538

57,455

Johnson

&

Johnson

284,416

53,718

Koninklijke

Philips

NV

314,931

8,604

Labcorp

Holdings,

Inc.

10,723

2,723

McKesson

Corp.

54,558

44,265

Medtronic

PLC

113,267

10,273

Merck

&

Co.,

Inc.

124,130

10,673

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Novo

Nordisk

A/S

-

ADR

131,101

6,484

Organon

&

Co.

956,707

6,458

Pfizer,

Inc.

137,510

3,390

Regeneron

Pharmaceuticals,

Inc.

69,828

45,514

ResMed

,

Inc.

11,906

2,939

Royalty

Pharma

PLC

Class

A

314,363

11,801

Sanofi

SA

-

ADR

45,081

2,280

Stryker

Corp.

30,069

10,712

Thermo

Fisher

Scientific,

Inc.

34,905

19,805

Ultragenyx

Pharmaceutical,

Inc.(Æ)

342,640

11,855

UnitedHealth

Group,

Inc.

229,261

78,306

Universal

Health

Services,

Inc.

Class

B

24,354

5,285

Veeva

Systems,

Inc.

Class

A(Æ)

51,589

15,023

Vertex

Pharmaceuticals,

Inc.(Æ)

68,724

29,247

Viatris

,

Inc.

768,147

7,958

Waters

Corp.(Æ)

24,577

8,592

West

Pharmaceutical

Services,

Inc.

48,607

13,711

Zoetis,

Inc.

Class

A

13,700

1,974

982,519

Materials

and

Processing

-

2.9%

AAON,

Inc.

24,310

2,392

Air

Products

and

Chemicals,

Inc.

1,928

Ball

Corp.

28,448

1,337

Builders

FirstSource

,

Inc.(Æ)

26,676

3,099

Carrier

Global

Corp.

231,724

13,785

Celanese

Corp.

Class

A

440,660

16,939

CF

Industries

Holdings,

Inc.

78,223

6,515

Commercial

Metals

Co.

133,378

7,917

Copart

,

Inc.(Æ)

347,941

14,965

Crown

Holdings,

Inc.

43,095

4,188

DuPont

de

Nemours,

Inc.

273,418

22,325

Ecolab,

Inc.

98,808

25,334

Fastenal

Co.

195,250

8,035

FMC

Corp.

281,717

4,274

Fortune

Brands

Innovations,

Inc.

21,352

1,085

General

Electric

Co.

31,968

9,877

Ingevity

Corp.(Æ)

4,417

Johnson

Controls

International

PLC

20,895

2,390

Linde

PLC

127,662

53,401

Martin

Marietta

Materials,

Inc.

17,986

11,027

Masco

Corp.

209,563

13,571

Mohawk

Industries,

Inc.(Æ)

50,385

5,726

Mosaic

Co.

(The)

147,573

4,051

NewMarket

Corp.

3,892

2,989

Newmont

Corp.

49,580

4,014

Nucor

Corp.

8,039

1,206

Owens

Corning

10,445

1,330

Packaging

Corp.

of

America

39,823

7,796

PPG

Industries,

Inc.

4,923

Reliance,

Inc.

6,664

1,882

Rio

Tinto

PLC

-

ADR

37,916

2,720

Royal

Gold,

Inc.

14,458

2,527

Sherwin-Williams

Co.

(The)

25,042

8,638

Solstice

Advanced

Materials

Inc.(Æ)

30,929

1,394

Southern

Copper

Corp.

641

Steel

Dynamics,

Inc.

34,119

5,350

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Trane

Technologies

PLC

101,010

45,318

Vulcan

Materials

Co.

10,433

3,020

Westlake

Corp.

44,375

3,053

324,745

Producer

Durables

-

6.7%

Alaska

Air

Group,

Inc.(Æ)

46,980

1,960

Amphenol

Corp.

Class

A

155,440

21,659

Automatic

Data

Processing,

Inc.

76,295

19,860

Canadian

Pacific

Kansas

City,

Ltd.

164,809

11,858

Comfort

Systems

USA,

Inc.

6,753

6,521

Corpay

,

Inc.(Æ)

57,456

14,959

CSX

Corp.

485,288

17,480

Cummins,

Inc.

23,669

10,359

Deere

&

Co.

58,675

27,086

Delta

Air

Lines,

Inc.

607,382

34,852

Dover

Corp.

26,181

4,751

Esab

Corp.

29,041

3,393

Expeditors

International

of

Washington,

Inc.

28,604

3,487

FedEx

Corp.

125,584

31,876

Fortive

Corp.

2,085

FTI

Consulting,

Inc.(Æ)

2,348

GE

Vernova

,

Inc.

7,992

4,676

General

Dynamics

Corp.

33,727

11,632

Global

Payments,

Inc.

368,797

28,678

Honeywell

International,

Inc.

123,717

24,908

Howmet

Aerospace,

Inc.

125,164

25,778

Huntington

Ingalls

Industries,

Inc.

23,894

7,694

Illinois

Tool

Works,

Inc.

1,831

Ingersoll

Rand,

Inc.

185,713

14,175

Jacobs

Solutions,

Inc.

40,329

6,284

JB

Hunt

Transport

Services,

Inc.

38,898

6,568

Kirby

Corp.(Æ)

8,376

867

L3Harris

Technologies,

Inc.

11,295

3,265

Lockheed

Martin

Corp.

17,114

8,418

Magna

International,

Inc.

Class

A

101,479

4,791

MasTec

,

Inc.(Æ)

35,630

7,274

Mettler

-Toledo

International,

Inc.(Æ)

16,183

22,920

Moody's

Corp.

58,542

28,118

Norfolk

Southern

Corp.

42,340

11,998

Northrop

Grumman

Corp.

11,110

6,482

Old

Dominion

Freight

Line,

Inc.

80,866

11,355

Otis

Worldwide

Corp.

183,325

17,005

PACCAR,

Inc.

60,253

5,929

Parker-Hannifin

Corp.

9,867

7,625

Pentair

PLC

147,694

15,707

Phinia

,

Inc.

8,939

Ralliant

Corp.

695

Regal

Rexnord

Corp.

35,304

4,974

S&P

Global,

Inc.

136,568

66,537

Southwest

Airlines

Co.

268,317

8,130

Textron,

Inc.

333,837

26,977

TopBuild

Corp.(Æ)

3,805

1,608

TransDigm

Group,

Inc.

4,855

6,353

TransUnion

254,252

20,640

Union

Pacific

Corp.

57,200

12,605

United

Airlines

Holdings,

Inc.(Æ)

233,018

21,913

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

Rentals,

Inc.

18,522

16,136

Veralto

Corp.

69,339

6,842

Vontier

Corp.

741,366

28,543

Waste

Management,

Inc.

4,229

845

Westinghouse

Air

Brake

Technologies

Corp.

185,232

37,869

753,654

Technology

-

43.3%

Accenture

PLC

Class

A

56,902

14,231

Adobe,

Inc.(Æ)

93,667

31,876

Advanced

Micro

Devices,

Inc.(Æ)

223,010

57,117

Allegion

PLC

17,438

2,891

Alphabet,

Inc.

Class

A

542,231

152,470

Alphabet,

Inc.

Class

C

1,046,053

294,799

Analog

Devices,

Inc.

83,183

19,476

Appfolio

,

Inc.

Class

A(Æ)

9,278

2,361

Apple,

Inc.

2,690,419

727,409

Applied

Materials,

Inc.

171,585

39,996

Arista

Networks,

Inc.(Æ)

213,966

33,740

ARM

Holdings

PLC

-

ADR(Æ)

15,687

2,664

ASML

Holding

NV

1,204

1,275

Autodesk,

Inc.(Æ)

105,904

31,913

Booking

Holdings,

Inc.

11,334

57,551

Broadcom,

Inc.

787,489

291,080

CACI

International,

Inc.

Class

A(Æ)

4,386

2,466

Cadence

Design

Systems,

Inc.(Æ)

14,186

4,805

Cisco

Systems,

Inc.

601,086

43,945

Cognizant

Technology

Solutions

Corp.

Class

A

60,920

4,440

Corteva

,

Inc.

230,444

14,158

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

2,677

1,454

Datadog

,

Inc.

Class

A(Æ)

109,766

17,871

Dell

Technologies,

Inc.

Class

C

66,959

10,848

Dropbox,

Inc.

Class

A(Æ)

274,482

7,960

EchoStar

Corp.

Class

A(Æ)

81,367

6,092

Electronic

Arts,

Inc.

51,566

10,316

F5,

Inc.(Æ)

12,816

3,243

Fidelity

National

Information

Services,

Inc.

2,700

Fortinet,

Inc.(Æ)

121,310

10,485

HP,

Inc.

96,623

2,674

International

Business

Machines

Corp.

8,601

2,644

Intuit,

Inc.

111,134

74,188

Jabil,

Inc.

69,502

15,352

KLA

Corp.

5,800

7,011

Lam

Research

Corp.

609,137

95,915

Manhattan

Associates,

Inc.(Æ)

34,189

6,225

Match

Group,

Inc.

407,267

13,171

Meta

Platforms,

Inc.

Class

A

457,781

296,802

Micron

Technology,

Inc.

268,875

60,166

Microsoft

Corp.

1,462,406

757,248

Motorola

Solutions,

Inc.

72,772

29,597

Nutanix

,

Inc.

Class

A(Æ)

93,912

6,690

NVIDIA

Corp.

4,831,219

978,274

NXP

Semiconductors

NV

52,598

10,999

ON

Semiconductor

Corp.(Æ)

636,587

31,880

Oracle

Corp.

228,472

59,999

Palantir

Technologies,

Inc.

Class

A(Æ)

128,152

25,691

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Palo

Alto

Networks,

Inc.(Æ)

148,228

32,646

Pegasystems

,

Inc.

149,249

9,500

Qorvo

,

Inc.(Æ)

178,393

16,933

QUALCOMM,

Inc.

215,324

38,952

RingCentral,

Inc.

Class

A(Æ)

479,007

14,428

Salesforce,

Inc.

184,434

48,028

SAP

SE

-

ADR

53,046

13,792

Seagate

Technology

Holdings

PLC

47,326

12,110

ServiceNow

,

Inc.(Æ)

82,899

76,207

Snowflake,

Inc.

Class

A(Æ)

36,223

9,957

Super

Micro

Computer,

Inc.(Æ)

46,333

2,407

Synopsys,

Inc.(Æ)

27,726

12,583

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

166,746

50,095

TE

Connectivity

PLC

70,983

17,534

Texas

Instruments,

Inc.

79,192

12,786

Tyler

Technologies,

Inc.(Æ)

50,449

24,027

Uber

Technologies,

Inc.(Æ)

330,715

31,914

VeriSign,

Inc.

62,537

14,996

Workday,

Inc.

Class

A(Æ)

92,465

22,184

4,834,706

Utilities

-

3.8%

American

Electric

Power

Co.,

Inc.

24,778

2,980

AT&T,

Inc.

1,278,471

31,642

CenterPoint

Energy,

Inc.

401,392

15,349

Cheniere

Energy,

Inc.

73,004

15,477

CMS

Energy

Corp.

37,178

2,734

Comstock

Resources,

Inc.(Æ)

113,813

2,134

ConocoPhillips

459,603

40,840

Consolidated

Edison,

Inc.

89,657

8,734

Constellation

Energy

Corp.

24,576

9,265

DT

Midstream,

Inc.

31,773

3,479

DTE

Energy

Co.

6,566

890

Duke

Energy

Corp.

80,474

10,003

Edison

International

335,146

18,560

Entergy

Corp.

241,450

23,201

Eversource

Energy

190,138

14,034

Exelon

Corp.

347,748

16,038

FirstEnergy

Corp.

283,393

12,988

NextEra

Energy,

Inc.

211,957

17,253

NiSource,

Inc.

38,538

1,623

NRG

Energy,

Inc.

390,323

67,081

PG&E

Corp.

529,059

8,444

Public

Service

Enterprise

Group,

Inc.

139,545

11,242

Sempra

94,509

8,689

Southern

Co.

(The)

186,463

17,535

T-Mobile

US,

Inc.

109,803

23,064

Verizon

Communications,

Inc.

51,038

2,028

Xcel

Energy,

Inc.

476,083

38,644

423,951

#### Total

#### Common

#### Stocks
(cost

$4,504,33

9)

10,980,843

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
ABIOMED,

Inc.(Æ)(Š)

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $&nbsp;&nbsp;&nbsp;&nbsp;Rights

9,546

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$10)

—

#### Short-Term

#### Investments

#### -

#### 1.6%
U.S.

Cash

Management

Fund(@)

184,870,394

(∞)

184,834

#### Total

#### Short-Term

#### Investments
(cost

$184,823)

184,834

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$4,689,172)

11,165,677

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%
8,990

#### Net

#### Assets

#### -

#### 100.0%
11,174,667

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

139,886

12/25

4,292

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

4,292

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

1,560,523

$

—

$

—

$

—

$

1,560,523

Consumer

Staples

368,682

—

—

—

368,682

Energy

285,995

—

—

—

285,995

Financial

Services

1,446,068

—

—

—

1,446,068

Health

Care

982,519

—

—

—

982,519

Materials

and

Processing

324,745

—

—

—

324,745

Producer

Durables

753,654

—

—

—

753,654

Technology

4,834,706

—

—

—

4,834,706

Utilities

423,951

—

—

—

423,951

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

184,834

184,834

Total

Investments

10,980,843

—

—

184,834

11,165,677

Other

Financial

Instruments

Assets

Futures

Contracts

4,292

—

—

—

4,292

Total

Other

Financial

Instruments

\*

$

4,292

$

—

$

—

$

—

$

4,292

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

4,292

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

17,598

$

—

Foreign

currency

exchange

contracts

—

Total

$

17,598

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,536

$

—

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

4,689,

Investments,

at

fair

value(>)

........................................................................................................................................................

11,165,677

Receivables:

Dividends

and

interest

......................................................................................................................................................

3,987

Dividends

from

affiliated

funds

.......................................................................................................................................

611

Fund

shares

sold

...............................................................................................................................................................

9,146

From

broker(a)

.................................................................................................................................................................

4,752

Variation

margin

on

futures

contracts

..............................................................................................................................

4,293

Total

assets

...............................................................................................................................................................

11,188,466

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

1,328

Fund

shares

redeemed

......................................................................................................................................................

3,795

Accrued

fees

to

affiliates

..................................................................................................................................................

8,048

Other

accrued

expenses

....................................................................................................................................................

628

Total

liabilities

...........................................................................................................................................................

13,799

#### Net

#### Assets

#### ...............................................................................................................................................................
$

11,174,667

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

6,407,79

Shares

of

beneficial

interest

.........................................................................................................................................................

1,162

Additional

paid-in

capital

............................................................................................................................................................

4,765,713

#### Net

#### Assets

#### ...............................................................................................................................................................
$

11,174,667

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

184,834

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

4,752

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

94.86 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

100.65 Class

A

—

Net

assets

...........................................................................................................................................................

$

178,414,628

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,880,873

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

87.18 Class

C

—

Net

assets

...........................................................................................................................................................

$

50,671,130

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

581,256

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

96.23 Class

M

—

Net

assets

..........................................................................................................................................................

$

2,935,297,503

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

30,502,513

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

96.21 Class

S

—

Net

assets

............................................................................................................................................................

$

8,010,284,064

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

83,254,200

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

118,5

Dividends

from

affiliated

funds

.......................................................................................................................................

7,874

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

,

793

#### Expenses
Advisory

fees

...................................................................................................................................................................

63,087

Administrative

fees

..........................................................................................................................................................

4,774

Custodian

fees

..................................................................................................................................................................

543

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

5,265

Transfer

agent

fees

-

Class

S

............................................................................................................................................

14,31

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

544

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

717

Expenses

before

reductions

..............................................................................................................................................

91,344

Expense

reductions

..........................................................................................................................................................

(2,632)

Net

expenses

................................................................................................................................................................................

88,712

Net

investment

income

(loss)

.......................................................................................................................................................

38,081

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

,

Investments

in

affiliated

funds

.........................................................................................................................................

(32) Futures

contracts

..............................................................................................................................................................

17,598

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(3) Net

realized

gain

(loss)

................................................................................................................................................................

104,65

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

1,425,657

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

3,536

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

1,429,202

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

1,533,859

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

1,571,940

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

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)

.......................................................................................................

$

38,081

$

47,457

Net

realized

gain

(loss)

................................................................................................................

104,657

(37,196)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

1,429,

2,321,886

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

1,571,940

2,332,147

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(409) (391) Class

M

....................................................................................................................................

(13,913)

(13,377)

Class

S

......................................................................................................................................

(33,699)

(29,678)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(48,021)

(43,446)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

294,041

193,805

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,817,960

2,482,506

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

9,356,707

6,874,201

End

of

period

......................................................................................................................................

$

11,174,667

$

9,356,707

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

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

$

17,775

$

31,474

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(204) (17,154)

(162) (12,033)

Net

increase

(decrease)

1,029

19,832

Class

C

Proceeds

from

shares

sold

6,214

5,687

Payments

for

shares

redeemed

(127) (9,977)

(110) (7,66

4)

Net

increase

(decrease)

(48) (3,763)

(28) (1,97

7)

Class

M

Proceeds

from

shares

sold

6,130

527,997

8,491

658,511

Proceeds

from

reinvestment

of

distributions

13,836

13,344

Payments

for

shares

redeemed

(9,131)

(791,638)

(5,753)

(437,699)

Net

increase

(decrease)

(2,837)

(249,805)

2,928

234,156

Class

S

Proceeds

from

shares

sold

17,498

1,513,792

12,477

947,277

Proceeds

from

reinvestment

of

distributions

33,448

29,468

Payments

for

shares

redeemed

(11,588)

(1,000,660)

(13,478)

(1,034,95

1)

Net

increase

(decrease)

6,307

546,580

(582) (58,20

6)

Total

increase

(decrease)

3,431

$

294,041

2,585

$

193,805

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### 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

81.87 61.59 56.20 68.42 49.07 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.10

.21

.27

.13

(.03)

$

Net

Realized

and

Unrealized

Gain

(Loss)

13.11 20.30 5.31 (12.35)

19.54 $

Total

from

Investment

Operations

13.21 20.51 5.58 (12.22)

19.51 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.23)

(.19)

—

(.16)

$

Total

Distributions

(.22)

(.23)

(.19)

—

(.16)

$

Net

Asset

Value,

End

of

Period

94.86 81.87 61.59 56.20 68.42 %

Total

Return

(±)

16.17 33.38 9.97 (17.86)

39.83 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 178,415

153,247

98,852

87,448

100,109

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.15 1.16 1.17 1.18 1.18 %

Expenses,

Net

(Ƃ)

1.15 1.16 1.17 1.17 1.17 %

Net

Investment

Income

(Ƃ)

.11

.28

.44

.21

(.05)

%

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

75.61 57.11 52.33 64.19 46.25 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.50)

(.32)

(.17)

(.31)

(.46)

$

Net

Realized

and

Unrealized

Gain

(Loss)

12.07 18.82 4.95 (11.55)

18.40 $

Total

from

Investment

Operations

11.57 18.50 4.78 (11.86)

17.94 $

Net

Asset

Value,

End

of

Period

87.18 75.61 57.11 52.33 64.19 %

Total

Return

15. 30

32.37 9.15 (18.48)

38.79 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 50,671

47,560

37,520

36,410

43,968

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.90 1.91 1.92 1.93 1.93 %

Expenses,

Net

(Ƃ)

1.90 1.91 1.92 1.92 1.92 %

Net

Investment

Income

(Ƃ)

(.63)

(.46)

(.31)

(.54)

(.80)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

83.02 62.41 56.96 69.27 49.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.41

.48

.48

.35

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

13.28 20.57 5.37 (12.49)

19.77 $

Total

from

Investment

Operations

13.69 21.05 5.85 (12.14)

19.95 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.48)

(.44)

(.40)

(.17)

(.33)

$

Total

Distributions

(.48)

(.44)

(.40)

(.17)

(.33)

$

Net

Asset

Value,

End

of

Period

96.23 83.02 62.41 56.96 69.27 %

Total

Return

16.57 33.86 10.35 (17.57)

40.33 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,935,297

2,767,751

1,898,077

1,506,693

1,518,925

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.90

.91

.92

.93

.93

%

Expenses,

Net

(Ƃ)

.80

.81

.82

.82

.82

%

Net

Investment

Income

(Ƃ)

.47

.63

.78

.56

.29

%

Portfolio

Turnover

Rate

#### 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

83.02 62.42 56.96 69.27 49.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.31

.41

.43

.29

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

13.29 20.57 5.37 (12.50)

19.76 $

Total

from

Investment

Operations

13.60 20.98 5.80 (12.21)

19.88 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.41)

(.38)

(.34)

(.10)

(.26)

$

Total

Distributions

(.41)

(.38)

(.34)

(.10)

(.26)

$

Net

Asset

Value,

End

of

Period

96.21 83.02 62.42 56.96 69.27 %

Total

Return

16.45 33.70 10.26 (17.65)

40.18 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,010,284

6,388,149

4,839,752

4,115,348

4,617,227

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.90

.91

.92

.93

.93

%

Expenses,

Net

(Ƃ)

.90

.91

.92

.92

.92

%

Net

Investment

Income

(Ƃ)

.36

.54

.69

.46

.20

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

5,873,675

Administrative

fees

444,34

Distribution

fees

69,254

Shareholder

servicing

fees

10,635

Transfer

agent

fees

1,627,158

Trustees'

fees

23,332

$

8,048,402

#### 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
U.S.

Cash

Management

Fund

$

181,164

$

645,474

$

641,781

$

(32)

$

$

184,834

$

7,874

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

4,694,929,073

$

6,506,479,064

$

(35,731,482)

$

6,470,747,582

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

35,446,254

$

(98,402,175)

$

6,470,747,582

$

—

$

6,407,791,661

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

48,020,825

$

—

$

—

$

43,445,801

$

—

$

—

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.3%
Consumer

Discretionary

-

12.7%

Academy

Sports

&

Outdoors,

Inc.

121,561

5,822

Advance

Auto

Parts,

Inc.

107,877

5,084

AMC

Networks,

Inc.

Class

A(Æ)

264,981

2,009

American

Eagle

Outfitters,

Inc.

215,159

3,595

API

Group

Corp.(Æ)

259,483

9,554

Archer

Aviation,

Inc.

Class

A(Æ)

18,452

Atkore

,

Inc.

20,039

1,388

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

49,247

2,005

Atmus

Filtration

Technologies,

Inc.

82,547

3,754

Bath

&

Body

Works,

Inc.

131,410

3,217

Beazer

Homes

USA,

Inc.(Æ)

101,390

2,271

BJ's

Restaurants,

Inc.(Æ)

11,885

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

895

Bloomin

'

Brands,

Inc.

6,915

Boot

Barn

Holdings,

Inc.(Æ)

25,777

4,889

BorgWarner,

Inc.

73,176

3,144

Boyd

Gaming

Corp.

15,720

1,224

Brinker

International,

Inc.(Æ)

19,584

2,128

Brunswick

Corp.

90,469

5,981

Caesars

Entertainment,

Inc.(Æ)

92,947

1,868

Caleres

,

Inc.

34,500

Capri

Holdings,

Ltd.(Æ)

22,242

Carter's,

Inc.

8,753

Carvana

Co.(Æ)

8,660

2,655

Cavco

Industries,

Inc.(Æ)

5,602

2,968

Century

Communities,

Inc.

24,211

1,438

Cheesecake

Factory,

Inc.

(The)

22,697

1,130

Churchill

Downs,

Inc.

13,870

1,376

Dana,

Inc.

9,122

Dave

&

Buster's

Entertainment,

Inc.(Æ)

26,610

Deckers

Outdoor

Corp.(Æ)

20,598

1,679

Dick's

Sporting

Goods,

Inc.

29,536

6,541

Dollar

Tree,

Inc.(Æ)

18,397

1,823

Domino's

Pizza,

Inc.

7,114

2,835

Douglas

Dynamics,

Inc.

46,239

1,398

DraftKings

,

Inc.

Class

A(Æ)

29,374

899

Ethan

Allen

Interiors,

Inc.

16,761

EW

Scripps

Co.

(The)

Class

A(Æ)

655,733

1,593

FactSet

Research

Systems,

Inc.

4,286

1,143

First

Watch

Restaurant

Group,

Inc.(Æ)

86,869

1,432

FirstCash

Holdings,

Inc.

9,286

1,472

Five

Below,

Inc.(Æ)

25,766

4,052

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

4,821

Forestar

Group,

Inc.(Æ)

111,907

2,911

Gentherm

,

Inc.(Æ)

48,360

1,780

G-III

Apparel

Group,

Ltd.(Æ)

101,715

2,731

Golden

Entertainment,

Inc.

26,595

537

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

44,382

Grand

Canyon

Education,

Inc.(Æ)

15,870

2,988

Gray

Television,

Inc.

472,505

2,159

Green

Brick

Partners,

Inc.(Æ)

28,092

1,819

Group

Automotive,

Inc.

2,622

1,042

Harley-Davidson,

Inc.

19,170

517

Hillenbrand,

Inc.

10,655

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

587

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
International

Game

Technology

PLC

181,431

3,023

Interpublic

Group

of

Cos.,

Inc.

(The)

14,186

Joby

Aviation,

Inc.(Æ)

127,785

2,216

Johnson

Outdoors,

Inc.

Class

A

47,408

1,931

KB

Home

44,541

2,780

Kontoor

Brands,

Inc.

40,545

3,281

Kura

Sushi

USA,

Inc.

Class

A(Æ)

15,144

862

Leonardo

DRS,

Inc.

22,392

819

Liberty

Broadband

Corp.

Class

C(Æ)

10,689

575

Life

Time

Group

Holdings,

Inc.(Æ)

81,617

2,018

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

1,752

Lionsgate

Studios

Corp.(Æ)

94,838

610

Lithia

Motors,

Inc.

Class

A

16,816

5,282

Madison

Square

Garden

Entertainment

Corp.(Æ)

9,896

Magnite

,

Inc.(Æ)

118,033

2,110

Meritage

Homes

Corp.

11,254

760

MGM

Resorts

International(Æ)

17,653

565

Monro

Muffler

Brake,

Inc.

144,889

2,123

Newell

Brands,

Inc.

634,959

2,159

Nexstar

Media

Group,

Inc.

Class

A

26,169

5,122

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

93,621

2,099

nVent

Electric

PLC

34,460

3,940

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

4,687

OneWater

Marine,

Inc.

Class

A(Æ)

102,060

1,585

Papa

John's

International,

Inc.

126,721

6,439

Paramount

Skydance

Corp.

Class

B

39,812

613

Patrick

Industries,

Inc.

11,787

1,230

Penn

Entertainment,

Inc.(Æ)

113,504

1,868

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

6,719

PriceSmart

,

Inc.

3,284

PulteGroup,

Inc.

22,204

2,662

PVH

Corp.

26,694

2,091

QXO,

Inc.(Æ)

18,233

RB

Global,

Inc.

8,866

880

Revolve

Group,

Inc.(Æ)

12,423

Rocky

Brands,

Inc.

8,173

Sensata

Technologies

Holding

PLC

11,302

Service

Corp.

International

12,051

1,006

Shoe

Carnival,

Inc.

13,128

Signet

Jewelers,

Ltd.

27,306

2,699

Sirius

Xm

Holdings,

Inc.

1,755

Sphere

Entertainment

Co.(Æ)

5,963

Sportradar

Holding

AG

Class

A(Æ)

44,081

1,129

Starz

Entertainment

Corp.(Æ)

30,063

Taylor

Morrison

Home

Corp.

Class

A(Æ)

53,604

3,177

Texas

Roadhouse,

Inc.

Class

A

9,894

1,618

Thor

Industries,

Inc.

30,290

3,161

Toll

Brothers,

Inc.

10,396

1,403

Transcat

,

Inc.(Æ)

5,568

Travel

+

Leisure

Co.

35,817

2,249

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,067

United

Parks

&

Resorts,

Inc.(Æ)

49,216

2,382

Urban

Outfitters,

Inc.(Æ)

43,349

2,801

Valvoline,

Inc.(Æ)

46,246

1,527

VF

Corp.

201,329

2,827

Victoria's

Secret

&

Co.(Æ)

56,924

2,007

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wabash

National

Corp.

27,235

Wayfair,

Inc.

Class

A(Æ)

14,739

1,526

Weyco

Group,

Inc.

7,024

Wingstop

,

Inc.

13,047

2,826

Wolverine

World

Wide,

Inc.

101,223

2,298

Wyndham

Hotels

&

Resorts,

Inc.

11,079

814

YETI

Holdings,

Inc.(Æ)

76,838

2,612

Ziff

Davis,

Inc.(Æ)

46,891

1,590

225,046

Consumer

Staples

-

3.0%

Alico

,

Inc.

4,993

Aramark

Services,

Inc.

115,502

4,375

BellRing

Brands,

Inc.(Æ)

21,651

652

Calavo

Growers,

Inc.

166,638

3,701

Casey's

General

Stores,

Inc.

17,092

8,772

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

31,777

1,875

elf

Beauty,

Inc.(Æ)

19,418

2,372

Energizer

Holdings,

Inc.

38,355

891

Hain

Celestial

Group,

Inc.

(The)(Æ)

1,053,555

1,222

Ingredion,

Inc.

16,720

1,930

Interparfums

,

Inc.

5,425

Kellanova

4,893

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

521,125

1,009

Limoneira

Co.

24,211

Marzetti

,

Co.(The)

4,134

648

MGP

Ingredients,

Inc.

5,280

Nomad

Foods,

Ltd.

179,042

2,023

Performance

Food

Group

Co.(Æ)

16,935

1,638

Pilgrim's

Pride

Corp.

57,405

2,187

Post

Holdings,

Inc.(Æ)

5,407

562

Primo

Brands

Corp.

Class

A

152,439

3,349

Smithfield

Foods,

Inc.

100,380

2,224

Spectrum

Brands

Holdings,

Inc.

36,449

1,964

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

1,309

United

Natural

Foods,

Inc.(Æ)

64,087

2,413

US

Foods

Holding

Corp.(Æ)

27,044

1,964

Vita

Coco

Co.,

Inc.

(The)(Æ)

47,311

1,948

Warby

Parker,

Inc.

Class

A(Æ)

76,727

1,503

Weis

Markets,

Inc.

6,526

52,480

Energy

-

3.5%

Alpha

Metallurgical

Resources,

Inc.(Æ)

11,007

1,907

Antero

Resources

Corp.(Æ)

88,117

2,724

Centrus

Energy

Corp.

Class

A(Æ)

18,076

6,642

Civitas

Resources,

Inc.

10,694

Core

Laboratories,

Inc.

200,292

3,193

Core

Natural

Resources,

Inc.

7,881

623

Coterra

Energy,

Inc.

74,311

1,758

Delek

US

Holdings,

Inc.

18,526

700

Diamondback

Energy,

Inc.

13,862

1,985

DNOW,

Inc.(Æ)

119,789

1,761

Exxon

Mobil

Corp.

20,408

2,334

First

Solar,

Inc.(Æ)

4,789

1,278

Helix

Energy

Solutions

Group,

Inc.(Æ)

274,237

1,843

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
HF

Sinclair

Corp.

52,918

2,731

Kodiak

Gas

Services,

Inc.

26,127

964

Liberty

Energy,

Inc.

Class

A

80,925

1,466

Matador

Resources

Co.

38,825

1,532

Natural

Gas

Services

Group,

Inc.

23,760

661

NPK

International,

Inc.(Æ)

345,781

4,253

Oil

States

International,

Inc.(Æ)

127,995

764

Par

Pacific

Holdings,

Inc.(Æ)

56,998

2,279

Pason

Systems,

Inc.

270,337

2,303

Patterson-UTI

Energy,

Inc.

416,128

2,609

ProPetro

Holding

Corp.(Æ)

59,363

616

Select

Water

Solutions,

Inc.

Class

A

224,914

2,600

Solaris

Energy

Infrastructure,

Inc.

Class

A

55,034

2,929

Transocean,

Ltd.(Æ)

678,339

2,605

Valaris

,

Ltd.(Æ)

18,800

1,055

Viper

Energy,

Inc.

Class

A

36,186

1,359

Weatherford

International

PLC

65,032

4,792

62,574

Financial

Services

-

19.9%

Affiliated

Managers

Group,

Inc.

11,012

2,620

Affirm

Holdings,

Inc.(Æ)

24,268

1,744

Agree

Realty

Corp.(ö)

6,921

505

Air

Lease

Corp.

Class

A

82,396

5,262

Alpine

Income

Property

Trust,

Inc.(ö)

34,296

503

Ameris

Bancorp

11,202

802

AMERISAFE,

Inc.

63,015

2,526

Apple

Hospitality

REIT,

Inc.(ö)

26,356

Associated

Banc-Corp.

20,340

504

Assurant,

Inc.

5,539

1,173

Assured

Guaranty,

Ltd.

71,505

5,762

Atlanticus

Holdings

Corp.(Æ)

5,704

Axis

Capital

Holdings,

Ltd.

30,294

2,837

Axos

Financial,

Inc.(Æ)

11,131

868

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

17,166

Banc

of

California,

Inc.

159,738

2,711

Bancorp,

Inc.

(The)(Æ)

29,842

1,951

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

795

Bank

OZK

42,384

1,907

BankUnited

,

Inc.

65,135

2,611

Banner

Corp.

10,529

636

BGC

Group,

Inc.

Class

A

296,615

2,711

Braemar

Hotels

&

Resorts,

Inc.(ö)

165,551

Bridgewater

Bancshares,

Inc.(Æ)

205,668

3,385

Brighthouse

Financial,

Inc.(Æ)

27,887

1,591

Burke

&

Herbert

Financial

Services

Corp.

26,049

1,533

Cadence

Bank

57,103

2,155

Cannae

Holdings,

Inc.

22,589

Capital

One

Financial

Corp.

15,699

3,454

Carter

Bankshares

,

Inc.(Æ)

121,557

2,076

CBL

&

Associates

Properties,

Inc.(ö)

29,725

879

CNO

Financial

Group,

Inc.

74,306

2,974

Cohen

&

Steers,

Inc.

13,642

932

Columbia

Banking

System,

Inc.

30,339

813

Community

Bank

System,

Inc.

28,319

1,571

Compass,

Inc.

Class

A(Æ)

53,426

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CTO

Realty

Growth,

Inc.(ö)

38,171

637

Cushman

&

Wakefield

PLC(Æ)

324,154

5,089

Customers

Bancorp,

Inc.(Æ)

76,169

5,112

DiamondRock

Hospitality

Co.(ö)

450,881

3,526

Dime

Community

Bancshares,

Inc.

70,211

1,843

Distribution

Solutions

Group,

Inc.(Æ)

41,793

1,143

Diversified

Healthcare

Trust(ö)

29,006

Encore

Capital

Group,

Inc.(Æ)

16,613

691

Enova

International,

Inc.(Æ)

30,176

3,608

EPR

Properties(ö)

21,427

1,050

Equity

Bancshares,

Inc.

Class

A

49,936

2,023

Erie

Indemnity

Co.

Class

A

4,852

1,420

Esquire

Financial

Holdings,

Inc.

3,503

Everest

Re

Group,

Ltd.

1,367

Extra

Space

Storage,

Inc.(ö)

6,730

899

EZCORP,

Inc.

Class

A(Æ)

64,535

1,178

F&G

Annuities

&

Life,

Inc.

92,821

2,752

FB

Financial

Corp.

33,853

1,828

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,276

Fidelis

Insurance

Holdings,

Ltd.

201,692

3,626

First

BanCorp

106,817

2,082

First

Bank

125,893

1,966

First

Commonwealth

Financial

Corp.

59,331

907

First

Horizon

Corp.

98,309

2,100

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

3,006

First

Internet

Bancorp

70,689

1,254

FirstService

Corp.

12,673

2,020

FNB

Corp.

90,478

1,422

Franklin

Street

Properties

Corp.(ö)

163,686

Gaming

and

Leisure

Properties,

Inc.(ö)

47,461

2,120

GCM

Grosvenor,

Inc.

Class

A

141,882

1,633

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

915

German

American

Bancorp,

Inc.

51,072

1,968

Glacier

Bancorp,

Inc.

91,930

3,755

Globe

Life,

Inc.

7,789

1,024

Goosehead

Insurance,

Inc.

Class

A

10,049

690

Grid

Dynamics

Holdings,

Inc.(Æ)

107,109

1,000

HA

Sustainable

Infrastructure

Capital,

Inc.

17,278

Hamilton

Lane,

Inc.

Class

A

26,009

2,964

Hanover

Insurance

Group,

Inc.

(The)

23,918

4,087

HBT

Financial,

Inc.

13,312

Hingham

Institution

for

Savings

11,401

3,355

Home

BancShares

,

Inc.

119,152

3,183

Horace

Mann

Educators

Corp.

60,714

2,714

Host

Hotels

&

Resorts,

Inc.(ö)

21,421

Houlihan

Lokey

,

Inc.

Class

A

46,738

8,370

Howard

Hughes

Holdings,

Inc.(Æ)

68,036

5,394

Huntington

Bancshares,

Inc.

90,848

1,403

Independence

Realty

Trust,

Inc.(ö)

61,288

976

Independent

Bank

Corp.

52,677

3,545

Industrial

Logistics

Properties

Trust(ö)

61,038

International

General

Insurance

Holdings,

Ltd.

301,956

6,432

Jackson

Financial,

Inc.

Class

A

62,653

6,316

Janus

Henderson

Group

PLC

2,285

Jones

Lang

LaSalle,

Inc.(Æ)

14,647

4,469

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kinsale

Capital

Group,

Inc.

872

Lamar

Advertising

Co.

Class

A(ö)

5,068

601

Lazard,

Inc.

9,453

LendingClub

Corp.(Æ)

121,664

2,116

Marex

Group

PLC

116,316

3,530

Merchants

Bancorp

60,914

1,900

Metropolitan

Bank

Holding

Corp.

45,485

3,014

MGIC

Investment

Corp.

87,321

2,394

Mid-America

Apartment

Communities,

Inc.

(ö)

4,859

623

Millrose

Properties,

Inc.

Class

A(ö)

85,082

2,740

NET

Lease

Office

Properties(ö)

62,250

1,827

NETSTREIT

Corp.(ö)

24,195

Newmark

Group,

Inc.

Class

A

311,588

5,556

NewtekOne

,

Inc.

26,302

NexPoint

Residential

Trust,

Inc.(ö)

7,918

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

2,089

NNN

REIT,

Inc.(ö)

20,317

822

Northrim

BanCorp

,

Inc.

60,716

1,334

OceanFirst

Financial

Corp.

194,316

3,533

OFG

Bancorp

134,940

5,217

Old

Second

Bancorp,

Inc.

106,577

1,913

Origin

Bancorp,

Inc.

80,621

2,794

Paramount

Group,

Inc.(Æ)(ö)

321,569

2,103

Pathward

Financial,

Inc.

24,076

1,639

Peapack

-Gladstone

Financial

Corp.

18,179

Pebblebrook

Hotel

Trust(ö)

51,415

538

Perella

Weinberg

Partners

95,814

1,790

Popular,

Inc.

38,925

4,339

Postal

Realty

Trust,

Inc.

Class

A(ö)

29,957

PotlatchDeltic

Corp.(ö)

218,388

8,735

PRA

Group,

Inc.(Æ)

21,411

Primerica,

Inc.

8,016

2,083

Prosperity

Bancshares,

Inc.

35,667

2,348

Radian

Group,

Inc.

51,019

1,732

Raymond

James

Financial,

Inc.

29,861

4,738

Rayonier,

Inc.(ö)

138,317

3,053

RE/MAX

Holdings,

Inc.

Class

A(Æ)

388,442

3,080

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

1,765

Remitly

Global,

Inc.(Æ)

80,121

1,285

RenaissanceRe

Holdings,

Ltd.

7,843

1,993

Renasant

Corp.

24,218

814

Resolute

Holdings

Management,

Inc.(Æ)

9,280

684

Robinhood

Markets,

Inc.

Class

A(Æ)

7,447

1,093

Rocket

Cos.,

Inc.

Class

A

224,015

3,732

Ryman

Hospitality

Properties,

Inc.(ö)

23,837

2,072

Safehold

,

Inc.(ö)

155,487

2,244

Seacoast

Banking

Corp.

of

Florida

203,794

6,175

Seaport

Entertainment

Group,

Inc.(Æ)

21,522

518

Selective

Insurance

Group,

Inc.

41,173

3,102

Shift4

Payments,

Inc.

Class

A(Æ)

3,524

Simmons

First

National

Corp.

Class

A

39,362

684

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

46,273

2,110

SLM

Corp.

75,562

2,029

SoFi

Technologies,

Inc.(Æ)

90,719

2,693

Southern

First

Bancshares,

Inc.(Æ)

59,022

2,587

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Southern

Missouri

Bancorp,

Inc.

31,039

1,628

SouthState

Bank

Corp.

42,421

3,761

St.

Joe

Co.

(The)

28,774

1,634

Starwood

Property

Trust,

Inc.(ö)

66,209

1,204

Stewart

Information

Services

Corp.

26,394

1,802

Stock

Yards

Bancorp,

Inc.

29,505

1,918

Summit

Hotel

Properties,

Inc.(ö)

466,752

2,399

Sun

Communities,

Inc.(ö)

13,480

1,707

Synovus

Financial

Corp.

33,737

1,506

Tel

Aviv

Stock

Exchange,

Ltd.

335,495

7,825

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

2,430

TIC

Solutions,

Inc.(Æ)

142,014

1,723

Towne

Bank

44,302

1,440

Tradeweb

Markets,

Inc.

Class

A

18,095

1,907

Triumph

Financial,

Inc.(Æ)

6,648

UMB

Financial

Corp.

9,870

1,055

United

Community

Banks,

Inc.

20,570

601

Unum

Group

41,015

3,011

Virtus

Investment

Partners,

Inc.

1,898

Vornado

Realty

Trust(ö)

45,471

1,725

Voya

Financial,

Inc.

66,637

4,962

Walker

&

Dunlop,

Inc.

51,822

4,142

Webster

Financial

Corp.

50,085

2,857

Western

Alliance

Bancorp

15,686

1,213

353,776

Health

Care

-

13.1%

Abivax

SA

-

ADR(Æ)

11,187

1,146

Acadia

Healthcare

Co.,

Inc.(Æ)

5,395

AdaptHealth

Corp.(Æ)

181,031

1,627

Addus

HomeCare

Corp.(Æ)

34,795

4,067

ADMA

Biologics,

Inc.(Æ)

84,911

1,314

Akero

Therapeutics,

Inc.(Æ)

37,783

2,048

Align

Technology,

Inc.(Æ)

9,207

1,269

Alphatec

Holdings,

Inc.(Æ)

123,473

2,345

Amneal

Pharmaceuticals,

Inc.(Æ)

161,781

1,750

Apogee

Therapeutics,

Inc.(Æ)

13,950

789

Arcellx

,

Inc.(Æ)

60,814

5,488

Argenx

SE

-

ADR(Æ)

2,361

1,932

Ascendis

Pharma

A/S

-

ADR(Æ)

15,611

3,147

Avidity

Biosciences,

Inc.(Æ)

51,032

3,565

Axsome

Therapeutics,

Inc.(Æ)

2,975

Biohaven

,

Ltd.(Æ)

7,390

Bio-

Techne

Corp.

73,832

4,620

BridgeBio

Pharma,

Inc.(Æ)

92,408

5,788

Catalyst

Pharmaceuticals,

Inc.(Æ)

84,231

1,792

Celcuity

,

Inc.(Æ)

27,774

2,143

Centene

Corp.(Æ)

7,352

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

58,696

1,462

Charles

River

Laboratories

International,

Inc.(Æ)

7,982

1,437

Chemed

Corp.

4,610

1,988

Cidara

Therapeutics,

Inc.(Æ)

32,182

3,516

Concentra

Group

Holdings

Parent,

Inc.

65,283

1,300

Cooper

Cos,

Inc.

(The)(Æ)

8,232

576

CorVel

Corp.(Æ)

35,961

2,659

Crinetics

Pharmaceuticals,

Inc.(Æ)

41,348

1,799

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CRISPR

Therapeutics

AG(Æ)

7,153

Cytokinetics,

Inc.(Æ)

26,727

1,700

DaVita,

Inc.(Æ)

8,875

1,056

DexCom

,

Inc.(Æ)

9,320

543

Doximity

,

Inc.

Class

A(Æ)

16,601

1,096

Elanco

Animal

Health,

Inc.(Æ)

183,258

4,059

Embecta

Corp.

91,792

1,225

Encompass

Health

Corp.

51,986

5,919

Enovis

Corp.(Æ)

28,395

887

Ensign

Group,

Inc.

(The)

29,828

5,372

Envista

Holdings

Corp.(Æ)

96,441

1,963

Evolus

,

Inc.(Æ)

60,884

Gossamer

Bio,

Inc.(Æ)

137,345

Guardant

Health,

Inc.(Æ)

17,763

1,652

Haemonetics

Corp.(Æ)

20,950

1,048

Halozyme

Therapeutics,

Inc.(Æ)

35,238

2,297

Harrow

Health,

Inc.(Æ)

29,248

1,105

HealthEquity

,

Inc.(Æ)

48,485

4,586

Henry

Schein,

Inc.(Æ)

9,893

625

Icon

PLC(Æ)

18,708

3,214

Inhibrx

Biosciences,

Inc.(Æ)

26,955

2,201

Insmed

,

Inc.(Æ)

45,822

8,688

iRhythm

Technologies,

Inc.(Æ)

2,188

Jazz

Pharmaceuticals

PLC(Æ)

551

KalVista

Pharmaceuticals,

Inc.(Æ)

52,939

578

Krystal

Biotech,

Inc.(Æ)

2,452

Kymera

Therapeutics,

Inc.(Æ)

13,023

805

LeMaitre

Vascular,

Inc.

52,245

4,525

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

8,313

1,590

Liquidia

Corp.(Æ)

67,960

1,656

Madrigal

Pharmaceuticals,

Inc.(Æ)

9,386

3,932

Medpace

Holdings,

Inc.(Æ)

9,373

5,482

MeiraGTx

Holdings

PLC(Æ)

79,392

721

Merus

NV(Æ)

22,585

2,142

Mirum

Pharmaceuticals,

Inc.(Æ)

72,269

5,250

Molina

Healthcare,

Inc.(Æ)

3,512

538

Moonlake

Immunotherapeutics

(Æ)

2,357

Natera

,

Inc.(Æ)

5,978

1,189

Nektar

Therapeutics(Æ)

6,206

Neurocrine

Biosciences,

Inc.(Æ)

9,627

1,379

NeuroPace

,

Inc.(Æ)

37,056

Nuvalent

,

Inc.

Class

A(Æ)

23,097

2,294

OmniAb

,

Inc.

6,830

—

Omnicell

,

Inc.(Æ)

8,346

Option

Care

Health,

Inc.(Æ)

96,970

2,524

Pacira

BioSciences

,

Inc.(Æ)

45,713

977

PACS

Group,

Inc.(Æ)

218,730

2,642

Pediatrix

Medical

Group,

Inc.(Æ)

46,621

791

Pennant

Group,

Inc.

(The)(Æ)

81,926

2,026

Perrigo

Co.

PLC

163,725

3,396

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

PTC

Therapeutics,

Inc.(Æ)

43,915

3,000

Puma

Biotechnology,

Inc.(Æ)

961,159

4,902

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

49,445

1,754

Quest

Diagnostics,

Inc.

7,338

1,291

RadNet

,

Inc.(Æ)

27,023

2,053

Repligen

Corp.(Æ)

12,123

1,807

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Revolution

Medicines,

Inc.(Æ)

27,226

1,602

Rhythm

Pharmaceuticals,

Inc.(Æ)

39,141

4,453

Rigel

Pharmaceuticals,

Inc.(Æ)

66,207

2,091

Scholar

Rock

Holding

Corp.(Æ)

38,230

1,132

Smith

&

Nephew

PLC

-

ADR

89,775

3,306

Soleno

Therapeutics,

Inc.(Æ)

18,322

1,231

STERIS

PLC

18,634

4,392

Summit

Therapeutics,

Inc.(Æ)

22,795

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

813

Surgery

Partners,

Inc.(Æ)

14,996

Talkspace

,

Inc.(Æ)

233,458

754

Tarsus

Pharmaceuticals,

Inc.(Æ)

35,276

2,427

Teleflex,

Inc.

2,950

Tempus

AI,

Inc.(Æ)

10,603

953

Tenet

Healthcare

Corp.(Æ)

21,704

4,482

TG

Therapeutics,

Inc.(Æ)

62,728

2,182

Travere

Therapeutics,

Inc.(Æ)

36,595

1,287

uniQure

NV(Æ)

50,202

3,398

United

Therapeutics

Corp.(Æ)

7,341

3,270

Universal

Health

Services,

Inc.

Class

B

12,406

2,692

US

Physical

Therapy,

Inc.

23,784

2,052

Vaxcyte

,

Inc.(Æ)

3,885

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

1,782

Vera

Therapeutics,

Inc.(Æ)

37,636

1,071

Veracyte

,

Inc.(Æ)

38,560

1,391

Vericel

Corp.(Æ)

105,344

3,693

Viking

Therapeutics,

Inc.(Æ)

21,452

817

Viridian

Therapeutics,

Inc.(Æ)

51,267

1,211

Waystar

Holding

Corp.(Æ)

33,331

1,195

West

Pharmaceutical

Services,

Inc.

9,822

2,771

Xenon

Pharmaceuticals,

Inc.(Æ)

16,514

692

Zai

Lab,

Ltd.

-

ADR(Æ)

22,166

579

231,683

Materials

and

Processing

-

9.9%

AAON,

Inc.

20,757

2,042

Acuity,

Inc.

2,856

1,043

Advanced

Drainage

Systems,

Inc.

15,000

2,101

AdvanSix

,

Inc.

25,838

Alcoa

Corp.

33,253

1,223

Amrize

,

Ltd.(Æ)

38,354

1,988

Apogee

Enterprises,

Inc.

7,884

Ashland,

Inc.

4,413

Avient

Corp.

64,320

2,063

Axalta

Coating

Systems,

Ltd.(Æ)

50,647

1,442

Balchem

Corp.

20,807

3,192

Ball

Corp.

93,572

4,398

Belden,

Inc.

5,651

689

Builders

FirstSource

,

Inc.(Æ)

13,019

1,512

Cabot

Corp.

4,571

Cameco

Corp.

Class

A

11,148

1,139

Carpenter

Technology

Corp.

6,401

2,022

Celanese

Corp.

Class

A

20,346

782

Clearwater

Paper

Corp.(Æ)

27,582

Cleveland-Cliffs,

Inc.(Æ)

194,102

2,413

Commercial

Metals

Co.

77,975

4,629

Core

&

Main,

Inc.

Class

A(Æ)

3,764

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Crown

Holdings,

Inc.

5,723

556

Darling

Ingredients,

Inc.(Æ)

23,590

756

DuPont

de

Nemours,

Inc.

4,630

Eagle

Materials,

Inc.

17,343

3,682

Element

Solutions,

Inc.

210,929

5,636

Fabrinet

(Æ)

5,341

2,353

Fortune

Brands

Innovations,

Inc.

61,235

3,111

Gibraltar

Industries,

Inc.(Æ)

39,273

2,450

Graphic

Packaging

Holding

Co.

79,203

1,266

Greif,

Inc.

Class

A

40,721

2,317

H.B.

Fuller

Co.

12,637

725

Healthcare

Services

Group,

Inc.(Æ)

389,593

6,962

Huntsman

Corp.

223,658

1,852

Ingevity

Corp.(Æ)

105,085

5,645

Innospec

,

Inc.

4,161

Installed

Building

Products,

Inc.

6,798

1,687

Insteel

Industries,

Inc.

33,466

1,046

Intrepid

Potash,

Inc.(Æ)

21,124

563

ITT,

Inc.

39,309

7,275

Knife

River

Corp.(Æ)

25,914

1,567

Koppers

Holdings,

Inc.

14,523

Lennox

International,

Inc.

3,222

1,627

LKQ

Corp.

82,286

2,630

Magnera

Corp.(Æ)

203,093

1,846

Masterbrand,

Inc.(Æ)

335,754

4,241

MDU

Resources

Group,

Inc.

206,611

3,963

Metallus

,

Inc.(Æ)

22,790

Minerals

Technologies,

Inc.

22,605

1,283

Modine

Manufacturing

Co.(Æ)

52,531

8,048

Mohawk

Industries,

Inc.(Æ)

12,972

1,474

Mosaic

Co.

(The)

2,010

MRC

Global,

Inc.(Æ)

102,533

1,430

Olin

Corp.

23,277

Olympic

Steel,

Inc.

22,978

850

OPENLANE,

Inc.(Æ)

46,088

1,218

OR

Royalties,

Inc.

44,839

1,434

Owens

Corning

10,132

1,290

Packaging

Corp.

of

America

4,726

925

Pool

Corp.

15,013

4,009

Quaker

Chemical

Corp.

24,041

3,339

Reliance,

Inc.

4,978

1,406

Resideo

Technologies,

Inc.(Æ)

54,070

2,314

Rogers

Corp.(Æ)

3,305

Royal

Gold,

Inc.

15,993

2,795

RPM

International,

Inc.

6,601

721

Rush

Enterprises,

Inc.

Class

A

70,983

3,507

ScanSource

,

Inc.(Æ)

13,149

564

Sealed

Air

Corp.

26,493

888

Silgan

Holdings,

Inc.

171,459

6,622

SiteOne

Landscape

Supply,

Inc.(Æ)

5,004

649

Sonoco

Products

Co.

47,365

1,922

SPX

Technologies,

Inc.(Æ)

34,868

7,807

Steel

Dynamics,

Inc.

19,144

3,002

Stepan

Co.

27,848

1,207

Timken

Co.

(The)

60,653

4,762

Titan

America

SA

54,482

804

Trex

Co.,

Inc.(Æ)

18,885

913

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UFP

Industries,

Inc.

58,829

5,420

Valmont

Industries,

Inc.

2,427

1,003

Vox

Royalty

Corp.

122,252

522

Watsco

,

Inc.

4,901

1,804

Worthington

Industries,

Inc.

9,630

540

Worthington

Steel,

Inc.

9,630

175,511

Producer

Durables

-

18.5%

ABM

Industries,

Inc.

4,061

ADT,

Inc.

52,953

Advantage

Solutions,

Inc.(Æ)

1,025,837

1,313

Aebi

Schmidt

Holding

AG

341,133

3,804

AECOM

25,754

3,460

Alamo

Group,

Inc.

5,697

1,018

Alarm.com

Holdings,

Inc.(Æ)

33,211

1,635

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

1,134

Alta

Equipment

Group,

Inc.

49,965

Applied

Industrial

Technologies,

Inc.

4,001

1,029

ArcBest

Corp.

31,963

2,375

Arcosa

,

Inc.

45,271

4,618

Arhaus

,

Inc.(Æ)

6,423

Avery

Dennison

Corp.

4,784

837

Badger

Meter,

Inc.

12,047

2,174

Barrett

Business

Services,

Inc.

110,728

4,481

Bloom

Energy

Corp.

Class

A(Æ)

52,453

6,932

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

787

Brady

Corp.

Class

A

32,151

2,441

BWX

Technologies,

Inc.

33,050

7,060

Cactus,

Inc.

Class

A

8,807

Carlisle

Cos.,

Inc.

4,205

1,367

Casella

Waste

Systems,

Inc.

Class

A(Æ)

25,830

2,288

CBIZ,

Inc.(Æ)

22,584

1,242

Centuri

Holdings,

Inc.(Æ)

25,285

511

Chart

Industries,

Inc.(Æ)

9,336

1,864

Comfort

Systems

USA,

Inc.

8,542

8,248

CompoSecure

,

Inc.

Class

A

96,496

1,916

Construction

Partners,

Inc.

Class

A(Æ)

64,944

7,426

Costamare

Bulkers

Holdings,

Ltd.(Æ)

79,001

1,022

CoStar

Group,

Inc.(Æ)

25,317

1,742

Crane

Co.

15,572

2,959

Cross

Country

Healthcare,

Inc.(Æ)

12,878

Deluxe

Corp.

127,569

2,310

Dorian

LPG,

Ltd.

21,165

611

Dorman

Products,

Inc.(Æ)

17,788

2,386

Dycom

Industries,

Inc.(Æ)

11,879

3,419

Eastman

Kodak

Co.(Æ)

252,670

1,602

Embraer

SA

-

ADR

37,949

2,447

EnerSys

61,027

7,699

EnPro

Industries,

Inc.

10,599

2,459

Esab

Corp.

43,467

5,078

ESCO

Technologies,

Inc.

24,586

5,396

Euronet

Worldwide,

Inc.(Æ)

24,415

1,852

Everus

Construction

Group,

Inc.(Æ)

61,054

5,549

ExlService

Holdings,

Inc.(Æ)

74,302

2,905

Flowserve

Corp.

81,016

5,529

Fluor

Corp.(Æ)

37,800

1,844

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Forward

Air

Corp.(Æ)

18,160

Franklin

Covey

Co.(Æ)

64,533

1,096

Franklin

Electric

Co.,

Inc.

24,410

2,313

FreightCar

America,

Inc.(Æ)

88,860

790

Frontdoor

,

Inc.(Æ)

30,373

2,018

FTAI

Aviation,

Ltd.

41,237

7,130

FTI

Consulting,

Inc.(Æ)

2,997

Gartner,

Inc.(Æ)

3,010

748

Gates

Industrial

Corp.

PLC(Æ)

58,701

1,296

Generac

Holdings,

Inc.(Æ)

Gentex

Corp.

27,386

642

GFL

Environmental,

Inc.

23,751

1,038

Gorman-Rupp

Co.

(The)

19,777

889

Granite

Construction,

Inc.

19,905

2,048

GXO

Logistics,

Inc.(Æ)

14,529

817

Hackett

Group,

Inc.

(The)

286,850

5,195

HEICO

Corp.

9,724

3,090

Helios

Technologies,

Inc.

69,040

3,822

Herc

Holdings,

Inc.

7,336

1,042

Hexcel

Corp.

8,499

607

HNI

Corp.

40,934

1,675

Howmet

Aerospace,

Inc.

15,354

3,162

Hub

Group,

Inc.

Class

A

50,580

1,863

IDEX

Corp.

16,931

2,903

Innovative

Solutions

&

Support,

Inc.(Æ)

35,859

Insperity

,

Inc.

25,395

1,120

Jacobs

Solutions,

Inc.

1,899

Keysight

Technologies,

Inc.(Æ)

14,446

2,643

Kforce

,

Inc.

52,163

1,320

Kirby

Corp.(Æ)

783

Knight-Swift

Transportation

Holdings,

Inc.

9,433

Lamb

Weston

Holdings,

Inc.

89,415

5,520

Landstar

System,

Inc.

6,047

777

Limbach

Holdings,

Inc.(Æ)

15,212

1,437

Lincoln

Electric

Holdings,

Inc.

8,301

1,946

Littelfuse

,

Inc.

11,063

2,692

MarketAxess

Holdings,

Inc.

MasTec

,

Inc.(Æ)

17,488

3,570

Matson,

Inc.

32,889

3,320

Maximus,

Inc.

14,490

1,204

Mayville

Engineering

Co.,

Inc.(Æ)

104,246

1,858

Mercury

Systems,

Inc.(Æ)

11,964

926

Middleby

Corp.

(The)(Æ)

11,158

1,386

MillerKnoll

,

Inc.

23,385

Montrose

Environmental

Group,

Inc.(Æ)

101,827

2,635

MSC

Industrial

Direct

Co.,

Inc.

Class

A

96,526

8,196

Murphy

USA,

Inc.

1,877

672

MYR

Group,

Inc.(Æ)

11,935

2,598

National

CineMedia

,

Inc.

125,208

553

Nordson

Corp.

6,859

1,591

Orion

Group

Holdings,

Inc.(Æ)

171,904

1,851

Paylocity

Holding

Corp.(Æ)

19,836

2,802

Paysafe

,

Ltd.(Æ)

116,476

1,282

Pentair

PLC

13,065

1,389

Phinia

,

Inc.

72,265

3,751

PROG

Holdings,

Inc.

67,376

1,949

Quanta

Services,

Inc.

6,277

2,819

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ralliant

Corp.

64,756

2,844

RBC

Bearings,

Inc.(Æ)

1,938

830

RCM

Technologies,

Inc.(Æ)

54,410

1,257

Regal

Rexnord

Corp.

7,842

1,105

Repay

Holdings

Corp.(Æ)

115,604

Robert

Half,

Inc.

54,159

1,418

RXO,

Inc.(Æ)

89,769

1,592

Ryder

System,

Inc.

13,972

2,364

Ryerson

Holding

Corp.

33,671

743

Saia,

Inc.(Æ)

14,253

4,169

Schneider

National,

Inc.

Class

B

50,685

1,083

Scotts

Miracle-

Gro

Co.

(The)

Class

A

18,518

991

Snap-on,

Inc.

3,029

1,016

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

1,769

Stagwell

,

Inc.(Æ)

480,842

2,284

Standex

International

Corp.

16,214

3,782

Sterling

Infrastructure,

Inc.(Æ)

21,014

7,941

Sun

Country

Airlines

Holdings,

Inc.(Æ)

5,779

Teekay

Tankers,

Ltd.

Class

A

6,916

Teledyne

Technologies,

Inc.(Æ)

2,321

1,223

Tennant

Co.

13,172

1,054

Terex

Corp.

16,159

744

Tetra

Tech,

Inc.

72,170

2,308

Textron,

Inc.

11,075

895

Thermon

Group

Holdings,

Inc.(Æ)

79,805

2,293

Tidewater,

Inc.(Æ)

10,522

532

TopBuild

Corp.(Æ)

6,629

2,801

Toro

Co.

(The)

32,482

2,427

TransUnion

7,119

578

Trimble,

Inc.(Æ)

49,203

3,924

UniFirst

Corp.

4,203

649

United

Rentals,

Inc.

3,201

2,789

V2X,

Inc.(Æ)

37,580

2,145

Vontier

Corp.

192,466

7,410

Watts

Water

Technologies,

Inc.

Class

A

4,528

1,234

Werner

Enterprises,

Inc.

111,158

2,912

WESCO

International,

Inc.

30,963

8,036

Westinghouse

Air

Brake

Technologies

Corp.

15,241

3,116

Willdan

Group,

Inc.(Æ)

32,255

3,048

XPO,

Inc.(Æ)

48,776

7,017

328,393

Technology

-

12.9%

ACI

Worldwide,

Inc.(Æ)

19,516

930

ACM

Research,

Inc.

Class

A(Æ)

50,379

2,089

Advanced

Micro

Devices,

Inc.(Æ)

6,838

1,751

Agilysys

,

Inc.(Æ)

32,102

4,028

Amentum

Holdings,

Inc.(Æ)

142,859

3,201

Angi

,

Inc.(Æ)

265,670

3,525

Appfolio

,

Inc.

Class

A(Æ)

15,654

3,983

Arista

Networks,

Inc.(Æ)

11,749

1,853

Aviat

Networks,

Inc.(Æ)

9,905

Avnet,

Inc.

13,838

670

Bandwidth,

Inc.

Class

A(Æ)

10,470

Bel

Fuse,

Inc.

Class

B

32,441

4,996

Bentley

Systems,

Inc.

Class

B

7,084

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Box,

Inc.

Class

A(Æ)

18,284

587

Bumble,

Inc.

Class

A(Æ)

112,814

626

CACI

International,

Inc.

Class

A(Æ)

11,126

6,256

Calix,

Inc.(Æ)

25,969

1,777

Camtek

,

Ltd.(Æ)

26,051

3,226

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

335,216

2,923

Clear

Secure,

Inc.

Class

A

23,935

729

Clearfield,

Inc.(Æ)

41,126

1,452

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

53,210

980

Coherent

Corp.(Æ)

37,904

5,002

CommScope

Holding

Co.,

Inc.(Æ)

180,396

3,121

Concentrix

Corp.

55,662

2,244

Conduent

,

Inc.(Æ)

506,482

1,205

Consensus

Cloud

Solutions,

Inc.(Æ)

73,443

2,153

Crane

NXT

Co.

83,540

5,284

Credo

Technology

Group

Holding,

Ltd.(Æ)

8,426

1,581

Daily

Journal

Corp.(Æ)

3,665

1,484

Descartes

Systems

Group,

Inc.

(The)(Æ)

42,401

3,740

Diebold

Nixdorf,

Inc.(Æ)

27,224

1,610

Diodes,

Inc.(Æ)

22,989

1,227

Dolby

Laboratories,

Inc.

Class

A

32,605

2,162

Donnelley

Financial

Solutions,

Inc.(Æ)

36,452

1,675

DXC

Technology

Co.(Æ)

70,922

1,007

Dynatrace

,

Inc.(Æ)

40,960

2,071

Etsy,

Inc.(Æ)

2,131

Evolent

Health,

Inc.

Class

A(Æ)

18,960

Extreme

Networks,

Inc.(Æ)

117,408

2,233

Fair

Isaac

Corp.(Æ)

4,834

8,022

Five9,

Inc.(Æ)

12,337

Fortinet,

Inc.(Æ)

30,166

2,607

GCI

Liberty,

Inc.(Æ)(Š)

39,677

—

GCI

Liberty,

Inc.

Class

C(Æ)

119,846

4,389

Genpact

,

Ltd.

46,885

1,789

Global-e

Online,

Ltd.(Æ)

45,122

1,644

Globant

SA(Æ)

17,710

1,091

GoDaddy

,

Inc.

Class

A(Æ)

24,884

3,313

Guidewire

Software,

Inc.(Æ)

16,199

3,785

IDT

Corp.

Class

B

60,963

3,088

Jabil,

Inc.

8,864

1,958

Jack

Henry

&

Associates,

Inc.

8,675

1,292

KBR,

Inc.

83,294

3,568

Kimball

Electronics,

Inc.(Æ)

20,531

597

Kulicke

&

Soffa

Industries,

Inc.

106,055

4,235

Kyndryl

Holdings,

Inc.(Æ)

365,588

10,573

Lumentum

Holdings,

Inc.(Æ)

28,358

5,716

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

840

Match

Group,

Inc.

46,078

1,490

MKS

Instruments,

Inc.

13,737

1,974

monday.com,

Ltd.(Æ)

2,201

Monolithic

Power

Systems,

Inc.

7,910

7,950

NCR

Atleos

Corp.(Æ)

71,555

2,640

NCR

Voyix

Corp.(Æ)

81,908

935

NetApp,

Inc.

7,186

846

Nice,

Ltd.

-

ADR(Æ)

9,581

1,309

Nutanix

,

Inc.

Class

A(Æ)

4,514

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Oddity

Tech,

Ltd.

Class

A(Æ)

23,492

1,063

ON

Semiconductor

Corp.(Æ)

9,018

Paycom

Software,

Inc.

1,383

Pegasystems

,

Inc.

85,954

5,471

Photronics

,

Inc.(Æ)

34,924

835

Plexus

Corp.(Æ)

29,571

4,137

Power

Integrations,

Inc.

12,373

518

Progress

Software

Corp.(Æ)

36,263

1,546

PTC,

Inc.(Æ)

15,291

3,036

Pure

Storage,

Inc.

Class

A(Æ)

49,016

4,838

Q2

Holdings,

Inc.(Æ)

25,656

1,585

Qorvo

,

Inc.(Æ)

10,049

954

Qualys

,

Inc.(Æ)

11,943

1,472

Rambus,

Inc.(Æ)

32,101

3,301

Red

Violet,

Inc.

47,815

2,564

Sandisk

Corp.(Æ)

19,009

3,789

Sapiens

International

Corp.

NV

23,622

1,017

Semtech

Corp.(Æ)

28,165

1,911

SentinelOne

,

Inc.

Class

A(Æ)

58,964

1,053

Shutterstock

,

Inc.

17,457

SiTime

Corp.(Æ)

4,346

1,259

SPS

Commerce,

Inc.(Æ)

30,480

2,507

Super

Micro

Computer,

Inc.(Æ)

7,627

Symbotic

,

Inc.(Æ)

1,855

Synaptics

,

Inc.(Æ)

20,011

1,420

TD

SYNNEX

Corp.

7,146

1,118

Tyler

Technologies,

Inc.(Æ)

7,467

3,556

Ultra

Clean

Holdings(Æ)

55,885

1,532

Unity

Software,

Inc.(Æ)

13,943

528

Universal

Display

Corp.

5,422

799

Verint

Systems,

Inc.(Æ)

93,858

1,903

Verra

Mobility

Corp.(Æ)

64,131

1,488

Vishay

Intertechnology

,

Inc.

270,946

4,601

Western

Digital

Corp.

1,764

Workiva

,

Inc.(Æ)

12,780

1,086

Zeta

Global

Holdings

Corp.

Class

A(Æ)

264,775

4,763

228,749

Utilities

-

2.8%

ALLETE,

Inc.

1,035

American

States

Water

Co.

15,862

1,131

Brookfield

Infrastructure

Corp.

Class

A

22,051

999

Chesapeake

Utilities

Corp.

9,745

1,240

Cogent

Communications

Holdings,

Inc.

5,674

ConocoPhillips

20,213

1,796

DT

Midstream,

Inc.

61,692

6,755

Essential

Utilities,

Inc.

59,312

2,315

Expand

Energy

Corp.

22,768

2,352

Gulfport

Energy

Corp.(Æ)

9,317

1,733

IDACORP,

Inc.

18,388

2,372

Lumen

Technologies,

Inc.(Æ)

389,683

4,006

Magnolia

Oil

&

Gas

Corp.

Class

A

5,997

Northern

Oil

and

Gas,

Inc.

65,867

1,458

Northwestern

Energy

Group,

Inc.

62,367

3,721

NRG

Energy,

Inc.

14,477

2,488

Ovintiv

,

Inc.

7,842

Permian

Resources

Corp.

76,169

957

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RGC

Resources,

Inc.

55,588

1,151

Talen

Energy

Corp.(Æ)

12,558

5,020

UGI

Corp.

132,731

4,437

Vistra

Corp.

28,505

5,368

Vital

Energy,

Inc.(Æ)

27,424

50,463

#### Total

#### Common

#### Stocks
(cost

$950,380)

1,708,675

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Blueprint

Medicines

Corp.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

17,339

Chinook

Therapeutics,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

15,391

—

Contra

Inhibrx

,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

95,150

Nabors

Industries,

Ltd.(Æ)

2026 Warrants

3,926

Rain

Oncology,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

23,153

#### Total

#### Warrants

#### and

#### Rights
(cost

$71)

#### Short-Term

#### Investments

#### -
3.4 #### %
U.S.

Cash

Management

Fund(@)

61,283,156

(∞)

61,271

#### Total

#### Short-Term

#### Investments
(cost

$61,268)

61,271

#### Total

#### Investments

#### -

#### 99.7%
(identified

cost

$1,011,719)

1,770,018

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.3%
5,214

#### Net

#### Assets

#### -

#### 100.0%
1,775,232

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Russell

2000

E-Mini

Index

Futures

USD

48,553

12/25

1,167

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,167

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Consumer

Discretionary

$

225,046

$

—

$

—

$

—

$

225,046

Consumer

Staples

52,480

—

—

—

52,480

Energy

62,574

—

—

—

62,574

Financial

Services

353,776

—

—

—

353,776

Health

Care

231,683

—

—

—

231,683

Materials

and

Processing

175,511

—

—

—

175,511

Producer

Durables

328,393

—

—

—

328,393

Technology

228,749

—

—

—

228,749

Utilities

50,463

—

—

—

50,463

Warrants

and

Rights

—

—

Short-Term

Investments

—

—

—

61,271

61,271

Total

Investments

1,708,676

—

61,271

1,770,018

Other

Financial

Instruments

Assets

Futures

Contracts

1,167

—

—

—

1,167

Total

Other

Financial

Instruments

\*

$

1,167

$

—

$

—

$

—

$

1,167

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

1,167

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

9,022

$

—

Foreign

currency

exchange

contracts

—

Total

$

9,022

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,523

$

—

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,011,719

Investments,

at

fair

value(>)

........................................................................................................................................................

1,770,018

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,571

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

2,014

From

broker(a)

.................................................................................................................................................................

2,706

Variation

margin

on

futures

contracts

..............................................................................................................................

1,168

Total

assets

...............................................................................................................................................................

1,778,094

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

647

Accrued

fees

to

affiliates

..................................................................................................................................................

1,730

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

2,862

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,775,232

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

747,016

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

1,027,800

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,775,232

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

61,271

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,506

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

2,706

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

40.41 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

42.88 Class

A

—

Net

assets

...........................................................................................................................................................

$

33,225,910

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

822,133

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

33.00 Class

C

—

Net

assets

...........................................................................................................................................................

$

12,956,403

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

392,677

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

42.92 Class

M

—

Net

assets

..........................................................................................................................................................

$

450,701,166

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

10,499,811

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

42.75 Class

S

—

Net

assets

............................................................................................................................................................

$

1,278,348,866

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,904,327

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

20,312

Dividends

from

affiliated

funds

.......................................................................................................................................

1,905

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

22,356

#### Expenses
Advisory

fees

...................................................................................................................................................................

16,003

Administrative

fees

..........................................................................................................................................................

793

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

831

Transfer

agent

fees

-

Class

S

............................................................................................................................................

2,397

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

21,144

Expense

reductions

..........................................................................................................................................................

(1,304)

Net

expenses

................................................................................................................................................................................

19,840

Net

investment

income

(loss)

.......................................................................................................................................................

2,516

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

8,275

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

9,022

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

17,350

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

36,254

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,523

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

37,852

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

55,202

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

57,718

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

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)

.......................................................................................................

$

2,516

$

2,554

Net

realized

gain

(loss)

................................................................................................................

17,350

(1,004)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

37,852

383,611

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

57,718

385,161

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(165) —

Class

M

....................................................................................................................................

(3,230)

(711) Class

S

......................................................................................................................................

(8,619)

(1,174)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(12,014)

(1,885)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

1,436

86,901

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
47,140

470,177

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,728,092

1,257,915

End

of

period

......................................................................................................................................

$

1,775,232

$

1,728,092

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

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

$

4,424

$

8,624

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(146) (5,582)

(84) (3,101)

Net

increase

(decrease)

(29) (993) 155

5,523

Class

C

Proceeds

from

shares

sold

1,473

2,154

Payments

for

shares

redeemed

(111) (3,467)

(85) (2,585)

Net

increase

(decrease)

(64) (1,994)

(15) (431) Class

M

Proceeds

from

shares

sold

2,524

102,215

2,850

113,304

Proceeds

from

reinvestment

of

distributions

3,215

710

Payments

for

shares

redeemed

(2,726)

(116,819)

(1,608)

(63,270)

Net

increase

(decrease)

(125) (11,389)

1,261

50,744

Class

S

Proceeds

from

shares

sold

6,522

270,307

5,269

207,252

Proceeds

from

reinvestment

of

distributions

8,554

1,165

Payments

for

shares

redeemed

(6,295)

(263,049)

(4,560)

(177,352)

Net

increase

(decrease)

15,812

739

31,065

Total

increase

(decrease)

$

1,436

2,140

$

86,901

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### 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

39.59 30.44 32.28 39.31 26.66 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.05)

(.05)

.01

(.09)

(.15)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.07 9.20 (1.85)

(6.90)

12.85 $

Total

from

Investment

Operations

1.02 9.15 (1.84)

(6.99)

12.70 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

—

—

—

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.04)

—

$

Total

Distributions

(.20)

—

—

(.04)

(.05)

$

Net

Asset

Value,

End

of

Period

40.41 39.59 30.44 32.28 39.31 %

Total

Return

(±)

2.58 30.06 (5.70)

(17.79)

47.69 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 33,226

33,681

21,180

26,204

29,140

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.51 1.51 1.51 1.52 1.52 %

Expenses,

Net

(Ƃ)

1.49 1.49 1.48 1.48 1.48 %

Net

Investment

Income

(Ƃ)

(.1

4)

(.13)

.03

(.25)

(.40)

%

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

32.39 25.09 26.80 32.88 22.42 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

(.27)

(.26)

(.19)

(.28)

(.35)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.88

7.56 (1.52)

(5.76)

10.81 $

Total

from

Investment

Operations

.61

7.30 (1.71)

(6.04)

10.46 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Realized

Gain

—

—

—

(.04)

—

$

Total

Distributions

—

—

—

(.04)

—

$

Net

Asset

Value,

End

of

Period

33.00 32.39 25.09 26.80 32.88 %

Total

Return

1.88 29.10 (6.38)

(18.38)

46.65 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,956

14,805

11,837

13,595

16,259

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.26 2.26 2.26 2.27 2.27 %

Expenses,

Net

(Ƃ)

2.21 2.21 2.20 2.20 2.20 %

Net

Investment

Income

(Ƃ)

(.8

6)

(.84)

(.69)

(.97)

(1.13)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

42.01 32.25 34.19 41.47 28.11 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.10

.10

.14

.05

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.15 9.74 (1.96)

(7.29)

13.52 $

Total

from

Investment

Operations

1.25 9.84 (1.82)

(7.24)

13.51 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.08)

(.12)

—

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.04)

—

$

Total

Distributions

(.34)

(.08)

(.12)

(.04)

(.15)

$

Net

Asset

Value,

End

of

Period

42.92 42.01 32.25 34.19 41.47 %

Total

Return

3.00 30.52 (5.34)

(17.47)

48.19 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 450,701

446,411

301,992

331,061

308,276

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.26 1.26 1.26 1.27 1.27 %

Expenses,

Net

(Ƃ)

1.11 1.11 1.10 1.10 1.10 %

Net

Investment

Income

(Ƃ)

.24

.25

.40

.15

(.03)

%

Portfolio

Turnover

Rate

#### 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

41.84 32.12 34.06 41.35 28.03 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.06

.06

.11

.01

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.15 9.70 (1.96)

(7.26)

13.49 $

Total

from

Investment

Operations

1.21 9.76 (1.85)

(7.25)

13.44 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.04)

(.09)

—

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.04)

—

$

Total

Distributions

(.30)

(.04)

(.09)

(.04)

(.12)

$

Net

Asset

Value,

End

of

Period

42.75 41.84 32.12 34.06 41.35 %

Total

Return

2.91 30.40 (5.45)

(17.54)

48.05 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,278,349

1,233,195

922,906

939,714

1,020,504

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.26 1.26 1.26 1.27 1.27 %

Expenses,

Net

(Ƃ)

1.21 1.21 1.20 1.20 1.20 %

Net

Investment

Income

(Ƃ)

.14

.15

.30

.04

(.12)

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

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

an

underlying

fund

which

is,

or

was,

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

$

1,446,430

Administrative

fees

71,488

Distribution

fees

15,393

Shareholder

servicing

fees

2,773

Transfer

agent

fees

188,682

Trustees'

fees

5,157

$

1,729,923

#### 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
U.S.

Cash

Management

Fund

$

64,646

$

319,864

$

323,239

$

(1)

$

$

61,271

$

1,905

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,023,064,371

$

770,242,346

$

(23,288,774)

$

746,953,572

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

6,941,487

$

(6,943,937)

$

747,018,145

$

—

$

747,015,695

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

12,013

,

$

—

$

—

$

1,884,887

$

—

$

—

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

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

equalization,

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):

Total

distributable

earnings

(losses)

$

(111)

Additional

paid-in

capital

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.2%
Argentina

-

0.3%

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

176,980

10,465

YPF

SA

-

ADR(Æ)

181,696

6,619

17,084

Australia

-

0.8%

Aristocrat

Leisure,

Ltd.

43,905

1,815

ASX,

Ltd.

4,813

BHP

Group,

Ltd.

14,029

BlueScope

Steel,

Ltd.

40,510

606

Brambles,

Ltd.

164,769

2,677

Commonwealth

Bank

of

Australia

93,336

10,467

Glencore

PLC

509,251

2,435

Goodman

Group(ö)

276,481

5,959

Medibank

Pvt

,

Ltd.

519,559

1,657

Northern

Star

Resources,

Ltd.

106,919

1,714

Pro

Medicus

,

Ltd.

7,655

1,315

Qantas

Airways,

Ltd.

391,162

2,608

QBE

Insurance

Group,

Ltd.

163,228

2,125

REA

Group,

Ltd.

6,026

839

Rio

Tinto

PLC

4,261

Rio

Tinto,

Ltd.

7,211

626

Santos,

Ltd.

84,190

SGH,

Ltd.

38,236

1,215

Wesfarmers,

Ltd.

68,218

3,741

41,029

Austria

-

0.5%

ams

-OSRAM

AG(Æ)

93,905

1,295

Erste

Group

Bank

AG

234,487

24,254

Mondi

PLC

145,435

1,622

27,171

Belgium

-

0.2%

Ageas

SA

61,712

4,086

Anheuser-Busch

InBev

SA

37,682

2,297

Lotus

Bakeries

NV

1,170

UCB

SA

13,307

3,431

10,984

Brazil

-

2.5%

Ambev

SA

4,764,906

11,257

B3

SA

-

Brasil

Bolsa

Balcao

474,818

1,117

Banco

Bradesco

SA

-

ADR

2,143,205

7,244

Banco

BTG

Pactual

SA

814,019

7,387

Banco

do

Brasil

SA

492,128

2,003

Caixa

Seguridade

Participacoes

SA

119,822

Centrais

Eletricas

Brasileiras

SA

435,030

4,506

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

306,008

7,498

Embraer

SA

-

ADR

56,421

3,638

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

334,607

1,946

Hypera

SA

31,472

Itau

Unibanco

Holding

SA

-

ADR

1,001,195

7,369

Localiza

Rent

a

Car

SA

817,099

5,990

Lojas

Renner

SA

1,227,418

3,386

Magazine

Luiza

SA

1,259,459

1,983

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MBRF

Global

Foods

Company

SA

682,913

2,268

MercadoLibre

,

Inc.(Æ)

6,361

14,804

Natura

Cosmeticos

SA(Æ)

1,963,439

3,288

NU

Holdings,

Ltd.

Class

A(Æ)

785,893

12,661

Petroleo

Brasileiro

SA

-

ADR

127,342

1,482

PRIO

SA(Æ)

241,527

1,618

Rumo

SA

225,560

667

Telefonica

Brasil

SA

1,116,160

6,647

Ultrapar

Participacoes

SA

490,826

1,953

Vale

SA

Class

B

-

ADR

767,722

9,282

Wheaton

Precious

Metals

Corp.

29,676

2,866

XP,

Inc.

Class

A

65,244

1,189

Yara

International

ASA

44,055

1,607

126,140

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

71,773

2,875

Canada

-

3.3%

Agnico

Eagle

Mines,

Ltd.

9,779

1,573

Alimentation

Couche-Tard,

Inc.

94,175

4,786

ARC

Resources,

Ltd.

134,430

2,479

Bank

of

Montreal

7,324

910

Bank

of

Nova

Scotia

(The)

12,742

836

Barrick

Mining

Corp.

432,510

14,192

Brookfield

Asset

Management,

Inc.

Class

A

24,440

1,322

Brookfield

Corp.

15,819

728

CAE,

Inc.(Æ)

25,067

704

Cameco

Corp.

Class

A

24,306

2,484

Canadian

National

Railway

Co.

38,666

3,708

Canadian

Natural

Resources,

Ltd.

—

Canadian

Pacific

Kansas

City,

Ltd.

38,780

2,791

Capstone

Mining

Corp.(Æ)

118,782

1,058

CCL

Industries,

Inc.

Class

B

59,400

3,314

Cenovus

Energy,

Inc.

50,145

847

CGI,

Inc.

45,028

3,919

Constellation

Software,

Inc.

1,754

4,616

Dollarama

,

Inc.

87,191

11,333

Empire

Co.,

Ltd.

Class

A

159,757

5,427

Enbridge,

Inc.

58,672

2,736

Fairfax

Financial

Holdings,

Ltd.

3,122

5,069

Fortis,

Inc.

20,091

1,010

Franco-Nevada

Corp.

Class

T

11,708

2,187

George

Weston,

Ltd.

32,343

1,966

Gildan

Activewear

,

Inc.

Class

A

17,159

1,001

Granite

Real

Estate

Investment

Trust(ö)

17,450

981

Great-West

Lifeco

,

Inc.

29,092

1,233

Hydro

One,

Ltd.(Þ)

26,918

993

iA

Financial

Corp.,

Inc.

7,703

909

Imperial

Oil,

Ltd.

17,826

1,577

Intact

Financial

Corp.

28,889

5,389

Kinross

Gold

Corp.

80,989

1,884

Loblaw

Cos.,

Ltd.

212,012

8,426

Magna

International,

Inc.

Class

A

149,485

7,062

Manulife

Financial

Corp.

106,997

3,463

MEG

Energy

Corp.

Class

A

51,724

1,094

Metro,

Inc.

Class

A

75,193

5,012

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
National

Bank

of

Canada

9,586

1,071

Nutrien

,

Ltd.

17,543

955

Open

Text

Corp.

7,239

Pembina

Pipeline

Corp.

10,204

Quebecor,

Inc.

Class

B

45,351

1,447

Royal

Bank

of

Canada

45,502

6,666

Saputo,

Inc.

16,604

Shopify,

Inc.

Class

A(Æ)

67,575

11,749

Stantec

,

Inc.

86,383

9,566

Sun

Life

Financial,

Inc.

70,261

4,274

Suncor

Energy,

Inc.

18,907

753

Teck

Resources,

Ltd.

Class

B

41,866

1,796

Thomson

Reuters

Corp.

10,827

1,658

Toronto-Dominion

Bank

(The)

83,171

6,829

166,848

Chile

-

0.1%

Antofagasta

PLC

35,475

1,297

Cencosud

SA

318,889

989

Enel

Americas

SA

2,848,293

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

98,601

4,831

7,387

China

-

11.7%

Agricultural

Bank

of

China,

Ltd.

Class

A

5,855,000

6,553

Akeso

,

Inc.

Class

B(Æ)(Þ)

79,000

1,147

Alibaba

Group

Holding,

Ltd.

5,191,377

110,300

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,950,033

2,749

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

9,277

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

61,891

Baidu,

Inc.

Class

A(Æ)

142,850

2,159

Baidu,

Inc.

-

ADR(Æ)

23,510

2,842

Bank

of

China,

Ltd.

Class

A

1,108,900

875

Bank

of

China,

Ltd.

Class

H

1,994,000

1,127

Bilibili

,

Inc.

Class

Z(Æ)

55,940

1,688

Bilibili

,

Inc.

-

ADR(Æ)

87,027

2,633

BYD

Co.,

Ltd.

Class

H

574,500

7,444

CGN

Power

Co.,

Ltd.

Class

A

2,088,100

1,156

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,578,000

1,022

China

Construction

Bank

Corp.

Class

H

9,398,000

9,298

China

Energy

Engineering

Group

Co.,

Ltd.

865,720

China

Galaxy

Securities

Co.,

Ltd.

Class

A

408,800

1,009

China

International

Capital

Corp.,

Ltd.

Class

A

345,000

1,785

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

2,018,800

5,472

China

Life

Insurance

Co.,

Ltd.

Class

A

873,900

5,415

China

Life

Insurance

Co.,

Ltd.

Class

H

782,000

2,470

China

Mengniu

Dairy

Co.,

Ltd.

614,000

1,118

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

China

Merchants

Bank

Co.,

Ltd.

Class

H

1,145,598

7,152

China

Merchants

Securities

Co.,

Ltd.

Class

A

761,750

1,853

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.,

Ltd.

Class

A

740,854

986

China

Oilfield

Services,

Ltd.

Class

H

212,593

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
China

Overseas

Land

&

Investment,

Ltd.

2,270,500

3,810

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

183,400

917

China

Resources

Land,

Ltd.

1,166,617

4,198

China

Southern

Airlines

Co.,

Ltd.

Class

A(Æ)

380,000

China

Tower

Corp.,

Ltd.

Class

H(Þ)

927,200

1,341

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

116,534

6,417

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

171,200

12,222

Country

Garden

Services

Holdings

Co.,

Ltd.

4,290,751

3,407

DiDi

Global,

Inc.

-

ADR(Æ)

519,004

3,342

East

Money

Information

Co.,

Ltd.

Class

A

525,600

1,894

Foxconn

Industrial

Internet

Co.,

Ltd.

Class

A

82,000

817

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

198,314

2,578

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

95,900

912

GDS

Holdings,

Ltd.

Class

A(Æ)

481,200

2,138

Geely

Automobile

Holdings,

Ltd.

1,342,421

3,167

GF

Securities

Co.,

Ltd.

Class

A

385,300

1,228

H

World

Group,

Ltd.

-

ADR

4,877

Haier

Smart

Home

Co.,

Ltd.

Class

A

836,100

3,158

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,188,716

3,870

Horizon

Robotics(Æ)

6,946,800

7,823

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

898,500

3,304

Huatai

Securities

Co.,

Ltd.

Class

A

702,300

2,151

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

9,921,463

7,676

Inner

Mongolia

Dian

Tou

Energy

Corp.,

Ltd.

Class

A

2,689,620

9,570

JD.com,

Inc.

Class

A

129,500

2,132

JD.com,

Inc.

-

ADR

25,444

841

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

298,545

2,704

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

420,200

4,070

JOYY,

Inc.

-

ADR

20,497

1,216

Kanzhun

,

Ltd.

16,300

Kanzhun

,

Ltd.

-

ADR

307,513

6,814

KE

Holdings,

Inc.

-

ADR

36,079

615

Kuaishou

Technology(Þ)

1,563,017

14,574

Kweichow

Moutai

Co.,

Ltd.

Class

A

9,500

1,911

Laopu

Gold

Co.,

Ltd.

Class

H

53,300

4,693

Lenovo

Group,

Ltd.

182,000

Lens

Technology

Co.,

Ltd.

Class

H

472,400

1,605

Li

Auto,

Inc.

-

ADR(Æ)

38,134

795

Li

Ning

Co.,

Ltd.

160,453

Longfor

Group

Holdings,

Ltd.(Þ)

3,957,000

4,879

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A(Æ)

1,861,675

5,537

Meituan

Class

B(Æ)(Þ)

53,836

709

Midea

Group

Co.,

Ltd.

Class

A

53,600

575

Muyuan

Foods

Co.,

Ltd.

Class

A

95,573

676

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NetEase

,

Inc.

-

ADR

11,465

1,606

New

China

Life

Insurance

Co.,

Ltd.

Class

A

93,051

886

Ningbo

Tuopu

Group

Co.,Ltd

.

Class

A

846,534

8,837

NIO,

Inc.

Class

A(Æ)

24,730

NIO,

Inc.

-

ADR(Æ)

856,169

6,207

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

295,000

1,960

PDD

Holdings,

Inc.

-

ADR(Æ)

68,638

9,257

PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

893,354

1,059

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

590,000

1,395

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

154,100

1,255

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

2,300,000

16,629

Pop

Mart

International

Group,

Ltd.(Þ)

65,200

1,861

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,305,000

919

Prosus

NV

19,441

1,343

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

680,900

2,372

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

590

SF

Holding

Co.,

Ltd.

Class

H

115,132

535

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

191,500

803

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

605,900

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

641,000

1,035

Shenergy

Co.,

Ltd.

Class

A

225,100

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

1,136,500

873

Tencent

Holdings,

Ltd.

1,629,528

132,456

Tencent

Music

Entertainment

Group

-

ADR

46,496

1,038

Trip.com

Group,

Ltd.

-

ADR

252,008

17,804

Tsingtao

Brewery

Co.,

Ltd.

Class

H

92,000

621

Vipshop

Holdings,

Ltd.

-

ADR

38,131

667

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A(Æ)

247,300

2,184

Want

Want

China

Holdings,

Ltd.

339,000

Weichai

Power

Co.,

Ltd.

Class

H

2,089,041

4,316

Will

Semiconductor,

Ltd.

Class

A

3,557

Wilmar

International,

Ltd.

192,800

Wuliangye

Yibin

Co.,

Ltd.

Class

A

3,800

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

646,000

8,988

Wuxi

Biologics

Cayman,

Inc.(Æ)(Þ)

582,000

2,714

Xiaomi

Corp.

Class

B(Æ)(Þ)

2,047,000

11,355

XPeng

,

Inc.

Class

A(Æ)

65,800

764

Yum

China

Holdings,

Inc.

55,062

2,382

Zai

Lab,

Ltd.(Æ)

457,000

1,195

Zijin

Mining

Group

Co.,

Ltd.

Class

H

4,586,000

18,936

ZTE

Corp.

Class

H

106,800

ZTO

Express

(Cayman),

Inc.

-

ADR

14,239

597,280

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Colombia

-

0.0%

Ecopetrol

SA

-

ADR

45,891

Congo,

the

Democratic

Republic

of

the

-

0.1%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

460,447

4,606

Denmark

-

0.9%

Carlsberg

A/S

Class

B

15,496

1,821

Danske

Bank

A/S

299,241

13,359

Demant

A/S(Æ)

64,918

2,160

DSV

A/S

31,644

6,714

Novo

Nordisk

A/S

Class

B

417,613

20,604

Novonesis

(Novozymes)

B

Class

B

40,193

2,391

Rockwool

A/S

Class

B

21,360

732

47,781

Finland

-

0.6%

Elisa

Oyj

9,821

Kone

Oyj

Class

B

21,879

1,462

Nokia

Oyj

3,848,862

26,282

Stora

Enso

Oyj

Class

R

19,693

Wartsila

OYJ

Abp

Class

B

82,868

2,714

31,119

France

-

5.9%

Accor

SA

370,716

18,908

Air

Liquide

SA

Class

A

30,934

5,994

Airbus

SE

58,601

14,451

Amundi

SA(Þ)

124,438

9,226

Arkema

SA

158,186

9,391

AXA

SA

231,803

10,054

bioMerieux

6,339

816

BNP

Paribas

SA

84,222

6,514

Bouygues

SA

32,409

1,463

Bureau

Veritas

SA

226,949

7,451

Capgemini

SE

4,842

745

Carrefour

SA

244,946

3,673

Cie

de

Saint-Gobain

SA

104,612

10,154

Cie

Generale

des

Etablissements

Michelin

SCA

551,687

17,615

Dassault

Aviation

SA

34,376

11,047

Dassault

Systemes

SE

22,710

645

Eiffage

SA

10,409

1,284

Engie

SA

407,351

9,532

EssilorLuxottica

SA

16,130

5,923

Hermes

International

3,052

7,541

Ipsen

SA

13,906

1,955

Legrand

SA

16,313

2,814

L'Oreal

SA

24,826

10,367

Louis

Hachette

Group

191,147

LVMH

Moet

Hennessy

Louis

Vuitton

SE

25,949

18,348

Orange

SA

545,184

8,682

Publicis

Groupe

SA

140,850

14,103

Renault

SA

71,422

2,774

Rexel

SA

Class

H

513,660

17,774

Safran

SA

19,463

6,909

Sartorius

Stedim

Biotech

69,290

16,578

Societe

Generale

SA

275,983

17,463

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Teleperformance

SE

129,071

9,191

Thales

SA

5,357

1,524

TotalEnergies

SE

221,974

13,823

Valeo

SE

226,226

3,127

Vinci

SA

18,756

2,510

300,697

Germany

-

6.1%

adidas

AG

26,214

4,952

Allianz

SE

10,299

4,136

AUMOVIO

SE(Æ)

56,964

2,449

BASF

SE

332,034

16,385

Bayer

AG

203,706

6,329

Beiersdorf

AG

19,685

2,082

CECONOMY

AG(Æ)

98,566

504

Commerzbank

AG

17,994

654

Continental

AG

159,810

12,060

Covestro

AG(Æ)(Þ)

161,277

10,953

CTS

Eventim

AG

&

Co.

KGaA

195,628

17,505

Daimler

Truck

Holding

AG

490,113

19,616

Deutsche

Bank

AG

48,899

1,743

Deutsche

Boerse

AG

83,151

21,044

Deutsche

Telekom

AG

204,209

6,330

E.ON

SE

90,006

1,674

Evonik

Industries

AG

523,000

8,763

Fresenius

Medical

Care

AG

174,867

9,385

Fresenius

SE

&

Co.

KGaA

184,568

10,644

Hannover

Rueck

SE

11,665

3,328

Heidelberg

Materials

AG

73,450

17,197

Henkel

AG

&

Co.

KGaA

12,769

953

Infineon

Technologies

AG

121,213

4,795

Knorr-

Bremse

AG

20,753

1,928

Mercedes-Benz

Group

AG

107,904

6,981

Merck

KGaA

14,110

1,846

MTU

Aero

Engines

AG

41,530

18,108

Muenchener

Rueckversicherungs-

Gesellschaft

AG

14,022

8,669

Rheinmetall

AG

10,035

19,691

SAP

SE

150,763

38,957

Siemens

AG

49,626

14,044

Symrise

AG

247,916

20,509

314,214

Greece

-

0.7%

Alpha

Bank

SA

2,449,436

9,589

Eurobank

Ergasias

SA

4,362,128

16,383

Hellenic

Telecommunications

Organization

SA

33,711

634

National

Bank

of

Greece

SA

68,580

1,006

Piraeus

Financial

Holdings

SA

733,084

5,717

33,329

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

2,111,287

20,543

ASMPT,

Ltd.

372,300

3,901

CK

Asset

Holdings,

Ltd.

543,000

2,680

Damai

Entertainment

Holdings,

Ltd.(Æ)

7,240,000

854

Hang

Seng

Bank,

Ltd.

36,094

703

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hong

Kong

Exchanges

&

Clearing,

Ltd.

185,217

10,141

Orient

Overseas

International,

Ltd.

34,000

589

Prudential

PLC

1,359,918

18,887

Swire

Pacific,

Ltd.

Class

A

6,813

Techtronic

Industries

Co.,

Ltd.

76,000

889

WH

Group,

Ltd.(Þ)

3,780,826

3,625

Zijin

Gold

International

Co.,

Ltd.(Æ)

314,000

5,310

68,178

Hungary

-

0.1%

OTP

Bank

PLC

58,986

5,629

India

-

4.5%

Asian

Paints,

Ltd.

65,074

1,841

Avenue

Supermarts

,

Ltd.(Æ)(Þ)

31,612

1,478

Axis

Bank,

Ltd.

226,667

3,147

Bajaj

Auto,

Ltd.

12,169

1,219

Bajaj

Finance,

Ltd.

97,380

1,140

Bajaj

Holdings

&

Investment,

Ltd.

Bharat

Electronics,

Ltd.

250,896

1,202

Bharat

Forge,

Ltd.

65,153

972

Bharti

Airtel,

Ltd.

780,971

18,034

Britannia

Industries,

Ltd.

32,753

2,150

Cadila

Healthcare,

Ltd.

148,459

1,630

Canara

Bank

3,530,995

5,446

Cipla

,

Ltd.

188,918

3,191

Dabur

India,

Ltd.

Class

A

159,294

875

Divi's

Laboratories,

Ltd.

31,409

2,382

DLF,

Ltd.

614,743

5,233

Dr

Reddy's

Laboratories,

Ltd.

181,440

2,447

Eternal,

Ltd.(Æ)

483,101

1,727

GAIL

India,

Ltd.

44,357

GMR

Infrastructure,

Ltd.(Æ)

5,659,247

5,991

Godrej

Consumer

Products,

Ltd.

153,604

1,932

HDFC

Asset

Management

Co.,

Ltd.(Þ)

15,132

917

HDFC

Bank,

Ltd.

2,825,823

31,374

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

173,020

1,425

Hindalco

Industries,

Ltd.

153,603

1,467

Hindustan

Aeronautics,

Ltd.(Þ)

28,296

1,489

ICICI

Bank,

Ltd.

954,104

14,470

ICICI

Bank,

Ltd.

-

ADR

149,631

4,534

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

89,652

2,019

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

(Þ)

233,913

1,558

Indus

Towers,

Ltd.(Æ)

1,713,021

7,012

Infosys,

Ltd.

66,289

1,106

Infosys,

Ltd.

-

ADR

63,951

1,060

InterGlobe

Aviation,

Ltd.(Þ)

150,050

9,510

ITC

Hotels,

Ltd.(Æ)

43,830

ITC,

Ltd.

438,304

2,074

Jio

Financial

Services,

Ltd.

143,335

JSW

Energy,

Ltd.

615,006

3,654

JSW

Infrastructure,

Ltd.

525,938

1,718

Kotak

Mahindra

Bank,

Ltd.

109,538

2,593

Larsen

&

Toubro,

Ltd.

116,915

5,308

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

44,502

2,005

Macrotech

Developers,

Ltd.(Þ)

212,537

2,867

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mahindra

&

Mahindra,

Ltd.

44,725

1,756

MakeMyTrip

,

Ltd.(Æ)

8,542

683

Marico,

Ltd.

174,709

1,416

Maruti

Suzuki

India,

Ltd.

26,358

4,798

Nestle

India,

Ltd.

193,225

2,767

NTPC,

Ltd.

176,098

668

Oil

&

Natural

Gas

Corp.,

Ltd.

591,620

1,702

PB

Fintech,

Ltd.(Æ)

46,735

940

PI

Industries,

Ltd.

19,123

771

Pidilite

Industries,

Ltd.

46,384

754

Power

Grid

Corp.

of

India,

Ltd.

1,363,434

4,422

Reliance

Industries,

Ltd.

480,600

8,028

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

5,173

SBI

Life

Insurance

Co.,

Ltd.(Þ)

182,761

4,025

Shriram

Finance,

Ltd.

711,443

5,994

Siemens

Energy

India,

Ltd.(Æ)

26,374

945

Siemens,

Ltd.

26,374

920

SRF,

Ltd.

Class

23,406

773

State

Bank

of

India

615,001

6,491

Sun

Pharmaceutical

Industries,

Ltd.

161,738

3,074

Tata

Motors,

Ltd.

106,942

Tata

Motors,

Ltd.(Æ)(Š)

106,942

Tech

Mahindra,

Ltd.

46,416

743

Titan

Co.,

Ltd.

26,519

1,120

Torrent

Pharmaceuticals,

Ltd.

8,381

UltraTech

Cement,

Ltd.

36,526

4,914

United

Spirits,

Ltd.

225,970

3,640

Wipro,

Ltd.

714,896

1,940

230,490

Indonesia

-

0.7%

Bank

Central

Asia

Tbk

PT

38,375,490

19,595

Bank

Mandiri

Persero

Tbk

PT

15,680,206

4,442

Bank

Negara

Indonesia

Persero

Tbk

PT

11,176,730

2,938

Bank

Rakyat

Indonesia

Persero

Tbk

PT

10,634,380

2,543

Charoen

Pokphand

Indonesia

Tbk

PT

8,943,500

2,510

Indofood

CBP

Sukses

Makmur

Tbk

PT

2,554,774

1,336

Indofood

Sukses

Makmur

Tbk

PT

2,259,100

1,005

Kalbe

Farma

Tbk

PT

15,970,200

1,222

Telkom

Indonesia

Persero

Tbk

PT

5,028,400

968

36,559

Ireland

-

0.8%

AerCap

Holdings

NV

6,729

876

AIB

Group

PLC

554,378

5,104

Bank

of

Ireland

Group

PLC

1,144,089

18,734

Flutter

Entertainment

PLC(Æ)

42,515

9,795

Kerry

Group

PLC

Class

A

54,296

4,950

Kingspan

Group

PLC

20,703

1,555

41,014

Israel

-

0.4%

Bank

Hapoalim

BM

121,768

2,473

Bank

Leumi

Le-Israel

BM

66,942

1,359

Check

Point

Software

Technologies,

Ltd.

(Æ)

53,621

10,493

Elbit

Systems,

Ltd.

3,216

1,539

ICL

Group,

Ltd.

151,168

987

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Israel

Discount

Bank,

Ltd.

Class

A

29,972

Nice,

Ltd.(Æ)

4,306

589

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

51,862

1,062

18,801

Italy

-

2.3%

BPER

Banca

SpA

828,821

9,908

Davide

Campari-Milano

NV

SpA

1,525,298

10,525

Enel

SpA

1,841,460

18,618

Eni

SpA

381,970

7,040

FinecoBank

Banca

Fineco

SpA

803,025

18,358

Generali

228,914

8,807

Leonardo

SpA

30,392

1,785

Moncler

SpA

43,358

2,590

Nexi

SpA

(Þ)

161,277

849

Prysmian

SpA

16,081

1,670

Ryanair

Holdings

PLC

-

ADR

138,567

8,658

UniCredit

SpA

367,910

27,214

Unipol

Gruppo

SpA

29,092

636

116,658

Japan

-

11.6%

Advantest

Corp.

105,800

15,828

Aeon

Co.,

Ltd.

102,600

1,621

Ajinomoto

Co.,

Inc.

86,400

2,447

Alfresa

Holdings

Corp.

180,700

2,548

Alps

Alpine

Co.,

Ltd.

14,300

Amada

Co.,

Ltd.

329,000

3,922

Asahi

Group

Holdings,

Ltd.

133,600

1,439

Asics

Corp.

48,000

1,223

Astellas

Pharma,

Inc.

156,700

1,639

Bandai

Namco

Holdings,

Inc.

93,900

2,917

Bridgestone

Corp.

122,400

5,360

Canon,

Inc.

60,200

1,727

Central

Japan

Railway

Co.

230,400

5,623

Chiba

Bank,

Ltd.

(The)

203,700

1,997

Chugai

Pharmaceutical

Co.,

Ltd.

185,800

8,570

Concordia

Financial

Group,

Ltd.

144,500

1,048

Dai-ichi

Life

Holdings,

Inc.

772,740

5,424

Daiichi

Sankyo

Co.,

Ltd.

101,000

2,417

Daikin

Industries,

Ltd.

73,700

8,600

Daiwa

House

Industry

Co.,

Ltd.

61,900

2,099

DeNA

Co.,

Ltd.

47,200

828

Dentsu

,

Inc.

127,700

2,532

Disco

Corp.

2,000

670

Eisai

Co.,

Ltd.

70,400

2,094

ENEOS

Holdings,

Inc.

187,400

1,180

Fast

Retailing

Co.,

Ltd.

6,600

2,417

FUJIFILM

Holdings

Corp.

241,263

5,593

Fujitsu,

Ltd.

127,440

3,323

Fukuoka

Financial

Group,

Inc.

140,900

4,091

Hakuhodo

DY

Holdings,

Inc.

129,300

934

Hankyu

Hanshin

Holdings,

Inc.

26,800

719

Hirose

Electric

Co.,

Ltd.

6,800

910

Hitachi,

Ltd.

343,100

11,768

Honda

Motor

Co.,

Ltd.

424,295

4,308

Horiba,

Ltd.

31,600

2,936

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hoya

Corp.

161,700

26,212

Iida

Group

Holdings

Co.,

Ltd.

138,500

2,119

Isuzu

Motors,

Ltd.

480,100

5,886

ITOCHU

Corp.

101,818

5,869

Japan

Airlines

Co.,

Ltd.

8,900

Japan

Exchange

Group,

Inc.

71,800

803

Japan

Post

Holdings

Co.,

Ltd.

301,700

2,826

Japan

Post

Insurance

Co.,

Ltd.

Class

A

175,300

4,532

Japan

Tobacco,

Inc.

47,300

1,644

Kajima

Corp.

90,400

2,911

Kao

Corp.

104,400

4,414

KDDI

Corp.

225,500

3,596

Keyence

Corp.

43,400

16,100

Kirin

Holdings

Co.,

Ltd.

129,500

1,817

Koito

Manufacturing

Co.,

Ltd.

70,100

1,045

Komatsu,

Ltd.

304,000

10,153

Kubota

Corp.

327,800

4,274

Makita

Corp.

65,800

2,055

MatsukiyoCocokara

&

Co.

49,200

891

McDonald's

Holdings

Co.

Japan,

Ltd.

32,900

1,286

Minebea

Co.,

Ltd.

509,500

10,055

Mitsubishi

Corp.

39,700

954

Mitsubishi

Electric

Corp.

199,800

5,644

Mitsubishi

Estate

Co.,

Ltd.

407,700

8,627

Mitsubishi

Gas

Chemical

Co.,

Inc.

131,400

2,428

Mitsubishi

Heavy

Industries,

Ltd.

71,200

2,132

Mitsubishi

UFJ

Financial

Group,

Inc.

1,048,500

15,834

Mitsui

Fudosan

Co.,

Ltd.

254,600

2,644

Mizuho

Financial

Group,

Inc.

115,300

3,850

MS&AD

Insurance

Group

Holdings,

Inc.

282,200

5,812

Murata

Manufacturing

Co.,

Ltd.

639,800

14,023

NEC

Corp.

98,500

3,575

Nikon

Corp.

112,800

1,297

Nintendo

Co.,

Ltd.

72,350

6,199

Nippon

Express

Holdings,

Inc.

18,200

Nissan

Motor

Co.,

Ltd.(Æ)

749,100

1,733

Nitto

Denko

Corp.

479,200

11,923

Nomura

Holdings,

Inc.

520,500

3,709

Nomura

Research

Institute,

Ltd.

50,000

1,958

NTT,

Inc.

5,635,700

5,802

Obayashi

Corp.

136,800

2,313

Obic

Co.,

Ltd.

74,200

2,301

Olympus

Corp.

762,000

9,425

Ono

Pharmaceutical

Co.,

Ltd.

92,100

1,125

Oracle

Corp.

23,900

2,205

Oriental

Land

Co.,

Ltd.

58,200

1,176

Osaka

Gas

Co.,

Ltd.

383,700

12,049

Otsuka

Corp.

5,700

Otsuka

Holdings

Co.,

Ltd.

70,800

3,836

Pan

Pacific

International

Holdings

Corp.

161,500

961

Panasonic

Holdings

Corp.

152,300

1,772

Persol

Holdings

Co.,

Ltd.

1,335,700

2,219

Rakuten

,

Inc.(Æ)

139,500

912

Recruit

Holdings

Co.,

Ltd.

37,300

1,866

Renesas

Electronics

Corp.

39,700

Resona

Holdings,

Inc.

1,937,800

18,847

Rinnai

Corp.

73,800

1,673

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Rohm

Co.,

Ltd.

331,200

5,286

Secom

Co.,

Ltd.

74,726

2,524

Sega

Sammy

Holdings,

Inc.

176,600

3,266

Sekisui

Chemical

Co.,

Ltd.

96,600

1,671

Sekisui

House,

Ltd.

93,600

2,006

Seven

&

i

Holdings

Co.,

Ltd.

88,200

1,124

Shimadzu

Corp.

47,800

1,284

Shimizu

Corp.

147,600

1,980

Shin-Etsu

Chemical

Co.,

Ltd.

84,200

2,543

Shionogi

&

Co.,

Ltd.

443,400

7,448

Shizuoka

Financial

Group,

Inc.

28,300

SMC

Corp.

9,300

3,172

SoftBank

Corp.

921,900

1,306

SoftBank

Group

Corp.

39,500

6,888

Sompo

Holdings,

Inc.

3,603

Sony

Financial

Group,

Inc.(Æ)

397,600

Sony

Group

Corp.

397,600

11,128

Stanley

Electric

Co.,

Ltd.

135,900

2,672

Subaru

Corp.

202,300

4,336

Sumitomo

Electric

Industries,

Ltd.

347,400

12,673

Sumitomo

Heavy

Industries,

Ltd.

3,900

Sumitomo

Mitsui

Financial

Group,

Inc.

446,706

12,091

Sumitomo

Mitsui

Trust

Holdings,

Inc.

273,400

7,531

Sumitomo

Realty

&

Development

Co.,

Ltd.

31,500

1,341

Sumitomo

Rubber

Industries,

Ltd.

186,200

2,180

Suntory

Beverage

&

Food,

Ltd.

303,900

9,188

T&D

Holdings,

Inc.

487,500

10,475

Taiheiyo

Cement

Corp.

84,800

2,301

Taiyo

Nippon

Sanso

Corp.

24,600

817

Takeda

Pharmaceutical

Co.,

Ltd.

334,500

9,047

TDK

Corp.

849,700

14,653

Terumo

Corp.

203,300

3,309

THK

Co.,

Ltd.

101,800

2,721

TIS,

Inc.

53,700

1,849

Toho

Co.,

Ltd.

38,200

2,252

Tokio

Marine

Holdings,

Inc.

142,800

5,343

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

548,100

2,736

Tokyo

Electron,

Ltd.

88,000

19,522

Tokyo

Gas

Co.,

Ltd.

16,200

567

Toray

Industries,

Inc.

813,400

4,982

Toyota

Motor

Corp.

390,200

7,958

Trend

Micro,

Inc.

8,500

Tsuruha

Holdings,

Inc.

215,500

3,740

Unicharm

Corp.

395,364

2,445

USS

Co.,

Ltd.

46,600

515

Yamato

Holdings

Co.,

Ltd.

244,900

3,572

595,267

Kazakhstan

-

0.0%

Air

Astana

JSC

-

GDR(Þ)

115,761

771

Luxembourg

-

0.3%

ArcelorMittal

SA

408,994

15,574

Eurofins

Scientific

SE

14,425

1,017

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RTL

Group

SA

27,227

1,049

17,640

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

2,161,792

10,726

Sands

China,

Ltd.

1,670,400

4,336

15,062

Malaysia

-

0.2%

Celcomdigi

Berhad

99,900

CIMB

Group

Holdings

BHD

895,115

1,559

Gamuda

Berhad

835,400

1,006

Hong

Leong

Bank

BHD

158,291

777

Hong

Leong

Financial

Group

BHD

261,314

1,054

IOI

Corp.

Berhad

956,700

919

Press

Metal

Berhad

381,300

576

Public

Bank

Bhd

680,000

686

QL

Resources

BHD

1,301,400

1,289

Tenaga

Nasional

BHD

147,800

8,420

Mexico

-

1.0%

America

Movil

SAB

de

CV

6,503,802

7,418

America

Movil

SAB

de

CV

-

ADR

384,689

8,759

Arca

Continental

SAB

de

CV

35,048

Cemex

SAB

de

CV

-

ADR

451,165

4,579

Fresnillo

PLC

525,070

15,309

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

18,911

572

Grupo

Carso

SAB

de

CV

176,166

1,259

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

529,861

4,987

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O

1,552,145

3,770

Wal-Mart

de

Mexico

SAB

de

CV

1,921,144

6,351

53,344

Netherlands

-

3.2%

ABN

AMRO

Bank

NV(Þ)

272,609

8,143

Adyen

NV(Æ)(Þ)

3,623

6,215

Argenx

SE(Æ)

6,920

5,653

ASML

Holding

NV

28,804

30,499

EXOR

NV

34,372

2,982

Ferrari

NV

32,211

12,883

Heineken

NV

3,822

ING

Groep

NV

1,103,847

27,673

JDE

Peet's

NV

31,574

1,149

Koninklijke

Ahold

Delhaize

NV

90,943

3,722

Koninklijke

Philips

NV

593,476

16,206

NN

Group

NV

98,261

6,726

Randstad

NV

280,788

11,002

Universal

Music

Group

NV

1,041,362

27,936

VEON,

Ltd.

-

ADR(Æ)

28,690

1,382

Wolters

Kluwer

NV

28,739

3,520

165,987

New

Zealand

-

0.0%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

45,941

975

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Xero

,

Ltd.(Æ)

8,227

778

1,753

Nigeria

-

0.1%

Guaranty

Trust

Holding

Co.

PLC

41,722,677

2,796

Norway

-

0.3%

DNB

Bank

ASA

38,350

980

Equinor

ASA

Class

N

479,025

11,477

Mowi

ASA

27,678

610

Norsk

Hydro

ASA

104,627

708

Orkla

ASA

102,691

1,041

14,816

Peru

-

0.0%

Credicorp

,

Ltd.

4,057

1,059

Philippines

-

0.1%

Bank

of

the

Philippine

Islands

1,163,077

2,083

BDO

Unibank

,

Inc.

578,361

1,312

SM

Investments

Corp.

81,010

1,002

4,397

Poland

-

0.3%

Allegro.eu

SA(Æ)(Þ)

175,133

1,635

Cyfrowy

Polsat

SA(Æ)

102,903

Dino

Polska

SA(Æ)(Þ)

76,390

910

KGHM

Polska

Miedz

SA(Æ)

18,243

956

Santander

Bank

Polska

SA

7,027

925

Zabka

Group

SA(Æ)

2,124,712

12,334

17,129

Portugal

-

0.0%

EDP

SA

232,497

1,155

Russia

-

0.0%

Fix

Price

Group,

Ltd.

-

GDR(Æ)(Š)(Þ)

183,060

—

Gazprom

PJSC(Æ)(Š)

1,328,325

—

LUKOIL

PJSC(Æ)(Š)

45,621

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

10,868

—

Novatek

PJSC(Æ)(Š)

56,290

—

Novolipetsk

Steel

PJSC(Æ)(Š)

194,760

—

Polyus

PJSC(Æ)(Š)

114,710

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

478,377

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,518,608

—

Tatneft

PJSC

-

ADR(Æ)(Š)

12,360

—

—

Saudi

Arabia

-

0.2%

Al

Rajhi

Bank

112,377

3,171

Saudi

Basic

Industries

Corp.

219,838

3,576

Saudi

Telecom

Co.

68,099

819

7,566

Singapore

-

1.0%

DBS

Group

Holdings,

Ltd.

210,015

8,691

Grab

Holdings,

Ltd.

Class

A(Æ)

3,376,855

20,295

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,505

Sea,

Ltd.

-

ADR(Æ)

126,839

19,819

STMicroelectronics

NV

28,239

691

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

Overseas

Bank,

Ltd.

4,600

UOL

Group,

Ltd.

163,600

998

52,121

South

Africa

-

1.7%

Absa

Group,

Ltd.

46,039

514

Anglo

American

Platinum,

Ltd.

3,984

Anglo

American

PLC

76,743

2,893

Anglogold

Ashanti

PLC

360,833

24,537

Capitec

Bank

Holdings,

Ltd.

32,083

7,081

Clicks

Group,

Ltd.

89,938

1,892

Discovery,

Ltd.

92,425

1,160

FirstRand,

Ltd.

664,180

3,151

Foschini

Group,

Ltd.

(The)

272,982

1,453

Gold

Fields,

Ltd.

-

ADR

311,639

11,970

Impala

Platinum

Holdings,

Ltd.

332,707

3,554

Mr.

Price

Group,

Ltd.

206,177

2,461

MTN

Group,

Ltd.

1,322,776

13,172

Old

Mutual,

Ltd.

1,216,230

950

Shoprite

Holdings,

Ltd.

-

ADR

35,561

594

Standard

Bank

Group,

Ltd.

127,735

1,881

Valterra

Platinum,

Ltd.

87,537

5,347

Vodacom

Group,

Ltd.

187,984

1,518

84,374

South

Korea

-

4.6%

Amorepacific

Corp.

6,273

532

Celltrion

,

Inc.

22,417

2,760

Coupang

,

Inc.(Æ)

34,061

1,089

Coway

Co.,

Ltd.

68,466

4,288

D'Alba

Global

Co.,

Ltd.(Æ)

8,341

879

Hana

Financial

Group,

Inc.

24,469

1,470

Hankook

Tire

&

Technology

Co.,

Ltd.

37,097

1,205

HD

Hyundai

Electric

Co.,

Ltd.

13,168

8,017

Hyundai

Engineering

&

Construction

Co.,

Ltd.

55,009

2,709

Hyundai

Mobis

Co.,

Ltd.

22,357

4,951

Hyundai

Motor

Co.

10,232

2,076

KB

Financial

Group,

Inc.

234,777

19,131

Kia

Corp.

78,917

6,628

Korea

Electric

Power

Corp.

17,503

521

Korea

Zinc

Co.,

Ltd.

Krafton

,

Inc.(Æ)

8,243

1,595

KT

Corp.

2,504

KT

Corp.

-

ADR

324,673

6,023

KT&G

Corp.

5,455

514

LG

Electronics,

Inc.

Class

H

16,667

1,021

NAVER

Corp.

18,932

3,544

Orion

Corp.

40,299

2,813

POSCO

Holdings,

Inc.

3,903

851

Samsung

Biologics

Co.,

Ltd.(Æ)(Š)(Þ)

2,419

2,073

Samsung

Electro-Mechanics

Co.,

Ltd.

6,681

1,143

Samsung

Electronics

Co.,

Ltd.

1,336,811

100,637

Samsung

Engineering

Co.,

Ltd.

43,793

798

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

13,726

4,256

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

338,447

7,004

Samyang

Foods

Co.,

Ltd.

2,244

2,123

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Shinhan

Financial

Group

Co.,

Ltd.

272,012

14,022

SK

Hynix,

Inc.

62,956

24,595

SK

Telecom

Co.,

Ltd.

119,849

4,403

Sung

Kwang

Bend

Co.,

Ltd.

45,549

1,007

235,076

Spain

-

1.4%

Amadeus

IT

Group

SA

Class

A

127,410

9,741

Banco

Santander

SA

159,637

1,625

CaixaBank

SA

2,185,668

23,086

Cellnex

Telecom

SA(Þ)

131,595

4,100

Iberdrola

SA

231,967

4,696

Industria

de

Diseno

Textil

SA

466,691

25,728

68,976

Sweden

-

1.2%

Assa

Abloy

AB

Class

B

242,764

9,196

Atlas

Copco

AB

Class

A

455,556

7,701

Boliden

AB(Æ)

86,534

3,908

Epiroc

AB

Class

A

282,066

5,973

Essity

Aktiebolag

Class

B

76,946

2,113

Fastighets

AB

Balder

Class

B(Æ)

276,232

2,026

Hexagon

AB

Class

B

24,824

L

E

Lundbergforetagen

AB

Class

B

43,887

2,353

Lifco

AB

Class

B

45,014

1,750

Sandvik

AB

230,424

6,996

Securitas

AB

Class

B

156,948

2,315

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

925

SKF

AB

Class

B

272,311

7,020

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

47,844

1,650

Telefonaktiebolaget

LM

Ericsson

Class

B

671,085

6,773

61,004

Switzerland

-

2.9%

ABB,

Ltd.

61,676

4,578

ABB,

Ltd.

-

ADR

45,954

3,408

Adecco

Group

AG

83,250

2,320

Baloise

Holding

AG

5,975

1,480

BKW

AG

5,265

1,177

Chocoladefabriken

Lindt

&

Spruengli

AG

4,653

Cie

Financiere

Richemont

SA

Class

A

12,652

2,500

Galderma

Group

AG

60,107

11,112

Geberit

AG

2,872

2,097

Givaudan

SA

512

2,099

Helvetia

Holding

AG

5,359

1,315

Julius

Baer

Group,

Ltd.

145,937

9,843

Lonza

Group

AG

29,708

20,496

Partners

Group

Holding

AG

5,406

6,608

Sandoz

Group

AG

16,388

1,091

Schindler

Holding

AG

11,995

4,218

SGS

SA

24,865

2,800

Sika

AG

2,809

549

Sonova

Holding

AG

6,291

1,711

Straumann

Holding

AG

12,918

1,622

Swatch

Group

AG

(The)

Class

B

21,652

4,502

Swiss

Life

Holding

AG

818

887

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Swiss

Prime

Site

AG

Class

A

9,281

1,318

Swisscom

AG

3,976

2,910

UBS

Group

AG

1,304,751

49,834

Zurich

Insurance

Group

AG

8,129

5,649

150,777

Taiwan

-

6.0%

Advantech

Co.,

Ltd.

49,087

Alchip

Technologies,

Ltd.

—

Catcher

Technology

Co.,

Ltd.

58,000

Cathay

Financial

Holding

Co.,

Ltd.

2,073,000

4,312

Chunghwa

Telecom

Co.,

Ltd.

367,000

1,564

Compal

Electronics,

Inc.

86,000

CTBC

Financial

Holding

Co.,

Ltd.

505,236

687

Delta

Electronics,

Inc.

510,000

16,332

E

Ink

Holdings,

Inc.

279,000

1,917

E.Sun

Financial

Holding

Co.,

Ltd.

2,636,374

2,551

Eclat

Textile

Co.,

Ltd.

69,000

919

Evergreen

Marine

Corp.

Taiwan,

Ltd.

90,417

568

Far

EasTone

Telecommunications

Co.,

Ltd.

393,000

1,182

First

Financial

Holding

Co.,

Ltd.

561,723

521

Fubon

Financial

Holding

Co.,

Ltd.

1,103,876

3,270

Globalwafers

Co.,

Ltd.

85,246

1,398

Hon

Hai

Precision

Industry

Co.,

Ltd.

1,262,115

10,522

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,233,048

1,171

KGI

Financial

Holding

Co.,

Ltd.

6,198,059

3,200

MediaTek

,

Inc.

414,241

17,574

Mega

Financial

Holding

Co.,

Ltd.

111,492

Nan

Ya

Plastics

Corp.

605,000

813

Realtek

Semiconductor

Corp.

269,000

4,498

SinoPac

Financial

Holdings

Co.,

Ltd.

85,413

Taishin

Financial

Holding

Co.,

Ltd.

882,976

536

Taiwan

Business

Bank

2,304,314

1,150

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

744,881

575

Taiwan

Mobile

Co.,

Ltd.

774,000

2,756

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,585,679

173,492

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

175,195

52,634

Uni

-President

Enterprises

Corp.

416,000

1,066

United

Microelectronics

Corp.

333,059

503

Yuanta

Financial

Holding

Co.,

Ltd.

56,352

306,957

Thailand

-

0.3%

Advanced

Info

Service

PCL

-

NVDR

189,400

1,768

Charoen

Pokphand

Foods

PCL

-

NVDR

1,306,500

853

Kasikornbank

PCL

-

NVDR

1,

560

,

9,005

PTT

PCL

-

NVDR

784,200

745

True

Corp.

PCL

-

NVDR(Æ)

5,177,100

1,808

14,179

Turkey

-

0.2%

Akbank

TAS

1,625,902

2,352

BIM

Birlesik

Magazalar

AS

315,234

4,043

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Turkiye

Garanti

Bankasi

AS

388,240

1,244

7,639

United

Arab

Emirates

-

0.2%

Aldar

Properties

PJSC

1,646,273

4,033

Emaar

Properties

PJSC

707,160

2,733

Emirates

NBD

Bank

PJSC

231,816

1,775

8,541

United

Kingdom

-

7.2%

3i

Group

PLC

53,930

3,117

Ashtead

Group

PLC

12,579

841

AstraZeneca

PLC

135,596

22,336

Aviva

PLC

361,516

3,181

Babcock

International

Group

PLC

472,642

7,533

BAE

Systems

PLC

296,242

7,294

Barclays

PLC

1,992,472

10,655

British

American

Tobacco

PLC

292,342

14,964

British

Land

Co.

PLC

(The)(ö)

875,908

4,368

BT

Group

PLC

2,470,673

6,029

Bunzl

PLC

21,696

659

Burberry

Group

PLC(Æ)

218,702

3,555

Centrica

PLC

1,302,113

3,067

CK

Hutchison

Holdings,

Ltd.

Class

B

454,461

3,017

Compass

Group

PLC

659,542

21,809

DCC

PLC

48,123

3,173

Diploma

PLC

158,101

11,648

easyJet

PLC

555,538

3,546

Halma

PLC

19,331

901

Hikma

Pharmaceuticals

PLC

20,406

HSBC

Holdings

PLC

1,721,446

23,987

Intermediate

Capital

Group

PLC

168,959

4,294

Intertek

Group

PLC

245,102

16,340

J

Sainsbury

PLC

3,681,085

16,519

Kingfisher

PLC

960,760

3,898

Klarna

Group

PLC(Æ)

138,361

5,198

Land

Securities

Group

PLC(ö)

615,177

5,029

London

Stock

Exchange

Group

PLC

147,994

18,444

Marks

&

Spencer

Group

PLC

325,982

1,704

NatWest

Group

PLC

1,798,687

13,803

Next

PLC

13,758

2,588

Pearson

PLC

115,955

1,614

Reckitt

Benckiser

Group

PLC

267,663

20,437

RELX

PLC

432,910

19,132

Rolls-Royce

Holdings

PLC

279,223

4,284

Sage

Group

PLC

(The)

147,524

2,228

Smith

&

Nephew

PLC

48,438

896

Smiths

Group

PLC

32,733

1,085

Spirax

Group

PLC

12,289

1,148

Standard

Chartered

PLC

1,552,306

31,808

Tate

&

Lyle

PLC

302,968

1,537

Tesco

PLC

2,675,808

16,153

Travis

Perkins

PLC

124,440

1,027

Unilever

PLC

112,217

6,733

Vodafone

Group

PLC

1,072,427

1,297

Weir

Group

PLC

(The)

154,605

6,023

Wise

PLC

Class

A(Æ)

437,301

5,553

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WPP

PLC

538,546

2,039

366,985

United

States

-

6.8%

Accenture

PLC

Class

A

40,019

10,009

Alcon

AG

21,038

1,566

Allegion

PLC

19,477

3,229

Amdocs,

Ltd.

17,861

1,505

Amrize

,

Ltd.(Æ)

77,164

3,968

Aon

PLC

Class

A

36,924

12,579

ARM

Holdings

PLC

-

ADR(Æ)

7,632

1,296

BeOne

Medicines,

Ltd.

Class

H(Æ)

47,700

1,136

BP

PLC

1,581,338

9,245

CRH

PLC

14,570

1,735

CSL,

Ltd.

8,428

987

CyberArk

Software,

Ltd.(Æ)

3,158

1,645

Experian

PLC

66,058

3,077

Freeport-McMoRan,

Inc.

78,000

3,252

GSK

PLC

1,134,614

26,585

Haleon

PLC

7,104,612

33,080

Holcim

AG(Æ)

77,164

6,846

James

Hardie

Industries

PLC(Æ)

266,721

5,606

JBS

NV

Class

A(Æ)

120,151

1,587

Las

Vegas

Sands

Corp.

12,625

749

Linde

PLC

60,449

25,286

Medtronic

PLC

72,775

6,601

Nestle

SA

199,821

19,089

Newmont

Corp.

3,657

Novartis

AG

151,344

18,729

Roche

Holding

AG

71,460

23,152

Sanofi

SA

239,904

24,271

Schlumberger

NV

1,937

Schneider

Electric

SE

149,789

42,485

Shell

PLC

1,132,173

42,319

Spotify

Technology

SA(Æ)

25,667

16,820

Tenaris

SA

32,274

643

349,443

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.(Æ)

573,219

11,901

#### Total

#### Common

#### Stocks
(cost

$3,007,461)

4,871,436

#### Preferred

#### Stocks

#### -

#### 0.6%
Brazil

-

0.1%

Cia

Paranaense

de

Energia

-

Copel

4.543%

(Ÿ)

400,789

1,037

Itau

Unibanco

Holding

SA

6.515%

(Ÿ)

810,130

5,939

Raizen

SA

0.972%

(Æ)

6,080,475

1,074

8,050

Germany

-

0.2%

Henkel

AG

&

Co.

KGaA

2.899%

(Ÿ)

64,929

5,259

Volkswagen

AG

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.657%

(Ÿ)

47,561

4,942

10,201

South

Korea

-

0.3%

Samsung

Electronics

Co.,

Ltd.

1.926%

(Ÿ)

232,288

13,728

Taiwan

-

0.0%

Taishin

Financial

Holding

Co.,

Ltd.

0.000%

(Æ)

185,675

#### Total

#### Preferred

#### Stocks
(cost

$23,400)

32,035

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

1,754

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 2.7%
United

States

-

2.7%

U.S.

Cash

Management

Fund(@)

136,115,941

(∞)

136,089

#### Total

#### Short-Term

#### Investments
(cost

$136,081)

136,089

#### Total

#### Investments

#### -

#### 98.5%
(identified

cost

$3,166,942)

5,039,560

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.5%
78,422

#### Net

#### Assets

#### -

#### 100.0%
5,117,982

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $2.8%

ABN

AMRO

Bank

NV

10/31/22

EUR

272,609

9.99 2,723

8,143

Adyen

NV

11/15/23

EUR

3,623

1,197.30

4,338

6,215

Air

Astana

JSC

09/13/24

115,761

6.53 756

771

Akeso

,

Inc.

07/11/25

HKD

79,000

14.45 1,142

1,147

Allegro.eu

SA

04/09/25

PLN

175,133

7.77 1,361

1,635

Amundi

SA

02/26/19

EUR

124,438

59.60 7,416

9,226

Avenue

Supermarts

,

Ltd.

01/16/23

INR

31,612

44.47 1,406

1,478

Cellnex

Telecom

SA

04/18/19

EUR

131,595

31.32 4,121

4,100

CGN

Power

Co.,

Ltd.

08/08/23

HKD

2,578,000

0.25 640

1,022

China

International

Capital

Corp.,

Ltd.

10/06/23

HKD

2,018,800

1.19 2,408

5,472

China

Tower

Corp.,

Ltd.

08/09/23

HKD

927,200

1.08 1,006

1,341

Covestro

AG

03/17/20

EUR

161,277

32.33 5,213

10,953

Dino

Polska

SA

10/06/23

PLN

76,390

8.13 621

910

Fix

Price

Group,

Ltd.

10/14/21

183,060

—

1,648

—

Hapvida

Participacoes

e

Investimentos

SA

09/25/25

BRL

334,607

6.88 2,302

1,946

HDFC

Asset

Management

Co.,

Ltd.

06/27/24

INR

15,132

48.31 731

917

HDFC

Life

Insurance

Co.,

Ltd.

03/02/22

INR

173,020

7.38 1,276

1,425

Hindustan

Aeronautics,

Ltd.

08/08/23

INR

28,296

22.81 645

1,489

Hydro

One,

Ltd.

04/18/19

CAD

26,918

25.76 693

993

ICICI

Lombard

General

Insurance

Co.,

Ltd.

05/15/23

INR

89,652

13.61 1,220

2,019

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

233,913

5.33 1,246

1,558

InterGlobe

Aviation,

Ltd.

03/25/21

INR

150,050

23.47 3,522

9,510

Kuaishou

Technology

11/09/22

HKD

1,563,017

6.31 9,856

14,574

Larsen

&

Toubro,

Ltd.

06/27/24

44,502

43.02 1,915

2,005

Longfor

Group

Holdings,

Ltd.

03/27/24

HKD

3,957,000

1.27 5,044

4,879

Macrotech

Developers,

Ltd.

03/27/24

INR

212,537

13.23 2,811

2,867

Meituan

03/27/24

HKD

53,836

11.79 635

709

Nexi

SpA

04/09/25

EUR

161,277

4.64 748

849

Nongfu

Spring

Co.,

Ltd.

09/13/24

HKD

295,000

3.21 947

1,960

Pop

Mart

International

Group,

Ltd.

12/11/24

HKD

65,200

11.82 771

1,861

Postal

Savings

Bank

of

China

Co.,

Ltd.

12/18/23

HKD

1,305,000

0.47 610

919

Reliance

Industries,

Ltd.

06/03/15

78,033

9.99 779

5,173

Samsung

Biologics

Co.,

Ltd.

02/13/24

KRW

2,419

630.87 1,526

2,073

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

182,761

16.33 2,984

4,025

Shandong

Gold

Mining

Co.,

Ltd.

04/09/25

HKD

191,500

2.33 447

803

WH

Group,

Ltd.

10/26/15

HKD

3,780,826

0.56 2,120

3,625

WuXi

AppTec

Co.,

Ltd.

09/13/24

HKD

646,000

8.27 5,342

8,988

Wuxi

Biologics

Cayman,

Inc.

09/25/25

HKD

582,000

5.14 2,994

2,714

Xiaomi

Corp.

03/27/24

HKD

2,047,000

4.65 9,525

11,355

141,649

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Australian

Dollar

/

US

Dollar

Pair

Currency

Futures

2,119

USD

138,710

12/25

(1,899)

Canadian

Dollar

Currency

Futures

2,152

USD

153,900

12/25

(2,094)

Japanese

Yen

Currency

Futures

2,575

USD

209,750

12/25

(10,815)

New

Zealand

Dollar

Currency

Futures

USD

10,606

12/25

(452) Norwegian

Krone

Currency

Futures

USD

20,337

12/25

(442) S&P/TSX

Index

Futures

907

CAD

323,182

12/25

5,690

SPI

Index

Futures

929

AUD

206,517

12/25

(176) TOPIX

Index

Futures

JPY

14,002,800

12/25

6,203

Short

Positions

CAC40

Euro

Index

Futures

EUR

4,473

11/25

(116) DAX

Index

Futures

EUR

3,605

12/25

(28) Euro/US

Dollar

Pair

Currency

Futures

874

USD

126,206

12/25

2,571

EURO

STOXX

Index

Futures

EUR

2,551

12/25

(80) FTSE

Index

Futures

GBP

32,064

12/25

(1,939)

FTSE/MIB

Index

Futures

EUR

1,286

12/25

(14) British

Pound

Currency

Futures

USD

14,782

12/25

Hang

Seng

Index

Futures

HKD

126,944

11/25

IBEX

Index

Futures

EUR

1,440

11/25

(49) MSCI

Emerging

Markets

Index

Futures

2,455

USD

172,783

12/25

(7,910)

MSCI

Singapore

Index

Futures

SGD

15,703

11/25

(4) OMXS30

Index

Futures

SEK

11,911

11/25

(23) S&P

500

E-Mini

Index

Futures

USD

41,588

12/25

(1,311)

Swiss

Franc

Currency

Futures

USD

10,148

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(11,926)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

1,683

AUD

2,558

11/03/25

(9) Bank

of

America

USD

665

CHF

531

11/03/25

(5) Bank

of

America

USD

1,388

DKK

8,928

11/03/25

(10) Bank

of

America

USD

24,904

EUR

21,503

11/03/25

(119) Bank

of

America

USD

GBP

11/03/25

—

Bank

of

America

USD

9,611

GBP

7,293

11/03/25

(31) Bank

of

America

USD

4,342

HKD

33,730

11/03/25

(1) Bank

of

America

USD

HKD

11/04/25

—

Bank

of

America

USD

HKD

11/04/25

—

Bank

of

America

USD

6,916

JPY

1,063,090

11/04/25

(17) Bank

of

America

CHF

1,979

USD

2,472

11/03/25

Bank

of

America

CHF

2,443

USD

3,050

11/03/25

Bank

of

America

EUR

1,090

USD

1,265

11/03/25

Bank

of

America

EUR

1,317

USD

1,529

11/03/25

Bank

of

America

EUR

7,379

USD

8,533

11/03/25

Bank

of

America

GBP

3,830

USD

5,037

11/03/25

Bank

of

America

HKD

4,077

USD

525

11/03/25

—

Bank

of

America

HKD

51,637

USD

6,647

11/03/25

Bank

of

America

NOK

5,006

USD

11/03/25

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

SEK

3,075

USD

11/03/25

Bank

of

America

SEK

13,660

USD

1,447

11/03/25

Bank

of

America

TRY

45,924

USD

1,091

11/03/25

(1) Bank

of

America

TRY

55,277

USD

1,314

11/03/25

(1) Bank

of

America

ZAR

120,699

USD

6,984

11/04/25

State

Street

USD

BRL

2,589

11/03/25

—

State

Street

USD

—

IDR

3,281

11/03/25

—

State

Street

USD

1,036

IDR

17,234,160

11/03/25

—

State

Street

USD

1,747

KRW

2,491,213

11/03/25

State

Street

USD

2,716

KRW

3,872,432

11/03/25

State

Street

USD

3,390

KRW

4,832,347

11/03/25

State

Street

USD

1,003

MYR

4,206

11/03/25

State

Street

USD

1,064

SAR

3,989

11/03/25

—

State

Street

USD

1,032

THB

33,309

11/03/25

(2) State

Street

IDR

17,797,835

USD

1,071

11/03/25

State

Street

MYR

2,109

USD

503

11/03/25

(1) State

Street

TWD

15,168

USD

11/03/25

—

State

Street

TWD

16,469

USD

535

11/03/25

—

State

Street

TWD

17,706

USD

576

11/03/25

—

State

Street

TWD

26,147

USD

850

11/03/25

(1) State

Street

TWD

26,843

USD

873

11/03/25

(1) State

Street

TWD

31,010

USD

1,008

11/03/25

(1) State

Street

TWD

50,539

USD

1,643

11/03/25

(1) State

Street

TWD

74,927

USD

2,435

11/03/25

(2) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(73) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Argentina

$

17,084

$

—

$

—

$

—

$

17,084

Australia

—

41,029

—

—

41,029

Austria

—

27,17

—

—

27,17

Belgium

—

10,984

—

—

10,984

Brazil

124,533

1,607

—

—

126,140

Burkina

Faso

2,875

—

—

—

2,875

Canada

166,848

—

—

—

166,848

Chile

4,831

2,556

—

—

7,387

China

61,090

536,190

—

—

597,280

Colombia

—

—

—

Congo,

the

Democratic

Republic

of

the

4,606

—

—

—

4,606

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Denmark

—

47,781

—

—

47,781

Finland

—

31,119

—

—

31,119

France

—

300,697

—

—

300,697

Germany

2,449

311,765

—

—

314,214

Greece

—

33,329

—

—

33,329

Hong

Kong

5,310

62,868

—

—

68,178

Hungary

—

5,629

—

—

5,629

India

6,277

223,899

—

230,490

Indonesia

—

36,559

—

—

36,559

Ireland

876

40,138

—

—

41,014

Israel

11,555

7,246

—

—

18,801

Italy

8,658

108,000

—

—

116,658

Japan

594,866

—

—

595,267

Kazakhstan

—

771

—

—

771

Luxembourg

—

17,640

—

—

17,640

Macao

—

15,062

—

—

15,062

Malaysia

—

8,420

—

—

8,420

Mexico

38,035

15,309

—

—

53,344

Netherlands

1,381

164,606

—

—

165,987

New

Zealand

—

1,753

—

—

1,753

Nigeria

—

2,796

—

—

2,796

Norway

—

14,816

—

—

14,816

Peru

1,059

—

—

—

1,059

Philippines

—

4,397

—

—

4,397

Poland

—

17,129

—

—

17,129

Portugal

—

1,155

—

—

1,155

Russia

—

—

—

—

—

Saudi

Arabia

—

7,566

—

—

7,566

Singapore

40,113

12,008

—

—

52,121

South

Africa

36,507

47,867

—

—

84,374

South

Korea

7,112

225,891

2,073

—

235,076

Spain

—

68,976

—

—

68,976

Sweden

—

61,004

—

—

61,004

Switzerland

3,408

147,369

—

—

150,777

Taiwan

52,634

254,323

—

—

306,957

Thailand

—

14,179

—

—

14,179

Turkey

—

7,639

—

—

7,639

United

Arab

Emirates

—

8,541

—

—

8,541

United

Kingdom

5,198

361,787

—

—

366,985

United

States

86,659

262,784

—

—

349,443

Zambia

11,901

—

—

—

11,901

Preferred

Stocks

8,050

23,985

—

—

32,035

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

136,089

136,089

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Total

Investments

709,878

4,191,20

2,387

136,089

5,039,5

Other

Financial

Instruments

Assets

Futures

Contracts

15,426

—

—

—

15,426

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(27,352)

—

—

—

(27,352)

Foreign

Currency

Exchange

Contracts

(203) —

—

—

(203) Total

Other

Financial

Instruments

\*

$

(11,999)

$

—

$

—

$

—

$

(11,999)

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

840,718

.4

Consumer

Staples

...............................................................................

296,483

.8

Energy

................................................................................................

188,369

.7

Financial

Services

..............................................................................

1,230,244

.0

Health

Care

........................................................................................

372,823

.3

Materials

and

Processing

...................................................................

486,093

.5

Producer

Durables

..............................................................................

475,295

.3

Technology

.........................................................................................

810,083

.8

Utilities

...............................................................................................

171,328

.4

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

4,942

.1

Consumer

Staples

...............................................................................

5,259

.1

Financial

Services

..............................................................................

5,995

.1

Technology

.........................................................................................

13,728

.3

Utilities

...............................................................................................

2,111

—

\*\*

#### Warrants

#### and

#### Rights

#### ...................................................................
—

—

#### Short-Term

#### Investments

#### .............................................................
136,089

.7

Total

Investments

...............................................................................

5,039,560

.5

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts\*

12,230

3,196

Total

$

12,230

$

3,326

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

11,650

$

15,702

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

11,650

$

15,905

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

29,587

$

(29,502)

Foreign

currency

exchange

contracts

—

(703) Total

$

,

587

$

(30

,

205)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(3

,

683)

$

,

Foreign

currency

exchange

contracts

—

(73) Total

$

(3,683)

$

,

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(130) —

(130) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(203) —

(203) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

—

$

—

$

—

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

3,166,942

Investments,

at

fair

value(>)

........................................................................................................................................................

5,039,560

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

12,640

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

7,882

Dividends

from

affiliated

funds

.......................................................................................................................................

501

Investments

sold

...............................................................................................................................................................

146,581

Fund

shares

sold

...............................................................................................................................................................

4,859

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

9,463

From

broker(a)

.................................................................................................................................................................

68,373

Variation

margin

on

futures

contracts

..............................................................................................................................

596

Total

assets

...............................................................................................................................................................

5,290,923

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

142,949

Fund

shares

redeemed

......................................................................................................................................................

2,404

Accrued

fees

to

affiliates

..................................................................................................................................................

4,184

Other

accrued

expenses

....................................................................................................................................................

577

Variation

margin

on

futures

contracts

..............................................................................................................................

12,478

Deferred

capital

gains

tax

liability

...................................................................................................................................

10,146

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

172,941

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,117,982

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

1,306,274

Shares

of

beneficial

interest

.........................................................................................................................................................

3,575

Additional

paid-in

capital

............................................................................................................................................................

3,808,133

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,117,982

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

136,089

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

12,723

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

68,373

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

14.23 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

15.10 Class

A

—

Net

assets

...........................................................................................................................................................

$

54,240,777

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

3,811,457

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

14.04 Class

C

—

Net

assets

...........................................................................................................................................................

$

8,607,102

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

612,953

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

14.33 Class

M

—

Net

assets

..........................................................................................................................................................

$

1,426,068,868

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

99,541,470

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

14.31 Class

S

—

Net

assets

............................................................................................................................................................

$

3,629,065,721

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

253,547,013

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

123,120

Dividends

from

affiliated

funds

.......................................................................................................................................

6,880

Interest

..............................................................................................................................................................................

1,717

Less

foreign

taxes

withheld

.............................................................................................................................................

(12,872)

Total

investment

income

..............................................................................................................................................................

118,845

#### Expenses
Advisory

fees

...................................................................................................................................................................

36,085

Administrative

fees

..........................................................................................................................................................

2,129

Custodian

fees

..................................................................................................................................................................

687

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

2,482

Transfer

agent

fees

-

Class

S

............................................................................................................................................

6,324

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

812

Expenses

before

reductions

..............................................................................................................................................

49,620

Expense

reductions

..........................................................................................................................................................

(4,325)

Net

expenses

................................................................................................................................................................................

45,295

Net

investment

income

(loss)

.......................................................................................................................................................

73,550

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(56,91

5)

Investments

in

affiliated

funds

.........................................................................................................................................

(11) Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(703) Foreign

currency-related

transactions

..............................................................................................................................

1,82

Net

realized

gain

(loss)

................................................................................................................................................................

(55,718)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($3

,

792))

...................................................

912,087

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

3,733

Foreign

currency

exchange

contracts

...............................................................................................................................

(73) Foreign

currency-related

transactions

..............................................................................................................................

(401) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

915,350

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

859,632

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

933,182

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

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)

.......................................................................................................

$

73,550

$

65,551

Net

realized

gain

(loss)

................................................................................................................

(55,718)

(89,235)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

915,350

652,141

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

933,182

628,457

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(766) (510) Class

C

.....................................................................................................................................

(71) (72) Class

M

....................................................................................................................................

(21,651)

(18,754)

Class

S

......................................................................................................................................

(55,061)

(42,536)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(77,549)

(61,872)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

280,722

362,697

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,136,355

929,282

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

3,981,627

3,052,345

End

of

period

......................................................................................................................................

$

5,117,982

$

3,981,627

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

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

537

$

6,557

1,243

$

14,164

Proceeds

from

reinvestment

of

distributions

766

510

Payments

for

shares

redeemed

(531) (6,427)

(520) (5,677)

Net

increase

(decrease)

896

769

8,997

Class

C

Proceeds

from

shares

sold

1,283

1,272

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(213) (2,618)

(214) (2,410)

Net

increase

(decrease)

(103) (1,264)

(94) (1,066)

Class

M

Proceeds

from

shares

sold

23,002

285,282

31,552

364,861

Proceeds

from

reinvestment

of

distributions

1,902

21,547

1,699

18,720

Payments

for

shares

redeemed

(30,800)

(374,749)

(14,848)

(170,263)

Net

increase

(decrease)

(5,89

6)

(67,920)

18,403

213,318

Class

S

Proceeds

from

shares

sold

64,241

790,266

48,231

552,627

Proceeds

from

reinvestment

of

distributions

4,855

55,013

3,857

42,498

Payments

for

shares

redeemed

(39,72

6)

(496,269)

(39,906)

(453,677)

Net

increase

(decrease)

29,3

349,010

12,182

141,448

Total

increase

(decrease)

23,44

$

280,722

31,260

$

362,697

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### 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

11.85 10.03 9.05 12.48 9.53 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.17

.17

.16

.17

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.41 1.83 .94

(3.35)

2.92 $

Total

from

Investment

Operations

2.58 2.00 1.10 (3.18)

3.10 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.18)

(.12)

(.25)

(.15)

$

Total

Distributions

(.20)

(.18)

(.12)

(.25)

(.15)

$

Net

Asset

Value,

End

of

Period

14.23 11.85 10.03 9.05 12.48 %

Total

Return

(±)

22.21 20.06 12.13 (25.93)

32.74 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 54,241

44,295

29,757

23,630

27,480

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.36 1.39 1.38 1.38 1.38 %

Expenses,

Net

(Ƃ)

1.29 1.32 1.29 1.29 1.29 %

Net

Investment

Income

(Ƃ)

1.37 1.49 1.49 1.61 1.45 %

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

11.68 9.88 8.92 12.30 9.41 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.07

.08

.08

.09

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.39 1.81 .93

(3.30)

2.89 $

Total

from

Investment

Operations

2.46 1.89 1.01 (3.21)

2.97 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10)

(.09)

(.05)

(.17)

(.08)

$

Total

Distributions

(.10)

(.09)

(.05)

(.17)

(.08)

$

Net

Asset

Value,

End

of

Period

14.04 11.68 9.88 8.92 12.30 %

Total

Return

21.28 19.21 11.29 (26.45)

31.65 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,607

8,360

8,005

7,485

9,172

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.11 2.15 2.13 2.13 2.13 %

Expenses,

Net

(Ƃ)

2.04 2.07 2.04 2.04 2.04 %

Net

Investment

Income

(Ƃ)

.60

.75

.74

.87

.68

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.93 10.09 9.10 12.55 9.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.22

.22

.20

.21

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.41 1.83 .94

(3.37)

2.94 $

Total

from

Investment

Operations

2.63 2.05 1.14 (3.16)

3.17 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.23)

(.21)

(.15)

(.29)

(.19)

$

Total

Distributions

(.23)

(.21)

(.15)

(.29)

(.19)

$

Net

Asset

Value,

End

of

Period

14.33 11.93 10.09 9.10 12.55 %

Total

Return

22.60 20.54 12.58 (25.68)

33.29 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,426,069

1,257,429

877,826

728,774

776,828

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.11 1.15 1.13 1.14 1.13 %

Expenses,

Net

(Ƃ)

.94

.97

.94

.94

.94

%

Net

Investment

Income

(Ƃ)

1.72 1.87 1.86 1.98 1.86 %

Portfolio

Turnover

Rate

#### 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

11.92 10.08 9.10 12.54 9.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.21

.20

.19

.20

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.41 1.84 .93

(3.36)

2.94 $

Total

from

Investment

Operations

2.62 2.04 1.12 (3.16)

3.14 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.23)

(.20)

(.14)

(.28)

(.17)

$

Total

Distributions

(.23)

(.20)

(.14)

(.28)

(.17)

$

Net

Asset

Value,

End

of

Period

14.31 11.92 10.08 9.10 12.54 %

Total

Return

22.44 20.44 12.35 (25.70)

33.04 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,629,065

2,671,543

2,136,757

1,781,840

2,032,628

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.11 1.15 1.13 1.13 1.13 %

Expenses,

Net

(Ƃ)

1.04 1.07 1.04 1.04 1.04 %

Net

Investment

Income

(Ƃ)

1.63 1.77 1.75 1.87 1.68 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

3,204,895

Administrative

fees

205,490

Distribution

fees

16,953

Shareholder

servicing

fees

1,822

Transfer

agent

fees

745,687

Trustees'

fees

8,800

$

4,183,647

#### 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
U.S.

Cash

Management

Fund

$

135,615

$

879,370

$

878,889

$

(11)

$

$

136,089

$

6,880

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

3,230,452,456

$

1,870,088,623

$

(54,896,483)

$

1,815,192,140

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

96,532,142

$

(594,693,792)

$

1,804,435,307

$

—

$

1,306,273,657

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

77,548,718

$

—

$

—

$

61,872,318

$

—

$

—

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.0%
Argentina

-

1.3%

Corp.

America

Airports

SA(Æ)

59,152

1,311

Vista

Energy

SAB

de

CV

-

ADR(Æ)

133,277

6,457

YPF

SA

-

ADR(Æ)

217,818

7,935

15,703

Australia

-

5.7%

Atlas

Arteria,

Ltd.

1,963,396

6,233

BHP

Group,

Ltd.

191,908

5,459

Dalrymple

Bay

Infrastructure,

Ltd.

103,389

Fortescue,

Ltd.

129,847

1,803

Glencore

PLC

3,075,469

14,703

Mineral

Resources,

Ltd.(Æ)

15,772

510

Perenti

,

Ltd.

16,262

Qube

Holdings,

Ltd.

732,797

2,104

Rio

Tinto

PLC

189,783

13,587

Rio

Tinto,

Ltd.

12,512

1,087

Sandfire

Resources,

Ltd.(Æ)

131,100

1,396

Santos,

Ltd.

131,706

544

South32,

Ltd.

Class

B

337,987

699

Sunrise

Energy

Metals,

Ltd.(Æ)

413,160

1,215

Transurban

Group(Æ)

1,972,536

18,668

Woodside

Energy

Group,

Ltd.

30,204

68,827

Austria

-

0.2%

Mondi

PLC

1,327

OMV

AG

32,755

1,792

1,807

Brazil

-

1.9%

Adecoagro

SA

54,199

Centrais

Eletricas

Brasileiras

SA

-

ADR

75,132

778

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

-

ADR

36,851

904

Cia

Energetica

de

Minas

Gerais

-

ADR

225,906

Companhia

Paranaense

de

Energia

-

Copel

-

ADR

31,980

Motiva

Infraestrutura

de

Mobilidade

SA

749,472

2,212

Petroleo

Brasileiro

SA

11,405

Petroleo

Brasileiro

SA

-

ADR

80,010

931

Petroreconcavo

SA(Æ)

110,702

PRIO

SA(Æ)

163,343

1,094

Rumo

SA

398,966

1,181

Sao

Martinho

S/A

214,349

559

Suzano

SA

394,664

3,587

Suzano

SA

-

ADR

144,902

1,308

Ultrapar

Participacoes

SA

-

ADR

69,292

Vale

SA

439,268

5,328

Vale

SA

Class

B

-

ADR

133,978

1,620

Wheaton

Precious

Metals

Corp.

12,541

1,211

Yara

International

ASA

17,391

634

23,184

Canada

-

3.7%

Agnico

Eagle

Mines,

Ltd.

15,613

2,511

AltaGas

,

Ltd.

40,730

1,196

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ARC

Resources,

Ltd.

111,946

2,065

Barrick

Mining

Corp.

61,777

2,028

Canadian

Natural

Resources,

Ltd.

63,091

2,018

Cenovus

Energy,

Inc.

14,308

Enbridge,

Inc.

199,530

9,304

Enerflex

,

Ltd.

56,123

706

Franco-Nevada

Corp.

Class

T

9,445

1,764

Gibson

Energy,

Inc.

Imperial

Oil,

Ltd.

18,672

1,651

Largo,

Inc.(Æ)

184,580

Logan

Energy

Corp.(Æ)

25,659

NexGen

Energy,

Ltd.(Æ)

660,653

6,458

Nutrien

,

Ltd.

68,124

3,710

Pembina

Pipeline

Corp.

61,349

2,321

Precision

Drilling

Corp.(Æ)

7,331

South

Bow

Corp.

Class

W

9,265

Suncor

Energy,

Inc.

39,577

1,576

Tamarack

Valley

Energy,

Ltd.

231,541

1,028

TC

Energy

Corp.

46,325

2,325

Teck

Resources,

Ltd.

Class

B

24,870

1,067

Vermilion

Energy,

Inc.

40,183

Westshore

Terminals

Investment

Corp.

18,767

Whitecap

Resources,

Inc.

172,443

1,284

44,816

Chile

-

0.6%

Antofagasta

PLC

29,173

1,066

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

135,737

6,650

7,716

China

-

1.5%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

6,708,798

2,409

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

516

China

Merchants

Port

Holdings

Co.,

Ltd.

584,264

1,131

China

Tower

Corp.,

Ltd.

Class

H(Þ)

2,254,000

3,259

COSCO

SHIPPING

Ports,

Ltd.

864,000

637

ENN

Energy

Holdings,

Ltd.

247,941

2,160

Guangdong

Investment,

Ltd.

338,000

Henan

Shenhuo

Coal

Industry

&

Electric

Power

Co.,

Ltd.

Class

A

337,000

1,176

Jiangsu

Expressway

Co.,

Ltd.

Class

H

845,153

1,030

Kunlun

Energy

Co.,

Ltd.

118,000

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

238,000

Shenzhen

International

Holdings,

Ltd.

582,000

603

Western

Mining

Co.,

Ltd.

Class

A

488,101

1,652

Wilmar

International,

Ltd.

857,200

2,059

Yuexiu

Transport

Infrastructure,

Ltd.

376,000

Zhejiang

Expressway

Co.,

Ltd.

Class

H

312,000

Zijin

Mining

Group

Co.,

Ltd.

Class

H

86,000

18,149

Congo,

the

Democratic

Republic

of

the

-

0.4%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

445,919

4,461

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Denmark

-

0.4%

Vestas

Wind

Systems

A/S

209,377

4,332

Faroe

Islands

-

0.2%

Bakkafrost

P/F

39,331

1,803

Finland

-

1.0%

Kemira

Oyj

50,412

1,110

Neste

Oyj

359,395

7,439

Stora

Enso

Oyj

Class

R

92,043

1,071

UPM-

Kymmene

Oyj

68,049

1,824

11,444

France

-

3.0%

Aeroports

de

Paris

SA

72,083

9,897

Eiffage

SA

6,335

781

Engie

SA

48,151

1,127

Eramet

SA

2,144

Gaztransport

Et

Technigaz

SA

Getlink

SE

698,562

12,749

Rubis

SCA

14,047

510

Technip

Energies

NV

20,026

813

TotalEnergies

SE

52,146

3,247

Veolia

Environnement

SA

80,354

2,655

Vinci

SA

27,653

3,701

35,652

Germany

-

0.6%

E.ON

SE

83,362

1,551

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

14,087

1,205

K+S

AG

26,874

RWE

AG

76,622

3,768

6,874

Ghana

-

0.7%

Kosmos

Energy,

Ltd.(Æ)

5,695,604

8,942

Hong

Kong

-

0.1%

Hutchison

Port

Holdings

Trust

Class

U

1,796,100

United

Energy

Group,

Ltd.

12,352,000

787

1,165

Hungary

-

0.1%

MOL

Hungarian

Oil

&

Gas

PLC

160,679

1,414

India

-

0.2%

Reliance

Industries,

Ltd.

-

GDR(Þ)

32,185

2,134

Isle

of

Man

-

0.1%

Lifezone

Metals,

Ltd.(Æ)

244,612

1,216

Israel

-

0.2%

Equital

,

Ltd.(Æ)

7,002

ICL

Group,

Ltd.

80,378

525

Israel

Corp.,

Ltd.

1,927

681

Naphtha

Israel

Petroleum

Corp.,

Ltd.

56,274

2,012

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Italy

-

0.6%

Enav

SpA

(Þ)

102,704

537

Enel

SpA

220,044

2,225

Eni

SpA

49,771

917

Hera

SpA

500,113

2,242

Infrastrutture

Wireless

Italiane

SpA

(Þ)

122,290

1,343

7,264

Japan

-

1.0%

Ebara

Corp.

72,100

1,924

Inpex

Corp.

35,000

646

Japan

Airport

Terminal

Co.,

Ltd.

200,400

6,222

Japan

Petroleum

Exploration

Co.,

Ltd.

80,200

667

JFE

Holdings,

Inc.

5,600

Kanadevia

Corp.

2,500

Mitsubishi

Materials

Corp.

8,100

Modec

,

Inc.

9,100

589

Nippon

Steel

Corp.

150,000

619

Nittetsu

Mining

Co.,

Ltd.

45,000

West

Japan

Railway

Co.

22,700

11,864

Luxembourg

-

0.1%

ArcelorMittal

SA

37,979

1,446

Mexico

-

2.7%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

16,580

1,635

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

573,390

11,952

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

17,496

3,645

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

265,555

8,033

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

4,011

1,213

Grupo

Mexico

SAB

de

CV

471,938

4,080

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

138,547

1,794

Southern

Copper

Corp.

1,771

32,598

Netherlands

-

0.0%

SBM

Offshore

NV

9,885

New

Zealand

-

0.6%

Auckland

International

Airport,

Ltd.

1,503,925

6,982

Norway

-

0.6%

Aker

BP

ASA

91,143

2,365

Austevoll

Seafood

ASA

155,885

1,465

Borregaard

ASA

22,679

DNO

ASA

577,404

790

DOF

Group

ASA

27,014

Equinor

ASA

Class

N

57,663

1,382

Frontline

PLC

5,903

Norsk

Hydro

ASA

24,266

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TGS

ASA

56,809

7,475

Poland

-

0.0%

ORLEN

SA

21,816

590

Portugal

-

0.4%

Galp

Energia

SGPS

SA

Class

B

266,363

5,344

Russia

-

0.0%

Gazprom

Neft

PJSC(Æ)(Š)

172,926

—

Gazprom

PJSC(Æ)(Š)

643,570

—

Gazprom

PJSC

-

ADR(Æ)(Š)

30,369

—

GMK

Norilskiy

Nickel

PAO(Æ)(Š)

1,789,700

—

LUKOIL

PJSC(Æ)(Š)

35,888

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

2,369

—

MMC

Norilsk

Nickel

PJSC

-

ADR(Æ)(Š)

—

Novatek

PJSC(Æ)(Š)

93,200

—

PhosAgro

PJSC(Æ)(Š)

11,936

—

PhosAgro

PJSC

-

GDR(Æ)(Š)

—

Polyus

PJSC(Æ)(Š)

17,780

—

Polyus

PJSC

-

GDR(Æ)(Š)(Þ)

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

97,843

—

Tatneft

PJSC(Æ)

(Š)

107,472

—

Tatneft

PJSC

-

ADR(Æ)(Š)

4,325

—

—

Singapore

-

0.2%

SATS,

Ltd.

617,800

1,621

SIA

Engineering

Co.,

Ltd.

112,100

1,925

South

Africa

-

0.8%

African

Rainbow

Minerals,

Ltd.

44,371

Anglo

American

PLC

177,113

6,676

Gold

Fields,

Ltd.

-

ADR

38,878

1,493

Impala

Platinum

Holdings,

Ltd.

22,654

Sibanye

Stillwater,

Ltd.(Æ)

261,122

693

Thungela

Resources,

Ltd.

7,364

9,578

South

Korea

-

0.1%

POSCO

Holdings,

Inc.

3,313

722

Spain

-

1.8%

Aena

SME

SA(Þ)

519,960

14,114

Iberdrola

SA

310,947

6,296

Repsol

SA

67,381

1,233

21,643

Sweden

-

0.2%

Boliden

AB(Æ)

13,208

596

Svenska

Cellulosa

AB

SCA

Class

B

165,322

2,204

2,800

Switzerland

-

0.9%

Flughafen

Zurich

AG

35,797

10,566

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Thailand

-

0.0%

PTT

Exploration

&

Production

PCL

98,800

United

Kingdom

-

1.4%

EnQuest

PLC

980,377

Harbour

Energy

PLC

714,978

2,111

National

Grid

PLC

752,142

11,250

Severn

Trent

PLC

Class

H

38,332

1,401

SSE

PLC

22,480

566

United

Utilities

Group

PLC

50,916

803

16,287

United

States

-

62.5%

Acadia

Realty

Trust(ö)

15,425

Advanced

Drainage

Systems,

Inc.

14,555

2,038

Aemetis

,

Inc.(Æ)

66,933

AES

Corp.

(The)

80,483

1,116

AGCO

Corp.

18,205

1,878

Agree

Realty

Corp.(ö)

184,434

13,466

Albemarle

Corp.

56,920

5,591

Alexander

&

Baldwin,

Inc.(ö)

10,313

Alexandria

Real

Estate

Equities,

Inc.(ö)

22,686

1,321

Alliant

Energy

Corp.

12,104

809

Amcor

PLC

127,858

1,010

Ameresco

,

Inc.

Class

A(Æ)

200,896

7,939

American

Assets

Trust,

Inc.(ö)

14,055

American

Electric

Power

Co.,

Inc.

68,259

8,209

American

Healthcare

REIT,

Inc.(ö)

192,105

8,706

American

Homes

Rent

Class

A(ö)

140,933

4,453

American

Tower

Corp.(ö)

1,843

Americold

Realty

Trust,

Inc.(ö)

34,742

Apple

Hospitality

REIT,

Inc.(ö)

37,174

Archer-Daniels-Midland

Co.

27,213

1,647

Array

Technologies,

Inc.(Æ)

705,591

6,110

Atmos

Energy

Corp.

4,584

787

AvalonBay

Communities,

Inc.(ö)

28,553

4,966

Avery

Dennison

Corp.

2,165

Baker

Hughes

Co.

6,537

BP

PLC

2,417,451

14,133

Brixmor

Property

Group,

Inc.(ö)

359,638

9,408

Broadstone

Net

Lease,

Inc.(ö)

14,640

Bunge

Global

SA

6,910

654

BXP,

Inc.(ö)

64,777

4,611

California

Resources

Corp.

172,425

8,133

Camden

Property

Trust(ö)

8,406

836

CareTrust

REIT,

Inc.(ö)

32,578

1,129

CenterPoint

Energy,

Inc.

60,047

2,296

Centerspace

(ö)

1,392

CF

Industries

Holdings,

Inc.

8,863

738

Cheniere

Energy,

Inc.

56,056

11,884

Chevron

Corp.

16,503

2,603

Civitas

Resources,

Inc.

77,256

2,227

Clean

Energy

Fuels

Corp.(Æ)

632,127

1,808

CNX

Resources

Corp.(Æ)

22,415

754

ConocoPhillips

84,036

7,467

Consolidated

Edison,

Inc.

4,472

Constellation

Energy

Corp.

26,283

9,909

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
COPT

Defense

Properties(ö)

16,229

Corteva

,

Inc.

66,558

4,089

Cousins

Properties,

Inc.(ö)

28,371

736

Crescent

Energy

Co.

Class

A

122,270

1,031

CSX

Corp.

16,621

599

CubeSmart

(ö)

139,170

5,243

Curbline

Properties

Corp.(ö)

14,267

Darling

Ingredients,

Inc.(Æ)

325,894

10,445

Deere

&

Co.

643

Diamondback

Energy,

Inc.

1,838

DiamondRock

Hospitality

Co.(ö)

27,431

Digital

Realty

Trust,

Inc.(ö)

116,663

19,881

Diversified

Healthcare

Trust(ö)

57,035

Dominion

Energy,

Inc.

87,136

5,114

Douglas

Emmett,

Inc.(ö)

15,026

DT

Midstream,

Inc.

38,245

4,187

Duke

Energy

Corp.

88,529

11,004

Easterly

Government

Properties,

Inc.(ö)

6,203

EastGroup

Properties,

Inc.(ö)

51,619

9,009

Elme

Communities(ö)

14,560

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

40,565

Entergy

Corp.

5,380

517

Enterprise

Products

Partners,

LP

28,820

887

EOG

Resources,

Inc.

8,795

931

EPR

Properties(ö)

59,125

2,898

EQT

Corp.

15,072

808

Equinix

,

Inc.(ö)

40,051

33,884

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

5,454

Equity

Residential(ö)

213,674

12,701

Essential

Properties

Realty

Trust,

Inc.(ö)

327,521

9,786

Essex

Property

Trust,

Inc.(ö)

28,803

7,252

Evergy

,

Inc.

35,614

2,736

Eversource

Energy

36,226

2,674

Exelon

Corp.

57,043

2,631

Expand

Energy

Corp.

9,226

953

Extra

Space

Storage,

Inc.(ö)

113,228

15,120

Exxon

Mobil

Corp.

41,602

4,758

Farmland

Partners,

Inc.(ö)

34,149

Federal

Realty

Investment

Trust(ö)

11,276

1,085

First

Industrial

Realty

Trust,

Inc.(ö)

121,374

6,710

First

Solar,

Inc.(Æ)

20,889

5,576

FirstEnergy

Corp.

24,731

1,133

Four

Corners

Property

Trust,

Inc.(ö)

11,225

Franklin

Street

Properties

Corp.(ö)

67,977

Freeport-McMoRan,

Inc.

113,340

4,726

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

1,970

GFL

Environmental,

Inc.

8,229

Global

Net

Lease,

Inc.(ö)

11,227

GrafTech

International,

Ltd.(Æ)

8,608

Green

Plains,

Inc.(Æ)

359,888

3,700

Gulfport

Energy

Corp.(Æ)

9,271

1,724

Halliburton

Co.

31,579

848

Healthcare

Realty

Trust,

Inc.(ö)

336,155

5,957

Healthpeak

Properties,

Inc.(ö)

99,363

1,784

Helmerich

&

Payne,

Inc.

26,056

684

Highwoods

Properties,

Inc.(ö)

8,520

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Host

Hotels

&

Resorts,

Inc.(ö)

496,225

7,950

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

490,745

1,197

Hyatt

Hotels

Corp.

Class

A

8,899

1,223

Independence

Realty

Trust,

Inc.(ö)

28,272

Innovative

Industrial

Properties,

Inc.(ö)

4,247

International

Paper

Co.

8,706

InvenTrust

Properties

Corp.(ö)

11,383

Invitation

Homes,

Inc.(ö)

81,424

2,292

Iron

Mountain,

Inc.(ö)

149,495

15,390

JBG

Smith

Properties(ö)

1,750

Kilroy

Realty

Corp.(ö)

128,982

5,449

Kimco

Realty

Corp.(ö)

175,150

3,619

Kinder

Morgan,

Inc.

195,580

5,122

Kite

Realty

Group

Trust(ö)

99,755

2,209

Lamar

Advertising

Co.

Class

A(ö)

32,388

3,841

Liberty

Energy,

Inc.

Class

A

51,762

937

Lineage,

Inc.(ö)

31,803

1,253

Macerich

Co.

(The)(ö)

26,538

Magnolia

Oil

&

Gas

Corp.

Class

A

69,013

1,550

Medical

Properties

Trust,

Inc.(ö)

54,856

Mid-America

Apartment

Communities,

Inc.(ö)

86,033

11,032

Millrose

Properties,

Inc.

Class

A(ö)

7,420

Mosaic

Co.

(The)

49,161

1,349

National

Health

Investors,

Inc.(ö)

5,771

National

Storage

Affiliates

Trust(ö)

8,150

NET

Lease

Office

Properties(ö)

1,247

NETSTREIT

Corp.(ö)

4,558

Newmont

Corp.

41,779

3,383

NexPoint

Residential

Trust,

Inc.(ö)

7,245

NextEra

Energy,

Inc.

173,027

14,084

NEXTracker

,

Inc.

Class

A(Æ)

40,823

4,132

NiSource,

Inc.

21,022

885

NNN

REIT,

Inc.(ö)

2,151

Noble

Corp.

PLC

14,841

Norfolk

Southern

Corp.

4,531

1,284

Northern

Oil

&

Gas,

Inc.

15,021

Nucor

Corp.

7,145

1,072

Occidental

Petroleum

Corp.

5,710

Omega

Healthcare

Investors,

Inc.(ö)

185,409

7,793

ONEOK,

Inc.

122,115

8,182

OUTFRONT

Media,

Inc.(ö)

15,798

Ovintiv

,

Inc.

9,708

Packaging

Corp.

of

America

5,263

1,030

Park

Hotels

&

Resorts,

Inc.(ö)

24,898

Patterson-UTI

Energy,

Inc.

36,518

Pebblebrook

Hotel

Trust(ö)

11,275

Permian

Resources

Corp.

20,008

Phillips

640

Phillips

Edison

&

Co.,

Inc.(ö)

13,007

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

1,626

Pinnacle

West

Capital

Corp.

5,317

Plymouth

Industrial

REIT,

Inc.(ö)

5,993

Prologis,

Inc.(ö)

341,434

42,369

ProPetro

Holding

Corp.(Æ)

49,442

513

Public

Service

Enterprise

Group,

Inc.

70,802

5,704

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Public

Storage(ö)

22,619

6,301

Realty

Income

Corp.(ö)

204,634

11,865

Regal

Rexnord

Corp.

3,044

Regency

Centers

Corp.(ö)

109,965

7,582

Reliance,

Inc.

1,301

Republic

Services,

Inc.

Class

A

10,233

2,131

REX

American

Resources

Corp.(Æ)

16,288

522

Rexford

Industrial

Realty,

Inc.(ö)

29,318

1,211

RLJ

Lodging

Trust(ö)

28,630

Ryman

Hospitality

Properties,

Inc.(ö)

20,846

1,812

Sabra

Health

Care

REIT,

Inc.(ö)

34,397

613

Schlumberger

NV

5,364

Sealed

Air

Corp.

7,430

Select

Water

Solutions,

Inc.

Class

A

21,426

Sempra

91,954

8,454

Shell

PLC

375,793

14,040

Simon

Property

Group,

Inc.(ö)

134,824

23,697

SL

Green

Realty

Corp.(ö)

26,039

1,337

SM

Energy

Co.

48,357

1,010

Smartstop

Self

Storage

REIT,

Inc.(ö)

118,743

4,079

Smurfit

WestRock

PLC

25,629

925

SolarEdge

Technologies,

Inc.(Æ)

216,609

7,601

Southern

Co.

(The)

54,333

5,109

Steel

Dynamics,

Inc.

3,364

527

Summit

Hotel

Properties,

Inc.(ö)

51,855

Sun

Communities,

Inc.(ö)

73,890

9,354

Sunrun

,

Inc.(Æ)

435,309

9,037

Sunstone

Hotel

Investors,

Inc.(ö)

24,220

Tanger

,

Inc.(ö)

13,216

Targa

Resources

Corp.

45,580

7,021

Tenaris

SA

57,063

1,137

Terreno

Realty

Corp.(ö)

16,286

930

TXNM

Energy,

Inc.

602

UDR,

Inc.(ö)

51,023

1,719

UGI

Corp.

61,379

2,052

Union

Pacific

Corp.

4,120

908

Ventas,

Inc.(ö)

206,734

15,255

Veris

Residential,

Inc.(ö)

26,987

VICI

Properties,

Inc.(ö)

578,890

17,361

Vistra

Corp.

8,267

1,557

Vital

Energy,

Inc.(Æ)

7,169

Vornado

Realty

Trust(ö)

43,137

1,637

Welltower

,

Inc.(ö)

236,434

42,804

Weyerhaeuser

Co.(ö)

12,899

Whitestone

REIT

Class

B(ö)

29,192

Williams

Cos.,

Inc.

(The)

46,843

2,711

WP

Carey,

Inc.(ö)

31,278

2,064

Xcel

Energy,

Inc.

65,802

5,341

Xenia

Hotels

&

Resorts,

Inc.(ö)

19,880

Zurn

Elkay

Water

Solutions

Corp.

13,656

643

748,737

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.(Æ)

126,204

2,620

#### Total

#### Common

#### Stocks
(cost

$843,968)

1,150,675

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Preferred

#### Stocks

#### -

#### 1.2%
Brazil

-

1.2%

Bradespar

SA

10.655%

(Ÿ)

2,273,773

7,836

Petroleo

Brasileiro

SA

-

Petrobras

9.222%

(Ÿ)

1,266,872

7,005

14,841

Russia

-

0.0%

Surgutneftegas

PJSC

0.000%

(Æ)(Š)

1,385,000

—

Tatneft

PJSC

0.000%

(Æ)(Š)

281,695

—

—

#### Total

#### Preferred

#### Stocks
(cost

$16,279)

14,841

#### Short-Term

#### Investments

#### -

#### 2.2%
United

States

-

2.2%

U.S.

Cash

Management

Fund(@)

25,826,103

(∞)

25,821

#### Total

#### Short-Term

#### Investments
(cost

$25,820)

25,821

#### Total

#### Investments

#### -

#### 99.4%
(identified

cost

$886,067)

1,191,337

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.6%
6,791

#### Net

#### Assets

#### -

#### 100.0%
1,198,128

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $1.8%

Aena

SME

SA

04/22/20

EUR

519,960

12.53 6,513

14,114

CGN

Power

Co.,

Ltd.

03/07/23

HKD

1,301,000

0.24 314

516

China

Tower

Corp.,

Ltd.

03/03/25

HKD

2,254,000

1.41 3,176

3,259

Enav

SpA

09/28/22

EUR

102,704

3.71 381

537

Infrastrutture

Wireless

Italiane

SpA

11/14/22

EUR

122,290

10.27 1,256

1,343

Polyus

PJSC

10/20/22

—

—

—

Reliance

Industries,

Ltd.

03/20/23

32,185

61.54 1,980

2,134

21,903

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

S&P

500

E-Mini

Index

Futures

USD

10,655

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Argentina

$

15,703

$

—

$

—

$

—

$

15,703

Australia

—

68,827

—

—

68,827

Austria

—

1,807

—

—

1,807

Brazil

22,550

634

—

—

23,184

Canada

44,816

—

—

—

44,816

Chile

6,650

1,066

—

—

7,716

China

—

18,149

—

—

18,149

Congo,

the

Democratic

Republic

of

the

4,461

—

—

—

4,461

Denmark

—

4,332

—

—

4,332

Faroe

Islands

—

1,803

—

—

1,803

Finland

—

11,444

—

—

11,444

France

—

35,652

—

—

35,652

Germany

—

6,874

—

—

6,874

Ghana

8,942

—

—

—

8,942

Hong

Kong

—

1,165

—

—

1,165

Hungary

—

1,414

—

—

1,414

India

—

2,134

—

—

2,134

Isle

of

Man

1,216

—

—

—

1,216

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Israel

—

2,012

—

—

2,012

Italy

—

7,264

—

—

7,264

Japan

—

11,864

—

—

11,864

Luxembourg

—

1,446

—

—

1,446

Mexico

32,598

—

—

—

32,598

Netherlands

—

—

—

New

Zealand

—

6,982

—

—

6,982

Norway

—

7,475

—

—

7,475

Poland

—

590

—

—

590

Portugal

—

5,344

—

—

5,344

Russia

—

—

—

—

—

Singapore

—

1,925

—

—

1,925

South

Africa

1,493

8,085

—

—

9,578

South

Korea

—

722

—

—

722

Spain

—

21,643

—

—

21,643

Sweden

—

2,800

—

—

2,800

Switzerland

—

10,566

—

—

10,566

Thailand

—

—

—

United

Kingdom

—

16,287

—

—

16,287

United

States

718,502

30,235

—

—

748,737

Zambia

2,620

—

—

—

2,620

Preferred

Stocks

14,841

—

—

—

14,841

Short-Term

Investments

—

—

—

25,821

25,821

Total

Investments

874,392

291,124

—

25,821

1,191,337

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

2,844

.2

Consumer

Staples

...............................................................................

8,065

.7

Energy

................................................................................................

163,354

.6

Financial

Services

..............................................................................

449,378

.5

Materials

and

Processing

...................................................................

160,628

.4

Producer

Durables

..............................................................................

145,970

.2

Technology

.........................................................................................

4,089

.3

Utilities

...............................................................................................

216,347

.1

#### Preferred

#### Stocks
Energy

................................................................................................

7,005

.6

Financial

Services

..............................................................................

7,836

.6

#### Short-Term

#### Investments

#### .............................................................
25,821

.2

Total

Investments

...............................................................................

1,191,337

.4

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

,1

$

—

Foreign

currency

exchange

contracts

—

Total

$

,1

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

886,067

Investments,

at

fair

value(>)

........................................................................................................................................................

1,191,337

Foreign

currency

holdings(^)

.......................................................................................................................................................

4,785

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,512

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

1,405

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

assets

...............................................................................................................................................................

1,199,805

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

998

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

1,677

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,198,128

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

221,798

Shares

of

beneficial

interest

.........................................................................................................................................................

888

Additional

paid-in

capital

............................................................................................................................................................

975,442

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,198,128

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

25,821

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

4,846

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

13.43 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

14.25 Class

A

—

Net

assets

...........................................................................................................................................................

$

10,271,581

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

765,100

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

13.25 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,188,957

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

89,760

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

13.50 Class

M

—

Net

assets

..........................................................................................................................................................

$

344,582,829

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

25,519,908

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

13.49 Class

S

—

Net

assets

............................................................................................................................................................

$

842,085,055

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

62,439,087

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

35,843

Dividends

from

affiliated

funds

.......................................................................................................................................

1,178

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

37,073

#### Expenses
Advisory

fees

...................................................................................................................................................................

9,201

Administrative

fees

..........................................................................................................................................................

519

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

631

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,519

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

12,654

Expense

reductions

..........................................................................................................................................................

(1,259)

Net

expenses

................................................................................................................................................................................

11,395

Net

investment

income

(loss)

.......................................................................................................................................................

25,678

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(11,909)

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

3,101

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(184) Net

realized

gain

(loss)

................................................................................................................................................................

(8,754)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

61,316

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

61,689

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

52,935

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

78,613

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

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)

.......................................................................................................

$

25,678

$

23,338

Net

realized

gain

(loss)

................................................................................................................

(8,754)

(31,02

6)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

61,689

184,95

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

78,613

177,268

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(218) (152) Class

C

.....................................................................................................................................

(13) (14) Class

M

....................................................................................................................................

(6,543)

(6,554)

Class

S

......................................................................................................................................

(15,838)

(13,286)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(22,612)

(20,006)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

93,166

114,804

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
149,167

272,066

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,048,961

776,895

End

of

period

......................................................................................................................................

$

1,198,128

$

1,048,961

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

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

$

2,012

$

3,986

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(259) (3,227)

(115) (1,338)

Net

increase

(decrease)

(81) (997) 229

2,800

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(23) (287) (22) (262) Net

increase

(decrease)

(4) (50) 4

Class

M

Proceeds

from

shares

sold

6,626

83,096

8,292

100,571

Proceeds

from

reinvestment

of

distributions

544

6,510

540

6,539

Payments

for

shares

redeemed

(8,446)

(108,400)

(5,579)

(67,105)

Net

increase

(decrease)

(1,276)

(18,794)

3,253

40,005

Class

S

Proceeds

from

shares

sold

16,988

216,279

14,377

171,972

Proceeds

from

reinvestment

of

distributions

1,319

15,774

1,092

13,231

Payments

for

shares

redeemed

(9,555)

(119,046)

(9,378)

(113,243)

Net

increase

(decrease)

8,752

113,007

6,091

71,960

Total

increase

(decrease)

7,391

$

93,166

9,577

$

114,804

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### 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

12.83 10.77 11.51 13.28 9.11 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.26

.26

.31

.31

.17

$

Net

Realized

and

Unrealized

Gain

(Loss)

.59

2.04 (.69)

(1.85)

4.18 $

Total

from

Investment

Operations

.85

2.30 (.38)

(1.54)

4.35 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.25)

(.24)

(.36)

(.23)

(.18)

$

Total

Distributions

(.25)

(.24)

(.36)

(.23)

(.18)

$

Net

Asset

Value,

End

of

Period

13.43 12.83 10.77 11.51 13.28 %

Total

Return

(±)

6.85 21.49 (3.51)

(11.76)

48.29 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 10,271

10,859

6,654

6,073

5,370

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.41 1.42 1.42 1.42 1.42 %

Expenses,

Net

(Ƃ)

1.32 1.33 1.33 1.33 1.33 %

Net

Investment

Income

(Ƃ)

2.09 2.15 2.62 2.47 1.44 %

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

12.64 10.62 11.39 13.15 9.04 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.17

.17

.22

.22

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

2.00 (.69)

(1.83)

4.16 $

Total

from

Investment

Operations

.75

2.17 (.47)

(1.61)

4.24 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.14)

(.15)

(.30)

(.15)

(.13)

$

Total

Distributions

(.14)

(.15)

(.30)

(.15)

(.13)

$

Net

Asset

Value,

End

of

Period

13.25 12.64 10.62 11.39 13.15 %

Total

Return

6.09 20.56 (4.30)

(12.40)

47.21 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,189

1,188

960

828

531

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.16 2.17 2.17 2.17 2.17 %

Expenses,

Net

(Ƃ)

2.07 2.08 2.08 2.08 2.08 %

Net

Investment

Income

(Ƃ)

1.33 1.46 1.90 1.74 .65

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.89 10.82 11.56 13.33 9.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.31

.31

.35

.36

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

2.04 (.69)

(1.85)

4.20 $

Total

from

Investment

Operations

.89

2.35 (.34)

(1.49)

4.42 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.28)

(.40)

(.28)

(.22)

$

Total

Distributions

(.28)

(.28)

(.40)

(.28)

(.22)

$

Net

Asset

Value,

End

of

Period

13.50 12.89 10.82 11.56 13.33 %

Total

Return

7.19 21.85 (3.17)

(11.42)

48.95 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 344,583

345,440

254,716

255,604

255,918

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.16 1.17 1.17 1.17 1.17 %

Expenses,

Net

(Ƃ)

.97

.98

.98

.98

.98

%

Net

Investment

Income

(Ƃ)

2.44 2.52 2.97 2.84 1.79 %

Portfolio

Turnover

Rate

#### 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

12.88 10.81 11.55 13.32 9.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.30

.30

.34

.35

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

2.04 (.70)

(1.86)

4.19 $

Total

from

Investment

Operations

.88

2.34 (.36)

(1.51)

4.39 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.27)

(.27)

(.38)

(.26)

(.20)

$

Total

Distributions

(.27)

(.27)

(.38)

(.26)

(.20)

$

Net

Asset

Value,

End

of

Period

13.49 12.88 10.81 11.55 13.32 %

Total

Return

7.12 21.77 (3.28)

(11.51)

48.63 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 842,085

691,474

514,565

540,826

532,442

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.16 1.17 1.17 1.17 1.17 %

Expenses,

Net

(Ƃ)

1.07 1.08 1.08 1.08 1.08 %

Net

Investment

Income

(Ƃ)

2.34 2.44 2.87 2.74 1.66 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

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

an

underlying

fund

which

is,

or

was,

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:

yy

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

770,633

Administrative

fees

48,111

Distribution

fees

2,896

Shareholder

servicing

fees

Transfer

agent

fees

173,574

Trustees'

fees

2,838

$

998,299

#### 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
U.S.

Cash

Management

Fund

$

44,610

$

232,522

$

251,308

$

(2)

$

(1)

$

25,821

$

1,178

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

894,929,029

$

324,899,993

$

(28,492,254)

$

296,407,739

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

29,053,632

$

(103,539,592)

$

296,284,424

$

—

$

221,798,464

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

22,611,517

$

—

$

—

$

20,005,692

$

—

$

—

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

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

equalization,

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.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 88.3%
Asset-Backed

Securities

-

3.1%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

656

508

CLI

Funding

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

Commonbond

Student

Loan

Trust

Series

2017-AGS

Class

C

5.280%

due

05/25/41

(Þ)

Series

2020-AGS

Class

B

3.160%

due

08/25/50

(Þ)

Series

2021-AGS

Class

B

1.400%

due

03/25/52

(Þ)

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

912

879

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

584

533

Driven

Brands

Funding

LLC

Series

2021-1A

Class

A2

2.791%

due

10/20/51

(Þ)

ELFI

Graduate

Loan

Program

Series

2020-A

Class

A

1.730%

due

08/25/45

(Þ)

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2021-3CS

Class

A

2.100%

due

05/20/48

(Þ)

972

758

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

Mosaic

Solar

Loan

Trust

Series

2018-2GS

Class

A

4.200%

due

02/22/44

(Þ)

Series

2018-2GS

Class

B

4.740%

due

02/22/44

(Þ)

Series

2020-1A

Class

B

3.100%

due

04/20/46

(Þ)

Series

2020-2A

Class

B

2.210%

due

08/20/46

(Þ)

Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

Pagaya

AI

Debt

Grantor

Trust

Series

2025-1

Class

B

5.628%

due

07/15/32

(Þ)

SoFi

Professional

Loan

Program

LLC

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

560

Series

2019-C

Class

BFX

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.050%

due

11/16/48

(Þ)

1,000

909

SoFi

Professional

Loan

Program

Trust

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

821

Series

2018-D

Class

R1

0.000%

due

02/25/48

(Æ)(Š)(Þ)

Series

2020-C

Class

BFX

3.360%

due

02/15/46

(Þ)

600

520

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

522

514

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

576

Sunnova

Helios

II

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

760

728

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

540

Sunnova

Helios

IV

Issuer

LLC

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

Sunnova

Sol

II

Issuer

LLC

Series

2020-2A

Class

A

2.730%

due

11/01/55

(Þ)

Sunnova

Sol

III

Issuer

LLC

Series

2021-1

Class

A

2.580%

due

04/28/56

(Þ)

673

565

Sunrun

Bacchus

Issuer

LLC

Series

2025-1A

Class

A2A

6.410%

due

04/30/60

(Þ)

695

702

Sunrun

Xanadu

Issuer

LLC

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

Wingstop

Funding

LLC

Series

2024-1A

Class

A2

5.858%

due

12/05/54

(Þ)

900

927

Zaxbys

Funding

LLC

Series

2021-1A

Class

A2

3.238%

due

07/30/51

(Þ)

718

675

Series

2024-1A

Class

A2I

6.594%

due

04/30/54

(Þ)

15,318

Corporate

Bonds

and

Notes

-

30.3%

Consumer

Discretionary

-

8.3%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

Adient

Global

Holdings,

Ltd.

7.500%

due

02/15/33

(Þ)

697

721

AMC

Entertainment

Holdings,

Inc.

7.500%

due

02/15/29

(Þ)

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

5.750%

due

04/20/29

(Þ)

American

Axle

&

Manufacturing,

Inc.

6.375%

due

10/15/32

(Þ)

Aptiv

Swiss

Holdings,

Ltd.

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

Arches

Buyer,

Inc.

4.250%

due

06/01/28

(Þ)

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

6.875%

due

08/01/33

(Þ)

Avianca

Midco

PLC

9.625%

due

02/14/30

(Þ)

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

6.750%

due

07/01/36

7.600%

due

07/15/37

Series

WI

6.875%

due

11/01/35

BCPE

Flavor

Debt

Merger

Sub

LLC

/

BCPE

Flavor

Issuer,

Inc.

9.500%

due

07/01/32

(Þ)

Beach

Acquisition

Bidco

LLC

10.000%

due

07/15/33

(Þ)

Boyd

Gaming

Corp.

Series

WI

4.750%

due

12/01/27

Brunswick

Corp.

5.100%

due

04/01/52

Caesars

Entertainment,

Inc.

7.000%

due

02/15/30

(Þ)

6.000%

due

10/15/32

(Þ)

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

6.000%

due

05/01/29

(Þ)

629

638

7.000%

due

08/15/29

(Þ)

5.750%

due

03/15/30

(Þ)

5.750%

due

08/01/32

(Þ)

6.125%

due

02/15/33

(Þ)

Carvana

Co.

9.000%

due

06/01/31

(Þ)

1,132

1,261

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.750%

due

03/01/30

(Þ)

758

720

4.250%

due

01/15/34

(Þ)

1,111

933

Series

DMTN

5.000%

due

02/01/28

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

Series

WI

3.750%

due

02/15/28

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

6.750%

due

05/15/28

(Þ)

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%

due

04/01/30

(Þ)

CMG

Media

Corp.

8.875%

due

06/18/29

(Þ)

687

604

Comcast

Corp.

Series

WI

2.887%

due

11/01/51

CSC

Holdings

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $11.750%

due

01/31/29

(Þ)

811

639

4.625%

due

12/01/30

(Þ)

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

5.875%

due

08/15/27

(Þ)

1,386

1,385

10.000%

due

02/15/31

(Þ)

Discovery

Communications

LLC

Series

\*

4.125%

due

05/15/29

5.000%

due

09/20/37

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

5.750%

due

12/01/28

(Þ)

EchoStar

Corp.

3.875%

due

11/30/30

6.750%

due

11/30/30

Series

.

10.750%

due

11/30/29

1,237

1,362

EW

Scripps

Co.

(The)

9.875%

due

08/15/30

(Þ)

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

4.500%

due

10/24/28

(Þ)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29

(Þ)

Forestar

Group,

Inc.

6.500%

due

03/15/33

(Þ)

526

539

Fox

Corp.

Series

WI

4.709%

due

01/25/29

Full

House

Resorts,

Inc.

8.250%

due

02/15/28

(Þ)

546

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

Goodyear

Tire

&

Rubber

Co.

(The)

5.250%

due

04/30/31

5.625%

due

04/30/33

Hasbro,

Inc.

3.500%

due

09/15/27

Hilton

Domestic

Operating

Co.,

Inc.

3.625%

due

02/15/32

(Þ)

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

iHeart

Communications,

Inc.

4.750%

due

01/15/28

(Þ)

Jacobs

Entertainment,

Inc.

6.750%

due

02/15/29

(Þ)

514

JB

Poindexter

&

Co.,

Inc.

8.750%

due

12/15/31

(Þ)

649

679

JetBlue

Airways

Corp.

/

JetBlue

Loyalty,

LP

9.875%

due

09/20/31

(Þ)

Kohl's

Corp.

5.125%

due

05/01/31

510

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.550%

due

07/17/45

Live

Nation

Entertainment,

Inc.

4.750%

due

10/15/27

(Þ)

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

6.375%

due

03/15/37

5.125%

due

01/15/42

4.300%

due

02/15/43

Marriott

International,

Inc.

5.550%

due

10/15/28

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

McDonald's

Corp.

Series

MTN

5.700%

due

02/01/39

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

MGM

Resorts

International

6.500%

due

04/15/32

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

Murphy

Oil

USA,

Inc.

4.750%

due

09/15/29

Neptune

Bidco

US,

Inc.

9.290%

due

04/15/29

(Þ)

576

569

New

Home

Co.,

Inc.

(The)

8.500%

due

11/01/30

(Þ)

Newell

Brands,

Inc.

8.500%

due

06/01/28

(Þ)

6.375%

due

05/15/30

7.375%

due

04/01/36

759

715

7.500%

due

04/01/46

650

539

Nexstar

Media

Group,

Inc.

4.750%

due

11/01/28

(Þ)

Nissan

Motor

Acceptance

Co.

LLC

2.000%

due

03/09/26

(Þ)

6.950%

due

09/15/26

(Þ)

1,518

1,539

Nordstrom,

Inc.

4.375%

due

04/01/30

5.000%

due

01/15/44

721

546

Series

WI

4.250%

due

08/01/31

Paramount

Global

4.200%

due

06/01/29

Phinia

,

Inc.

6.625%

due

10/15/32

(Þ)

QXO

Building

Products,

Inc.

6.750%

due

04/30/32

(Þ)

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

1,045

943

4.625%

due

04/06/31

(Þ)

Royal

Caribbean

Cruises,

Ltd.

3.700%

due

03/15/28

Sabre

GLBL,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.320%

due

08/01/26

8.625%

due

06/01/27

(Þ)

10.750%

due

11/15/29

(Þ)

11.125%

due

07/15/30

(Þ)

Sirius

XM

Radio,

Inc.

3.875%

due

09/01/31

(Þ)

Six

Flags

Entertainment

Corp.

6.625%

due

05/01/32

(Þ)

Somnigroup

International,

Inc.

3.875%

due

10/15/31

(Þ)

Staples,

Inc.

10.750%

due

09/01/29

(Þ)

12.750%

due

01/15/30

(Þ)

Starbucks

Corp.

3.750%

due

12/01/47

Station

Casinos

LLC

4.625%

due

12/01/31

(Þ)

Steelcase,

Inc.

5.125%

due

01/18/29

555

543

TEGNA,

Inc.

4.625%

due

03/15/28

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

991

1,151

Time

Warner

Cable

LLC

6.750%

due

06/15/39

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

Travel

+

Leisure

Co.

6.000%

due

04/01/27

500

Under

Armour

,

Inc.

3.250%

due

06/15/26

United

Airlines,

Inc.

4.375%

due

04/15/26

(Þ)

Univision

Communications,

Inc.

8.000%

due

08/15/28

(Þ)

8.500%

due

07/31/31

(Þ)

Versant

Media

Group,

Inc.

7.250%

due

01/30/31

(Þ)

VF

Corp.

6.450%

due

11/01/37

883

827

Viking

Cruises,

Ltd.

5.875%

due

10/15/33

(Þ)

1,168

1,186

WarnerMedia

Holdings,

Inc.

5.141%

due

03/15/52

Series

\*

4.054%

due

03/15/29

655

636

5.050%

due

03/15/42

Wayfair

LLC

7.250%

due

10/31/29

(Þ)

Whirlpool

Corp.

4.700%

due

05/14/32

5.500%

due

03/01/33

554

523

5.750%

due

03/01/34

4.500%

due

06/01/46

4.600%

due

05/15/50

632

White

Cap

Supply

Holdings

LLC

7.375%

due

11/15/30

(Þ)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WMG

Acquisition

Corp.

3.750%

due

12/01/29

(Þ)

Yum!

Brands,

Inc.

3.625%

due

03/15/31

6.875%

due

11/15/37

5.350%

due

11/01/43

41,463

Consumer

Staples

-

1.8%

ADT

Corp.

(The)

4.875%

due

07/15/32

(Þ)

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

3.500%

due

03/15/29

(Þ)

5.750%

due

03/31/34

(Þ)

738

741

Allied

Universal

Holdco

LLC

7.875%

due

02/15/31

(Þ)

Alta

Equipment

Group,

Inc.

9.000%

due

06/01/29

(Þ)

Altria

Group,

Inc.

6.200%

due

11/01/28

5.800%

due

02/14/39

Avery

Dennison

Corp.

4.875%

due

12/06/28

Chobani

Holdco

II

LLC

9.500%

due

10/01/29

(Þ)

Church

&

Dwight

Co.,

Inc.

3.950%

due

08/01/47

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

Constellation

Brands,

Inc.

3.600%

due

02/15/28

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

CVS

Health

Corp.

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

Flowers

Foods,

Inc.

2.400%

due

03/15/31

General

Mills,

Inc.

5.500%

due

10/17/28

Herc

Holdings,

Inc.

7.000%

due

06/15/30

(Þ)

7.250%

due

06/15/33

(Þ)

Hertz

Corp.

(The)

12.625%

due

07/15/29

(Þ)

HRB

Winddown

,

Inc.

8.875%

due

03/15/25

(Š)(Þ)

970

—

JM

Smucker

Co.

(The)

6.500%

due

11/15/43

Keurig

Dr

Pepper,

Inc.

Series

WI

4.597%

due

05/25/28

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kroger

Co.

(The)

3.950%

due

01/15/50

Lamb

Weston

Holdings,

Inc.

4.375%

due

01/31/32

(Þ)

Mondelez

International,

Inc.

2.625%

due

09/04/50

NESCO

Holdings

II,

Inc.

5.500%

due

04/15/29

(Þ)

656

641

Performance

Food

Group,

Inc.

6.125%

due

09/15/32

(Þ)

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

Series

USD

6.125%

due

09/30/32

Post

Holdings,

Inc.

6.375%

due

03/01/33

(Þ)

6.250%

due

10/15/34

(Þ)

Prestige

Brands

Holdings,

Inc.

5.125%

due

01/15/28

(Þ)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.750%

due

04/15/26

(Þ)

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

770

751

RRD

Intermediate

Holdings,

Inc.

11.000%

due

12/01/30

(Þ)

Safeway,

Inc.

7.250%

due

02/01/31

Sysco

Corp.

3.150%

due

12/14/51

Tyson

Foods,

Inc.

4.350%

due

03/01/29

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

6.000%

due

12/15/29

(Þ)

3.875%

due

02/15/31

Upbound

Group,

Inc.

6.375%

due

02/15/29

(Þ)

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

Williams

Scotsman,

Inc.

4.625%

due

08/15/28

(Þ)

8,887

Energy

-

3.7%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

APA

Corp.

Series

.

5.100%

due

09/01/40

4.750%

due

04/15/43

5.350%

due

07/01/49

Buckeye

Partners,

LP

3.950%

due

12/01/26

4.125%

due

12/01/27

817

807

5.850%

due

11/15/43

5.600%

due

10/15/44

Cameron

LNG

LLC

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.902%

due

07/15/31

(Þ)

CHC

Group

LLC

11.750%

due

09/01/30

(Þ)

Cheniere

Energy

Partners,

LP

Series

WI

4.500%

due

10/01/29

CITGO

Petroleum

Corp.

8.375%

due

01/15/29

(Þ)

Civitas

Resources,

Inc.

8.750%

due

07/01/31

(Þ)

603

620

9.625%

due

06/15/33

(Þ)

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

4.375%

due

03/15/29

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

758

751

CVR

Energy,

Inc.

5.750%

due

02/15/28

(Þ)

725

717

DCP

Midstream

Operating,

LP

5.125%

due

05/15/29

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

El

Paso

Natural

Gas

Co.

LLC

Series

\*

8.375%

due

06/15/32

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

Energy

Transfer,

LP

6.850%

due

02/15/40

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

EQT

Corp.

3.900%

due

10/01/27

Excelerate

Energy,

LP

8.000%

due

05/15/30

(Þ)

Expand

Energy

Corp.

4.750%

due

02/01/32

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

7.875%

due

05/15/32

Global

Marine,

Inc.

7.000%

due

06/01/28

Global

Partners,

LP

/

GLP

Finance

Corp.

7.125%

due

07/01/33

(Þ)

Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27

(Þ)

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

1,206

1,221

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.000%

due

02/01/31

(Þ)

7.250%

due

02/15/35

(Þ)

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

Kodiak

Gas

Services

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.250%

due

02/15/29

(Þ)

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

2.650%

due

08/15/30

Series

WI

4.250%

due

12/01/27

Murphy

Oil

Corp.

5.875%

due

12/01/42

534

NGL

Energy

Operating

LLC

8.125%

due

02/15/29

(Þ)

8.375%

due

02/15/32

(Þ)

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

Occidental

Petroleum

Corp.

6.375%

due

09/01/28

6.450%

due

09/15/36

Oceaneering

International,

Inc.

6.000%

due

02/01/28

Series

\*

6.000%

due

02/01/28

ONEOK,

Inc.

5.650%

due

11/01/28

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

528

523

4.800%

due

05/15/30

(Þ)

6.875%

due

04/15/40

(Þ)

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

SunCoke

Energy,

Inc.

4.875%

due

06/30/29

(Þ)

Sunoco,

LP

5.625%

due

03/15/31

(Þ)

5.875%

due

03/15/34

(Þ)

796

796

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

7.375%

due

02/15/29

(Þ)

Targa

Resources

Corp.

6.150%

due

03/01/29

TC

PipeLines

,

LP

3.900%

due

05/25/27

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

535

535

Transocean

International,

Ltd.

7.500%

due

04/15/31

6.800%

due

03/15/38

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

4.125%

due

08/15/31

(Þ)

3.875%

due

11/01/33

(Þ)

Venture

Global

LNG,

Inc.

9.875%

due

02/01/32

(Þ)

Venture

Global

Plaquemines

LNG

LLC

6.750%

due

01/15/36(Þ)

7.500%

due

05/01/33

(Þ)

WBI

Operating

LLC

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.250%

due

10/15/30

(Þ)

6.500%

due

10/15/33

(Þ)

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

6.350%

due

01/15/29

Williams

Cos.,

Inc.

(The)

4.900%

due

03/15/29

18,565

Financial

Services

-

4.4%

Aegon

,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

Aircastle

,

Ltd.

6.500%

due

07/18/28

(Þ)

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

6.646%

due

01/17/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.450%)(Ê)

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

Ares

Capital

Corp.

2.875%

due

06/15/28

Aretec

Escrow

Issuer

2,

Inc.

10.000%

due

08/15/30

(Þ)

684

744

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

Blackstone

Mortgage

Trust,

Inc.

3.750%

due

01/15/27

(Þ)

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

8.300%

due

03/15/28

4.550%

due

10/01/29

Brighthouse

Financial,

Inc.

3.850%

due

12/22/51

Capital

One

Financial

Corp.

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

CBL

&

Associates

HoldCo

II

LLC

5.950%

due

12/15/26

(Š)

—

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

3.625%

due

10/01/31

(Þ)

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

Corebridge

Financial,

Inc.

Series

WI

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

CoreLogic

,

Inc.

4.500%

due

05/01/28

(Þ)

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

Diversified

Healthcare

Trust

4.750%

due

02/15/28

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

778

860

Enova

International,

Inc.

11.250%

due

12/15/28

(Þ)

EPR

Properties

Co.

4.950%

due

04/15/28

Equifax,

Inc.

5.100%

due

06/01/28

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

Fifth

Third

Bancorp

8.250%

due

03/01/38

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

3.125%

due

10/12/28

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

Global

Net

Lease,

Inc.

4.500%

due

09/30/28

(Þ)

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

3.750%

due

12/15/27

(Þ)

999

969

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

4.000%

due

01/15/31

Golub

Capital

BDC,

Inc.

7.050%

due

12/05/28

Hat

Holdings

I

LLC

8.000%

due

06/15/27

(Þ)

Hercules

Capital,

Inc.

3.375%

due

01/20/27

Highwoods

Realty,

LP

4.200%

due

04/15/29

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

Hudson

Pacific

Properties,

LP

5.950%

due

02/15/28

4.650%

due

04/01/29

3.250%

due

01/15/30

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

10.000%

due

11/15/29

(Þ)

Series

WI

6.250%

due

05/15/26

5.250%

due

05/15/27

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.375%

due

02/01/29

9.000%

due

06/15/30

ION

Platform

Finance

US,

Inc.

7.875%

due

09/30/32

(Þ)

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

4.500%

due

02/15/31

(Þ)

Jane

Street

Group

/

JSG

Finance,

Inc.

6.750%

due

05/01/33

(Þ)

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

763

762

9.500%

due

02/15/29

(Þ)

8.250%

due

05/15/30

(Þ)

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

Liberty

Mutual

Group,

Inc.

7.800%

due

03/07/87

(Þ)

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

Mercury

General

Corp.

4.400%

due

03/15/27

MGIC

Investment

Corp.

5.250%

due

08/15/28

Millrose

Properties,

Inc.

6.250%

due

09/15/32

(Þ)

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

Navient

Corp.

7.875%

due

06/15/32

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

5.000%

due

10/01/29

(Þ)

991

902

8.875%

due

01/31/30

(Þ)

Prospect

Capital

Corp.

3.437%

due

10/15/28

552

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

Rocket

Cos.,

Inc.

6.125%

due

08/01/30

(Þ)

6.375%

due

08/01/33

(Þ)

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31

(Þ)

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

Service

Properties

Trust

4.950%

due

02/15/27

3.950%

due

01/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.375%

due

06/15/29

4.950%

due

10/01/29

4.375%

due

02/15/30

8.875%

due

06/15/32

Sixth

Street

Specialty

Lending,

Inc.

6.125%

due

03/01/29

Synchrony

Financial

5.150%

due

03/19/29

Synovus

Financial

Corp.

5.625%

due

02/15/28

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

6.500%

due

02/15/29

(Þ)

962

900

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.360%)(Ê)

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.500%

due

01/15/28

(Þ)

Vornado

Realty,

LP

2.150%

due

06/01/26

3.400%

due

06/01/31

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

Webster

Financial

Corp.

4.100%

due

03/25/29

Wells

Fargo

&

Co.

Series

\*

5.950%

due

12/01/86

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.250%)(Ê)

Wilton

RE,

Ltd.

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.266%)(Ê)(ƒ)(Þ)

Zions

Bancorp

NA

3.250%

due

10/29/29

21,892

Health

Care

-

3.7%

1261229

BC,

Ltd.

10.000%

due

04/15/32

(Þ)

827

865

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29

(Þ)

Avantor

,

Inc.

4.625%

due

07/15/28

(Þ)

Bausch

Health

Americas,

Inc.

8.500%

due

01/31/27

(Þ)

Bausch

Health

Cos.,

Inc.

4.875%

due

06/01/28

(Þ)

11.000%

due

09/30/28

(Þ)

6.250%

due

02/15/29

(Þ)

554

5.250%

due

01/30/30

(Þ)

14.000%

due

10/15/30

(Þ)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BellRing

Brands,

Inc.

7.000%

due

03/15/30

(Þ)

Centene

Corp.

Series

WI

4.250%

due

12/15/27

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

6.875%

due

04/15/29

(Þ)

6.125%

due

04/01/30

(Þ)

5.250%

due

05/15/30

(Þ)

4.750%

due

02/15/31

(Þ)

CVS

Health

Corp.

5.125%

due

07/20/45

6.750%

due

12/10/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.516%)(Ê)

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

Edwards

Lifesciences

Corp.

4.300%

due

06/15/28

Embecta

Corp.

5.000%

due

02/15/30

(Þ)

6.750%

due

02/15/30

(Þ)

Fortrea

Holdings,

Inc.

7.500%

due

07/01/30

(Þ)

Global

Medical

Response,

Inc.

7.375%

due

10/01/32

(Þ)

HCA,

Inc.

5.625%

due

09/01/28

4.125%

due

06/15/29

Herbalife,

Ltd.

4.250%

due

06/15/28

572

542

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

12.250%

due

04/15/29

(Þ)

670

728

4.875%

due

06/01/29

(Þ)

989

872

Humana,

Inc.

8.150%

due

06/15/38

LifePoint

Health,

Inc.

9.875%

due

08/15/30

(Þ)

633

684

11.000%

due

10/15/30

(Þ)

712

785

8.375%

due

02/15/32

(Þ)

10.000%

due

06/01/32

(Þ)

820

872

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

5.250%

due

10/01/29

(Þ)

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

3.875%

due

11/15/30

(Þ)

6.250%

due

01/15/33

(Þ)

856

861

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

Paradigm

Parent

LLC

and

Paradigm

Parent

CO-Issuer,

Inc.

8.750%

due

04/17/32

(Þ)

Prime

Healthcare

Services,

Inc.

9.375%

due

09/01/29

(Þ)

Radiology

Partners,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.781%

due

02/15/30

(Þ)

1,444

1,414

8.500%

due

07/15/32

(Þ)

761

792

Team

Health

Holdings,

Inc.

8.375%

due

06/30/28

(Þ)

13.500%

due

06/30/28

(Þ)

1,074

1,158

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

Tenet

Healthcare

Corp.

6.125%

due

06/15/30

6.875%

due

11/15/31

Toledo

Hospital

(The)

4.982%

due

11/15/45

6.015%

due

11/15/48

Series

B

5.325%

due

11/15/28

18,295

Materials

and

Processing

-

2.3%

Arsenal

AIC

Parent

LLC

8.000%

due

10/01/30

(Þ)

Ashland,

Inc.

3.375%

due

09/01/31

(Þ)

Axalta

Coating

Systems

LLC

4.750%

due

06/15/27

(Þ)

Ball

Corp.

2.875%

due

08/15/30

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

Builders

FirstSource

,

Inc.

5.000%

due

03/01/30

(Þ)

Celanese

US

Holdings

LLC

7.050%

due

11/15/30

536

544

6.879%

due

07/15/32

7.200%

due

11/15/33

944

967

Cleveland-Cliffs,

Inc.

6.875%

due

11/01/29

(Þ)

7.000%

due

03/15/32

(Þ)

6.250%

due

10/01/40

Clydesdale

Acquisition

Holdings,

Inc.

8.750%

due

04/15/30

(Þ)

698

700

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

Dow

Chemical

Co.

(The)

6.900%

due

05/15/53

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

H.B.

Fuller

Co.

4.000%

due

02/15/27

Huntsman

International

LLC

4.500%

due

05/01/29

5.700%

due

10/15/34

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

4.450%

due

09/26/28

Inversion

Escrow

Issuer

LLC

6.750%

due

08/01/32

(Þ)

James

Hardie

International

Finance

Designated

Activity

Co.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

01/15/28

(Þ)

JH

North

America

Holdings,

Inc.

5.875%

due

01/31/31

(Þ)

6.125%

due

07/31/32

(Þ)

Louisiana-Pacific

Corp.

3.625%

due

03/15/29

(Þ)

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

04/15/27

(Þ)

507

509

9.250%

due

04/15/27

(Þ)

807

797

Novelis

Corp.

6.375%

due

08/15/33

(Þ)

RPM

International,

Inc.

3.750%

due

03/15/27

4.550%

due

03/01/29

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

761

828

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

Standard

Industries,

Inc.

4.375%

due

07/15/30

(Þ)

Trident

TPI

Holdings,

Inc.

12.750%

due

12/31/28

(Þ)

580

619

United

States

Steel

Corp.

6.650%

due

06/01/37

575

600

Vibrantz

Technologies,

Inc.

9.000%

due

02/15/30

(Þ)

Wilsonart

LLC

11.000%

due

08/15/32

(Þ)

545

515

11,288

Producer

Durables

-

2.2%

Avnet,

Inc.

6.250%

due

03/15/28

3.000%

due

05/15/31

500

Axon

Enterprise,

Inc.

6.125%

due

03/15/30

(Þ)

6.250%

due

03/15/33

(Þ)

Boeing

Co.

(The)

Series

WI

6.528%

due

05/01/34

Brand

Industrial

Services,

Inc.

10.375%

due

08/01/30

(Þ)

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

694

Enviri

Corp.

5.750%

due

07/31/27

(Þ)

641

635

Fluor

Corp.

4.250%

due

09/15/28

583

578

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

4.750%

due

06/15/29

(Þ)

6.750%

due

01/15/31

(Þ)

Global

Infrastructure

Solutions,

Inc.

5.625%

due

06/01/29

(Þ)

822

822

Goat

Holdco

LLC

6.750%

due

02/01/32

(Þ)

615

631

Huntington

Ingalls

Industries,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

3.483%

due

12/01/27

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

Kirby

Corp.

4.200%

due

03/01/28

Lennox

International,

Inc.

5.500%

due

09/15/28

Masco

Corp.

1.500%

due

02/15/28

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.250%

due

07/15/28

(Þ)

638

634

Nordson

Corp.

5.600%

due

09/15/28

Quikrete

Holdings,

Inc.

6.750%

due

03/01/33

(Þ)

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

641

Regal

Rexnord

Corp.

Series

WI

6.400%

due

04/15/33

1,420

1,521

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

RTX

Corp.

6.700%

due

08/01/28

Smyrna

Ready

Mix

Concrete

LLC

8.875%

due

11/15/31

(Þ)

Trimble,

Inc.

4.900%

due

06/15/28

UNITI

Group,

Inc.

7.500%

due

12/01/27

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

XPO

CNW,

Inc.

6.700%

due

05/01/34

Xylem,

Inc.

4.375%

due

11/01/46

10,840

Technology

-

1.4%

AMC

Networks,

Inc.

10.250%

due

01/15/29

(Þ)

ANGI

Group

LLC

3.875%

due

08/15/28

(Þ)

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

4.000%

due

07/01/29

(Þ)

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

Cloud

Software

Group

Holdings,

Inc.

9.000%

due

09/30/29

(Þ)

Cloud

Software

Group,

Inc.

6.500%

due

03/31/29

(Þ)

504

508

8.250%

due

06/30/32

(Þ)

Crane

NXT

Co.

6.550%

due

11/15/36

4.200%

due

03/15/48

Entegris

,

Inc.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

04/15/29

(Þ)

1,125

1,117

Fiserv,

Inc.

5.375%

due

08/21/28

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

3.625%

due

06/15/29

(Þ)

GrubHub

Holdings,

Inc.

13.000%

due

07/31/30

(Þ)

McGraw-Hill

Education,

Inc.

5.750%

due

08/01/28

(Þ)

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

NCR

Atleos

Corp.

9.500%

due

04/01/29

(Þ)

News

Corp.

3.875%

due

05/15/29

(Þ)

Oracle

Corp.

2.300%

due

03/25/28

3.650%

due

03/25/41

Parsons

Corp.

2.625%

due

03/01/29

Playtika

Holding

Corp.

4.250%

due

03/15/29

(Þ)

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

Seagate

Data

Storage

Technology

Pte

,

Ltd.

4.091%

due

06/01/29

(Þ)

5.750%

due

12/01/34

(Þ)

Sinclair

Television

Group,

Inc.

4.375%

due

12/31/32

(Þ)

8.125%

due

02/15/33

(Þ)

Twilio

,

Inc.

3.875%

due

03/15/31

UKG,

Inc.

6.875%

due

02/01/31

(Þ)

Western

Digital

Corp.

4.750%

due

02/15/26

2.850%

due

02/01/29

Xerox

Holdings

Corp.

5.500%

due

08/15/28

(Þ)

561

7,014

Utilities

-

2.5%

AES

Corp.

(The)

6.950%

due

07/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.890%)(Ê)

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

Alpha

Generation

LLC

6.750%

due

10/15/32

(Þ)

696

715

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

9.375%

due

06/01/28

(Þ)

Appalachian

Power

Co.

Series

Z

3.700%

due

05/01/50

Avangrid

,

Inc.

3.800%

due

06/01/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

CenterPoint

Energy

Houston

Electric

LLC

4.500%

due

04/01/44

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.116%)(Ê)

CommScope

LLC

4.750%

due

09/01/29

(Þ)

9.500%

due

12/15/31

(Þ)

CommScope

Technologies

LLC

5.000%

due

03/15/27

(Þ)

Connect

Holding

II

LLC

10.500%

due

04/03/31

(Þ)

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

Duke

Energy

Corp.

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.321%)(Ê)

Edison

International

8.125%

due

06/15/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.864%)(Ê)

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.658%)(Ê)

Evergy

Missouri

West,

Inc.

5.150%

due

12/15/27

(Þ)

FirstEnergy

Pennsylvania

Electric

Co.

3.250%

due

03/15/28

(Þ)

Frontier

Florida

LLC

Series

E

6.860%

due

02/01/28

Idaho

Power

Co.

Series

MTN

5.800%

due

04/01/54

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

Level

Financing,

Inc.

3.625%

due

01/15/29

(Þ)

7.000%

due

03/31/34

(Þ)

680

698

Lightning

Power

LLC

7.250%

due

08/15/32

(Þ)

962

1,020

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

NextEra

Energy

Capital

Holdings,

Inc.

5.650%

due

05/01/79

(USD

Month

SOFR

+

3.156%)(Ê)

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

02/01/33

(Þ)

6.250%

due

11/01/34

(Þ)

Pacific

Gas

and

Electric

Co.

3.300%

due

03/15/27

4.200%

due

03/01/29

Series

WI

3.300%

due

12/01/27

PacifiCorp

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.319%)(Ê)

PG&E

Corp.

5.250%

due

07/01/30

7.375%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.883%)(Ê)

Pike

Corp.

5.500%

due

09/01/28

(Þ)

991

987

Public

Service

Electric

and

Gas

Co.

5.450%

due

08/01/53

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

Sempra

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

South

Jersey

Industries,

Inc.

5.020%

due

04/15/31

Southern

California

Edison

Co.

5.300%

due

03/01/28

Series

B

3.650%

due

03/01/28

Sprint

Capital

Corp.

6.875%

due

11/15/28

8.750%

due

03/15/32

Sprint

LLC

7.625%

due

03/01/26

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

793

842

6.250%

due

02/01/34

(Þ)

6.500%

due

02/01/36

(Þ)

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

Series

WI

2.250%

due

11/15/31

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

Windstream

Services

LLC

7.500%

due

10/15/33

(Þ)

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

8.250%

due

10/01/31

(Þ)

Xcel

Energy,

Inc.

1.750%

due

03/15/27

XPLR

Infrastructure

Operating

Partners,

LP

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.375%

due

01/15/31

(Þ)

Zayo

Group

Holdings,

Inc.

6.250%

due

03/09/30

(Þ)

9.000%

due

09/09/30

(Þ)

12,686

150,930

International

Debt

-

31.4%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

5.625%

due

09/15/29

(Þ)

4.000%

due

10/15/30

(Þ)

AB

BSL

CLO,

Ltd.

Series

2024-5A

Class

C

5.984%

due

01/20/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

Series

2025-3A

Class

C2R

5.884%

due

04/20/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

600

593

Abu

Dhabi

Crude

Oil

Pipeline

LLC

4.600%

due

11/02/47

(Þ)

Abu

Dhabi

Developmental

Holding

Co.

PJSC

4.500%

due

05/06/30

(Þ)

Abu

Dhabi

Government

International

Bond

4.250%

due

10/02/35

(Þ)

1,294

1,291

3.125%

due

09/30/49

(Þ)

1,077

798

Acrec

LLC

Series

2025-FL3

Class

A

5.341%

due

08/18/42

(CME

Term

SOFR

Month

+

1.310%)(Ê)(Þ)

500

500

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

Aegea

Finance

SARL

7.625%

due

01/20/36

(Þ)

Aeropuerto

Internacional

De

Tocumen

SA

4.000%

due

08/11/41

(Þ)

686

572

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

African

Export-Import

Bank

(The)

3.798%

due

05/17/31

(Þ)

Agua

y

Saneamientos

Argentinos

SA

7.900%

due

05/01/26

(Þ)

Ahlstrom

Holding

Oy

4.875%

due

02/04/28

(Þ)

Algonquin

Power

&

Utilities

Corp.

4.750%

due

01/18/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.249%)(Ê)

AltaGas

,

Ltd.

7.200%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.573%)(Ê)(Þ)

Altice

France

Holding

SA

5.125%

due

07/15/29

(Þ)

Altice

France

SA

6.500%

due

03/15/32

(Þ)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
America

Movil

SAB

de

CV

3.625%

due

04/22/29

AngloGold

Ashanti

PLC

3.375%

due

11/01/28

Angolan

Government

International

Bond

9.244%

due

01/15/31

(Þ)

801

782

8.750%

due

04/14/32

(Þ)

AREIT,

Ltd.

Series

2025-CRE10

Class

C

6.129%

due

01/17/30

(CME

Term

SOFR

Month

+

2.092%)(Ê)(Þ)

750

745

Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

588

Series

\*

4.125%

due

07/09/35

(~)(Ê)

2,285

1,602

ATS

Corp.

4.125%

due

12/15/28

(Þ)

Avation

Capital

SA

8.250%

due

10/31/26

(Þ)

—

—

Bahrain

Government

International

Bond

7.000%

due

10/12/28

(Þ)

6.750%

due

09/20/29

(Þ)

6.625%

due

10/06/37

(Þ)

651

659

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-4A

Class

C

5.760%

due

10/23/37

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

Series

2025-1A

Class

CR

5.734%

due

10/18/38

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

1,100

1,102

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

Banco

de

Credito

del

Peru

SA

5.650%

due

01/15/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.961%)(Ê)(Þ)

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.928%)(Ê)(Þ)

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

Banco

Nacional

de

Panama

2.500%

due

08/11/30

(Þ)

704

621

Bangkok

Bank

PCL

5.300%

due

09/21/28

(Þ)

Bank

Negara

Indonesia

Persero

Tbk

PT

4.300%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.466%)(Ê)(ƒ)(Þ)

614

599

Bank

of

Montreal

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

Bapco

Energies

BSC

Closed

7.500%

due

10/25/27

(Þ)

Bapco

Energies

Sukuk

,

Ltd.

5.250%

due

04/08/29

(Þ)

Barclays

Bank

PLC

6.278%

due

12/31/99

(USD

Month

SOFR

+

1.550%)(Ê)(ƒ)

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

Bell

Canada

6.875%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.390%)(Ê)

7.000%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.363%)(Ê)

Benin

Government

International

Bond

8.375%

due

01/23/41

(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

Birch

Grove

CLO,

Ltd.

Series

2024-9A

Class

C

5.857%

due

10/22/37

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

Series

2025-3A

Class

CR

5.684%

due

01/19/38

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

BlueMountain

CLO,

Ltd.

Series

2025-34A

Class

CR

5.784%

due

04/20/35

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

850

850

BNP

Paribas

SA

1.904%

due

09/30/28

(SOFR

+

1.609%)(Ê)(Þ)

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

Bolivia

Government

International

Bond

4.500%

due

03/20/28

(Þ)

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

Brant

Point

CLO,

Ltd.

Series

2025-7A

Class

C

6.329%

due

07/25/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

650

652

Brazilian

Government

International

Bond

7.250%

due

01/12/56

1,090

1,104

C&W

Senior

Finance,

Ltd.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.000%

due

01/15/33

(Þ)

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Capstone

Copper

Corp.

6.750%

due

03/31/33

(Þ)

Carnival

PLC

1.000%

due

10/28/29

EUR

CBB

International

Sukuk

Programme

,

Co.

3.950%

due

09/16/27

(Þ)

510

6.250%

due

07/07/33

(Þ)

CCL

Industries,

Inc.

3.050%

due

06/01/30

(Þ)

Cedar

Funding

CLO,

Ltd.

Series

2016-5A

Class

CR

6.243%

due

07/17/31

(CME

Term

SOFR

Month

+

2.362%)(Ê)(Þ)

Celanese

US

Holdings

LLC

2.125%

due

03/01/27

EUR

0.625%

due

09/10/28

EUR

5.587%

due

01/19/29

EUR

Celulosa

Arauco

y

Constitucion

SA

4.200%

due

01/29/30

(Þ)

Series

WI

3.875%

due

11/02/27

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

5.200%

due

09/17/30

(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

Cenovus

Energy,

Inc.

2.650%

due

01/15/32

Centrais

Eletricas

Brasileiras

SA

6.500%

due

01/11/35

(Þ)

CEZ

AS

5.625%

due

04/03/42

(Þ)

CFAMC

III

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

Chile

Government

International

Bond

2.550%

due

07/27/33

937

813

China

Government

International

Bond

1.250%

due

10/26/26

(Þ)

1,341

1,312

CI

Financial

Corp.

3.200%

due

12/17/30

CIFC

Funding,

Ltd.

Series

2014-4RA

Class

BRR

5.682%

due

01/17/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

500

Cimpress

PLC

7.375%

due

09/15/32

(Þ)

Colombia

Government

International

Bond

8.500%

due

04/25/35

2,098

2,364

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.650%

due

01/24/33

(Þ)

636

674

Comision

Federal

de

Electricidad

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

EMTN

5.000%

due

07/30/49

(Þ)

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

Consolidated

Energy

Finance

SA

6.500%

due

05/15/26

(Þ)

5.625%

due

10/15/28

(Þ)

826

562

Corp.

Nacional

del

Cobre

de

Chile

3.150%

due

01/15/51

(Þ)

615

6.780%

due

01/13/55

(Þ)

1,382

1,511

Costa

Rica

Government

International

Bond

6.125%

due

02/19/31

(Þ)

805

842

Credit

Agricole

SA

5.335%

due

01/10/30

(SOFR

+

1.690%)(Ê)(Þ)

Crown

European

Holdings

SA

5.000%

due

05/15/28

(Þ)

EUR

DAE

Sukuk

Difc

,

Ltd.

4.500%

due

10/16/30

(Þ)

695

690

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Deutsche

Telekom

International

Finance

BV

4.375%

due

06/21/28

(Þ)

Development

Bank

of

the

Republic

of

Belarus

JSC

6.750%

due

05/02/24

(~)(Æ)(Ê)

(Ø)(Þ)

942

Digicel

International

Finance,

Ltd.

/

Difl

US

LLC

8.625%

due

08/01/32

(Þ)

Dominican

Republic

International

Bond

5.875%

due

10/28/35

(Þ)

1,503

1,501

6.950%

due

03/15/37

(Þ)

986

1,055

6.400%

due

06/05/49

(Þ)

7.150%

due

02/24/55

(Þ)

Dryden

Senior

Loan

Fund

Series

2017-30A

Class

DR

7.073%

due

11/15/28

(CME

Term

SOFR

Month

+

2.862%)(Ê)(Þ)

500

500

Ecopetrol

SA

8.875%

due

01/13/33

8.375%

due

01/19/36

7.375%

due

09/18/43

5.875%

due

05/28/45

5.875%

due

11/02/51

Ecuador

Government

International

Bond

5.369%

due

07/31/30

(Þ)(ž)

6.900%

due

07/31/30

(~)(Ê)(Þ)

558

508

6.900%

due

07/31/35

(~)(Ê)(Þ)

985

754

EDO

Sukuk

,

Ltd.

5.662%

due

07/03/31

(Þ)

554

583

Egypt

Government

International

Bond

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.625%

due

02/04/30

(Þ)

670

717

8.500%

due

01/31/47

(Þ)

1,511

1,391

El

Salvador

Government

International

Bond

9.500%

due

07/15/52

(Þ)

534

590

Elevation

CLO,

Ltd.

Series

2025-14A

Class

C2R

6.034%

due

01/20/38

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

Empresa

de

Transporte

de

Pasajeros

Metro

SA

5.000%

due

01/25/47

(Þ)

568

533

Empresa

Nacional

del

Petroleo

4.500%

due

09/14/47

(Þ)

EMRLD

Borrower,

LP

/

Emerald

Co-

Issuer,

Inc.

6.375%

due

12/15/30

(Þ)

EUR

Enbridge,

Inc.

6.000%

due

11/15/28

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Enel

Finance

International

NV

2.125%

due

07/12/28

(Þ)

Energizer

Gamma

Acquisition

BV

3.500%

due

06/30/29

(Þ)

EUR

575

649

Eni

USA,

Inc.

7.300%

due

11/15/27

Eskom

Holdings

SOC,

Ltd.

8.450%

due

08/10/28

(Þ)

Export-Import

Bank

of

India

3.250%

due

01/15/30

(Þ)

2.250%

due

01/13/31

(Þ)

500

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

Fibercop

SpA

7.721%

due

06/04/38

(Þ)

Series

2033

6.375%

due

11/15/33

(Þ)

Series

2034

6.000%

due

09/30/34

(Þ)

First

Quantum

Minerals,

Ltd.

8.000%

due

03/01/33

(Þ)

521

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

719

729

Fortescue

Metals

Group,

Ltd.

4.375%

due

04/01/31

(Þ)

Fresenius

Medical

Care

US

Finance

III,

Inc.

2.375%

due

02/16/31

(Þ)

Gabon

Government

International

Bond

7.000%

due

11/24/31

(Þ)

Galaxy

CLO,

Ltd.

Series

2023-31A

Class

CR

5.905%

due

07/15/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

550

551

Gazprom

PJSC

Via

Gaz

Capital

SA

7.288%

due

08/16/37

(Æ)(Þ)

1,000

723

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Georgian

Railway

JSC

4.000%

due

06/17/28

(Þ)

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

925

947

5.875%

due

03/15/30

(Þ)

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

694

goeasy

,

Ltd.

4.375%

due

05/01/26

(Þ)

9.250%

due

12/01/28

(Þ)

Greenland

Global

Investment,

Ltd.

5.875%

due

07/03/30

(~)(Ê)(Þ)

523

Series

EMTN

6.125%

due

04/22/29

(Þ)

876

Grupo

Bimbo

SAB

de

CV

4.875%

due

06/27/44

(Þ)

Guatemala

Government

International

Bond

4.875%

due

02/13/28

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

1,288

1,339

HSBC

Holdings

PLC

4.583%

due

06/19/29

(CME

Term

SOFR

Month

+

1.796%)(Ê)

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

5.375%

due

09/26/30

(Þ)

1,199

1,234

6.750%

due

09/23/55

(Þ)

646

701

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

Imperial

Brands

Finance

PLC

6.125%

due

07/27/27

(Þ)

Indonesia

Government

International

Bond

4.550%

due

01/11/28

3.550%

due

03/31/32

4.300%

due

03/31/52

5.650%

due

01/11/53

720

743

INEOS

Finance

PLC

7.500%

due

04/15/29

(Þ)

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

Instituto

Costarricense

de

Electricidad

6.375%

due

05/15/43

(Þ)

561

554

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

Ivory

Coast

Government

International

Bond

8.075%

due

04/01/36

(Þ)

8.250%

due

01/30/37

(Þ)

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

Jordan

Government

International

Bond

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.500%

due

01/13/29

(Þ)

JSCB

Agrobank

9.250%

due

10/02/29

(Þ)

504

Kazakhstan

Government

International

Bond

4.412%

due

10/28/30

(Þ)

5.000%

due

07/01/32

(Þ)

576

585

5.500%

due

07/01/37

(Þ)

KazMunayGas

National

Co.

JSC

5.750%

due

04/19/47

(Þ)

726

688

Kingston

Airport

Revenue

Finance,

Ltd.

6.750%

due

12/15/36

(Þ)

Kioxia

Holdings

Corp.

6.250%

due

07/24/30

(Þ)

6.625%

due

07/24/33

(Þ)

Kondor

Finance

PLC

7.625%

due

11/08/28

(Þ)

818

641

KSA

Ijarah

Sukuk

,

Ltd.

4.875%

due

09/09/35

(Þ)

1,134

1,148

Kuwait

International

Government

Bond

4.652%

due

10/09/35

(Þ)

2,709

2,720

LCM

28,

Ltd.

Series

2018-28A

Class

C

6.296%

due

10/20/30

(CME

Term

SOFR

Month

+

2.412%)(Ê)(Þ)

500

500

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

6.750%

due

10/15/27

(Þ)

Lebanon

Government

International

Bond

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,227

Series

GMTN

6.200%

due

02/26/25

(Æ)(Ø)(Þ)

7.000%

due

03/20/28

(Æ)(Ø)(Þ)

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

Madison

Park

Funding,

Ltd.

Series

2024-31A

Class

CR

6.110%

due

07/23/37

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

Market

Street

CLO

Ltd.

Series

2025-2A

Class

C

1.000%

due

03/20/38

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

1,400

1,402

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

620

602

Mazoon

Assets

Co.

SAOC

5.250%

due

10/09/31

(Þ)

MDGH

GMTN

RSC,

Ltd.

Series

EMTN

3.400%

due

06/07/51

(Þ)

Melco

Resorts

Finance,

Ltd.

7.625%

due

04/17/32

(Þ)

Methanex

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.250%

due

12/15/29

757

753

5.650%

due

12/01/44

Mexico

City

Airport

Trust

5.500%

due

07/31/47

(Þ)

Mexico

Government

International

Bond

6.875%

due

05/13/37

7.375%

due

05/13/55

722

810

MF1,

Ltd.

Series

2021-FL6

Class

D

6.696%

due

07/16/36

(CME

Term

SOFR

Month

+

2.664%)(Ê)(Þ)

500

500

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

Mongolia

Government

International

Bond

6.625%

due

02/25/30

(Þ)

Montego

Bay

Airport

Revenue

Finance,

Ltd.

6.600%

due

06/15/35

(Þ)

MVM

Energetika

Zrt

.

7.500%

due

06/09/28

(Þ)

Nakilat

,

Inc.

6.067%

due

12/31/33

(Þ)

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

Series

2018-27A

Class

CR

6.005%

due

07/15/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

550

552

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

1,004

1,093

10.375%

due

12/09/34

(Þ)

Nissan

Motor

Co.,

Ltd.

4.810%

due

09/17/30

(Þ)

Nokia

Oyj

4.375%

due

06/12/27

Nordea

Bank

Abp

4.625%

due

09/13/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.690%)(Ê)(Þ)

Northriver

Midstream

Finance,

LP

6.750%

due

07/15/32

(Þ)

779

793

Oaktree

CLO,

Ltd.

Series

2024-3A

Class

CR

6.005%

due

10/15/37

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2024-24A

Class

CR

5.834%

due

10/20/37

(CME

Term

SOFR

Month

+

1.950%)(Ê)(Þ)

500

501

OCP

SA

6.875%

due

04/25/44

(Þ)

582

612

7.500%

due

05/02/54

(Þ)

665

Olympus

Water

US

Holding

Corp.

3.875%

due

10/01/28

(Þ)

EUR

5.375%

due

10/01/29

(Þ)

EUR

Oman

Government

International

Bond

6.750%

due

10/28/27

(Þ)

Oman

Sovereign

Sukuk

Co.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.525%

due

04/17/33

(Þ)

858

858

OmGrid

Funding,

Ltd.

5.196%

due

05/16/27

(Þ)

Omniyat

Sukuk

1,

Ltd.

8.375%

due

05/06/28

(Þ)

630

638

Ontario

Gaming

GTA,

LP

8.000%

due

08/01/30

(Þ)

898

886

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

OQ

SAOC

5.125%

due

05/06/28

(Þ)

893

901

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

7.950%

due

01/31/29

(Þ)

568

576

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

765

724

Palmer

Square

CLO,

Ltd.

Series

2024-2A

Class

BR

6.394%

due

04/16/37

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

1,250

1,256

Panama

Government

International

Bond

3.875%

due

03/17/28

2.252%

due

09/29/32

1,434

1,183

8.000%

due

03/01/38

619

722

Paraguay

Government

International

Bond

4.950%

due

04/28/31

(Þ)

5.850%

due

08/21/33

(Þ)

Perrigo

Finance

Unlimited

Co.

Series

EUR

5.375%

due

09/30/32

EUR

Pertamina

Hulu

Energi

PT

5.250%

due

05/21/30

(Þ)

537

549

Perusahaan

Penerbit

SBSN

Indonesia

III

4.550%

due

07/23/30

(Þ)

1,

1,426

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

6.250%

due

01/25/49

(Þ)

Peruvian

Government

International

Bond

5.375%

due

02/08/35

5.500%

due

03/30/36

1,013

1,041

6.200%

due

06/30/55

Petrobras

Global

Finance

BV

6.250%

due

01/10/36

752

743

6.850%

due

06/05/15

556

537

Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

1,180

Petroleos

del

Peru

SA

4.750%

due

06/19/32

(Þ)

5.625%

due

06/19/47

(Þ)

1,532

1,104

Petroleos

Mexicanos

6.375%

due

01/23/45

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.625%

due

12/31/99

(Þ)

597

Series

WI

6.750%

due

09/21/47

3,475

2,865

7.690%

due

01/23/50

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

717

740

2.480%

due

01/28/32

(Þ)

912

820

5.848%

due

04/03/55

(Þ)

580

618

3.404%

due

04/28/61

(Þ)

884

616

Philippine

Government

International

Bond

5.170%

due

10/13/27

1,175

1,199

1.950%

due

01/06/32

1,205

1,049

Philippines

Government

International

Bond

2.650%

due

12/10/45

Phoenix

Aviation

Capital,

Ltd.

9.250%

due

07/15/30

(Þ)

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

(Þ)

PRA

Group

Europe

Holding

II

SARL

6.250%

due

09/30/32

(Þ)

EUR

PRIO

Luxembourg

Holding

SARL

6.750%

due

10/15/30

(Þ)

726

714

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

11.000%

due

02/09/21

(Æ)(Ø)(Þ)

1,577

Series

EMTN

10.250%

due

01/23/18

(Æ)(Ø)

1,240

Prosus

NV

3.680%

due

01/21/30

(Þ)

PTTEP

Treasury

Center

Co.,

Ltd.

6.350%

due

06/12/42

(Þ)

Qatar

Petroleum

2.250%

due

07/12/31

(Þ)

690

623

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

Republic

of

Azerbaijan

Government

International

Bond

3.500%

due

09/01/32

(Þ)

Republic

of

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

816

875

Republic

of

Poland

Government

International

Bond

Series

10Y

5.375%

due

02/12/35

962

1,006

Series

30Y

5.500%

due

03/18/54

566

556

Series

5Y

4.875%

due

02/12/30

782

805

Republic

of

South

Africa

Government

International

Bond

7.100%

due

11/19/36

(Þ)

771

829

7.950%

due

11/19/54

(Þ)

Series

12Y

4.300%

due

10/12/28

Series

30Y

5.750%

due

09/30/49

633

534

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Republic

of

Uzbekistan

Government

International

Bond

3.900%

due

10/19/31

(Þ)

6.947%

due

05/25/32

(Þ)

Rogers

Communications,

Inc.

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

702

699

Series

NC5

7.000%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.653%)(Ê)

Romanian

Government

International

Bond

5.750%

due

09/16/30

(Þ)

3.000%

due

02/14/31

(Þ)

760

681

7.500%

due

02/10/37

(Þ)

998

1,093

4.000%

due

02/14/51

(Þ)

7.625%

due

01/17/53

(Þ)

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

8.500%

due

10/16/23

(~)(Æ)(Ê)(Þ)

SA

Global

Sukuk

,

Ltd.

2.694%

due

06/17/31

(Þ)

4.625%

due

09/17/35

(Þ)

SABIC

Capital

I

BV

3.000%

due

09/14/50

(Þ)

SABIC

Capital

II

BV

4.500%

due

10/10/28

(Þ)

Santander

UK

Group

Holdings

PLC

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

5.625%

due

09/15/45

(Þ)

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

619

565

Saudi

Electricity

Global

Sukuk

Co.

5.500%

due

04/08/44

(Þ)

501

516

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

579

5.000%

due

01/18/53

(Þ)

1,798

1,650

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

980

941

Senegal

Government

International

Bond

6.250%

due

05/23/33

(Þ)

Serbia

International

Bond

2.125%

due

12/01/30

(Þ)

6.000%

due

06/12/34

(Þ)

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

5.500%

due

05/15/33

(Þ)

EUR

SK

Hynix,

Inc.

6.375%

due

01/17/28

(Þ)

Societe

Generale

SA

5.519%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)(Þ)

Sri

Lanka

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.600%

due

06/15/35

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

02/15/38

(~)(Ê)(Þ)

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

SOFR

+

1.460%)(Ê)(Þ)

612

646

Standard

Industries,

Inc.

2.250%

due

11/21/26

(Þ)

EUR

State

Oil

Co.

of

the

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

Suncor

Energy,

Inc.

7.000%

due

11/15/28

Suzano

Austria

GmbH

2.500%

due

09/15/28

Series

WI

6.000%

due

01/15/29

Symphony

CLO,

Ltd.

Series

2018-19A

Class

C

5.905%

due

04/16/31

(CME

Term

SOFR

Month

+

2.012%)(Ê)(Þ)

500

500

TC

Ziraat

Bankasi

AS

7.250%

due

02/04/30

(Þ)

8.994%

due

08/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.327%)(Ê)(Þ)

599

632

TCW

CLO

Ltd.

Series

2025-1A

Class

CR4

6.021%

due

03/24/38

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

800

801

Tecpetrol

SA

7.625%

due

11/03/30

(Þ)

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

7.200%

due

07/18/36

7.721%

due

06/04/38

679

757

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

7.000%

due

10/28/29

(Þ)

543

546

TELUS

Corp.

2.800%

due

02/16/27

Threelands

Energy,

Ltd.

SARL

7.450%

due

10/20/35

(Þ)

Tierra

Mojada

Luxembourg

II

SARL

5.750%

due

12/01/40

(Þ)

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

Toucan

FinCo

,

Ltd./Toucan

FinCo

Can,

Inc./Toucan

FinCo

US

LLC

9.500%

due

05/15/30

(Þ)

Trade

and

Development

Bank

of

Mongolia

LLC

8.500%

due

12/23/27

(Þ)

TransAlta

Corp.

6.500%

due

03/15/40

TransCanada

Trust

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

Trinidad

Generation

UnLimited

7.750%

due

06/16/33

(Þ)

522

548

Triton

Container

International,

Ltd.

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

Turk

Telekomunikasyon

AS

6.950%

due

10/07/32

(Þ)

651

658

Turkiye

Government

International

Bond

Series

5Y

9.875%

due

01/15/28

Turkiye

Ihracat

Kredi

Bankasi

AS

5.750%

due

07/06/26

(Þ)

6.875%

due

07/03/28

(Þ)

Turkiye

Varlik

Fonu

Yonetimi

AS

8.250%

due

02/14/29

(Þ)

Ukraine

Government

International

Bond

11.323%

due

02/01/34

(~)(Ê)(Þ)(ž)

564

0.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

7.581%

due

02/01/35

(~)(Æ)(Ê)(Ø)

(Þ)(ž)

1,211

616

Series

GDP

0.000%

due

08/01/41

(~)(Æ)(Ê)

(Ø)(Þ)

UniCredit

SpA

5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

3.703%)(Ê)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

Uruguay

Government

International

Bond

5.750%

due

10/28/34

1,334

1,434

5.442%

due

02/14/37

4.975%

due

04/20/55

5.250%

due

09/10/60

Uzbekneftegaz

JSC

4.750%

due

11/16/28

(Þ)

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

Venezuela

Government

International

Bond

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

902

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

9.000%

due

05/07/23

(Æ)(Ø)(Þ)

681

Venture

CLO,

Ltd.

Series

2021-33A

Class

CR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.446%

due

07/15/31

(CME

Term

SOFR

Month

+

2.542%)(Ê)(Þ)

1,000

1,001

VEON

Holdings

BV

3.375%

due

11/25/27

(Þ)

Verde

CLO,

Ltd.

Series

2019-1A

Class

CRR

5.905%

due

04/15/32

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

VF

Corp.

0.250%

due

02/25/28

EUR

0.625%

due

02/25/32

EUR

Series

EMTN

4.250%

due

03/07/29

EUR

Videotron,

Ltd.

5.125%

due

04/15/27

(Þ)

Virgin

Media

Finance

PLC

5.000%

due

07/15/30

(Þ)

Viridien

10.000%

due

10/15/30

(Þ)

500

524

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

6.375%

due

02/01/30

(Þ)

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

4.873%)(Ê)

1,301

1,373

Series

NC30

5.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.073%)(Ê)

VTB

Bank

6.950%

due

10/17/22

(~)(Æ)(Ê)

(Š)(Þ)

—

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

8.067%)(Æ)(Ê)

(Š)(Þ)

714

—

Whirlpool

EMEA

Finance

SARL

0.500%

due

02/20/28

EUR

Whirlpool

Finance

Luxembourg

SARL

1.250%

due

11/02/26

EUR

1.100%

due

11/09/27

EUR

Wynn

Macau,

Ltd.

6.750%

due

02/15/34

(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

YPF

SA

9.000%

due

02/12/26

(~)(Ê)(Þ)

—

—

6.950%

due

07/21/27

(Þ)

8.500%

due

06/27/29

(Þ)

9.000%

due

06/30/29

(~)(Ê)(Þ)

—

—

7.000%

due

09/30/33

(~)(Ê)(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

ZF

North

America

Capital,

Inc.

6.875%

due

04/23/32

(Þ)

156,285

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mortgage-Backed

Securities

-

13.3%

ARES

Commercial

Mortgage

Trust

Series

2025-IND3

Class

A

5.532%

due

04/15/42

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

750

750

Arroyo

Mortgage

Trust

Series

2019-2

Class

A3

3.800%

due

04/25/49

(~)(Ê)(Þ)

BAHA

Trust

Series

2024-MAR

Class

C

7.516%

due

12/10/41

(~)(Ê)(Þ)

700

730

BAMLL

Trust

Series

2025-ASHF

Class

C

7.033%

due

02/15/42

(CME

Term

SOFR

Month

+

3.000%)(Ê)(Þ)

500

500

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.000%

due

02/15/54

(~)(Ê)

1,517

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3

Class

C

4.352%

due

02/15/50

(~)(Ê)

500

Barclays

Commercial

Mortgage

Trust

Series

2024-5C27

Class

D

4.000%

due

07/15/57

(Þ)

500

Series

2024-5C31

Class

D

4.250%

due

12/15/57

(Þ)

Series

2025-C32

Class

D

4.500%

due

02/15/62

(Þ)

500

BAY

Mortgage

Trust

Series

2025-LIVN

Class

A

5.832%

due

05/15/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

Benchmark

Mortgage

Trust

Series

2025-V17

Class

C

5.873%

due

09/15/58

(~)(Ê)

500

503

BMD2

Re-

Remic

Trust

Series

2019-FRR1

Class

6B10

2.355%

due

05/25/52

(~)(Ê)(Þ)

892

760

BOCA

Commercial

Mortgage

Trust

Series

2024-BOCA

Class

B

6.372%

due

08/15/41

(CME

Term

SOFR

Month

+

2.340%)(Ê)(Þ)

500

501

BX

Commercial

Mortgage

Trust

Series

2021-21M

Class

E

6.318%

due

10/15/36

(CME

Term

SOFR

Month

+

2.285%)(Ê)(Þ)

Series

2021-VOLT

Class

F

6.547%

due

09/15/36

(CME

Term

SOFR

Month

+

2.514%)(Ê)(Þ)

Series

2024-KING

Class

D

6.522%

due

05/15/34

(CME

Term

SOFR

Month

+

2.490%)(Ê)(Þ)

BX

Trust

Series

2021-ARIA

Class

D

6.042%

due

10/15/36

(CME

Term

SOFR

Month

+

2.010%)(Ê)(Þ)

500

Series

2021-LGCY

Class

C

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.151%

due

10/15/36

(CME

Term

SOFR

Month

+

1.118%)(Ê)(Þ)

Series

2021-RISE

Class

D

5.897%

due

11/15/36

(CME

Term

SOFR

Month

+

1.864%)(Ê)(Þ)

Series

2022-LBA6

Class

E

6.732%

due

01/15/39

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

500

Series

2025-LUNR

Class

B

5.882%

due

06/15/40

(~)(Ê)(Þ)

Series

2025-VLT6

Class

E

7.223%

due

03/15/42

(CME

Term

SOFR

Month

+

3.191%)(Ê)(Þ)

500

CALI

Mortgage

Trust

Series

2024-SUN

Class

A

5.975%

due

07/15/41

(CME

Term

SOFR

Month

+

1.891%)(Ê)(Þ)

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

602

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

9.358%

due

08/29/29

(Þ)(ž)

4,500

3,195

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.382%

due

08/15/57

(~)(Ê)

7,423

Chase

Home

Lending

Mortgage

Trust

Series

2019-1

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

Series

2019-1

Class

A5

3.500%

due

03/25/50

(~)(Ê)(Þ)

Series

2019-ATR2

Class

A3

3.500%

due

07/25/49

(~)(Ê)(Þ)

Series

2024-6

Class

A9A

6.000%

due

05/25/55

(~)(Ê)(Þ)

CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

3.007%

due

01/25/67

(~)(Ê)(Þ)

CIM

Trust

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(~)(Ê)(Þ)

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

677

564

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

Citigroup

Commercial

Mortgage

Trust

Series

2016-C2

Class

D

3.250%

due

08/10/49

(~)(Ê)(Þ)

500

Series

2019-GC41

Class

XA

Interest

Only

STRIPS

1.031%

due

08/10/56

(~)(Ê)

2,072

Citigroup

Mortgage

Loan

Trust

Series

2021-J1

Class

A4A

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.500%

due

04/25/51

(~)(Ê)(Þ)

503

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

COMM

Mortgage

Trust

Series

2024-CBM

Class

D

7.926%

due

12/10/41

(~)(Ê)(Þ)

500

516

DBC

Mortgage

Trust

Series

2025-DBC

Class

A

5.400%

due

06/15/38

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

750

752

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.421%

due

06/10/34

(~)(Ê)(Þ)

1,000

958

DK

Trust

Series

2025-LXP

Class

B

5.875%

due

08/15/37

(CME

Term

SOFR

Month

+

1.843%)(Ê)(Þ)

750

752

Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

Series

2022-2

Class

A1

4.299%

due

04/25/67

(~)(Ê)(Þ)

Extended

Stay

America

Trust

Series

2025-ESH

Class

E

7.500%

due

10/15/42

(CME

Term

SOFR

Month

+

3.350%)(Ê)(Þ)

500

502

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2020-R02

Class

2B1

7.297%

due

01/25/40

(SOFR

Day

Average

+

3.114%)(Ê)(Þ)

1,200

1,226

Series

2022-R01

Class

1B1

7.333%

due

12/25/41

(SOFR

Day

Average

+

3.150%)(Ê)(Þ)

700

714

Series

2023-R01

Class

1M2

7.933%

due

12/25/42

(SOFR

Day

Average

+

3.750%)(Ê)(Þ)

600

630

Series

2023-R05

Class

1B1

8.933%

due

06/25/43

(SOFR

Day

Average

+

4.750%)(Ê)(Þ)

500

537

Series

2024-R01

Class

1M2

5.983%

due

01/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

500

504

Series

2024-R03

Class

2B1

6.983%

due

03/25/44

(SOFR

Day

Average

+

2.800%)(Ê)(Þ)

1,000

1,034

Series

2024-R03

Class

2M2

6.133%

due

03/25/44

(SOFR

Day

Average

+

1.950%)(Ê)(Þ)

700

705

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

3.928%

due

03/25/48

(~)(Ê)(Þ)

Series

2018-6RR

Class

B1

4.906%

due

10/25/48

(~)(Ê)(Þ)

Series

2018-3INV

Class

A3

4.000%

due

05/25/48

(~)(Ê)(Þ)

Fontainebleau

Miami

Beach

Mortgage

Trust

Series

2024-FBLU

Class

E

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.182%

due

12/15/39

(CME

Term

SOFR

Month

+

3.150%)(Ê)(Þ)

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA5

Class

M2

5.833%

due

01/25/34

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2022-DNA6

Class

M1B

7.883%

due

09/25/42

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

Series

2024-HQA2

Class

M2

5.983%

due

08/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

500

503

Series

2025-HQA1

Class

M2

5.833%

due

02/25/45

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

700

702

FREMF

Mortgage

Trust

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

13,115

Series

2016-K57

Class

X2B

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

3,675

FS

Rialto

2025-FL10

Issuer

LLC

Series

2025-FL10

Class

C

6.178%

due

08/19/42

(CME

Term

SOFR

Month

+

2.146%)(Ê)(Þ)

500

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1C

Principal

Only

STRIPS

6.061%

due

07/28/27

(Þ)(ž)

837

755

Series

2021-FRR1

Class

1D

Principal

Only

STRIPS

6.701%

due

07/28/27

(Þ)(ž)

1,258

1,124

Series

2022-FRR3

Class

CK47

Principal

Only

STRIPS

0.063%

due

05/27/48

(Þ)(ž)

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS

0.121%

due

05/27/48

(Þ)(ž)

GS

Mortgage

Securities

Trust

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.115%

due

07/10/52

(~)(Ê)

2,926

Series

2019-PJ2

Class

B2

4.364%

due

11/25/49

(~)(Ê)(Þ)

837

803

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

793

661

Series

2021-PJ11

Class

B3

2.853%

due

04/25/52

(~)(Ê)(Þ)

Series

2023-FUN

Class

C

7.422%

due

03/15/28

(CME

Term

SOFR

Month

+

3.389%)(Ê)(Þ)

500

503

GS

Mortgage-Backed

Securities

Trust

Series

2020-PJ1

Class

B2

3.602%

due

05/25/50

(~)(Ê)(Þ)

851

755

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

704

585

Series

2021-PJ5

Class

B3

2.583%

due

10/25/51

(~)(Ê)(Þ)

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

588

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

732

608

Series

2021-PJ9

Class

A4

2.500%

due

02/26/52

(~)(Ê)(Þ)

899

749

Series

2025-PJ1

Class

A19

6.000%

due

06/25/55

(~)(Ê)(Þ)

GSAT

Trust

Series

2025-BMF

Class

D

6.532%

due

07/15/40

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

Hawaii

Hotel

Trust

Series

2025-MAUI

Class

D

6.623%

due

03/15/42

(CME

Term

SOFR

Month

+

2.591%)(Ê)(Þ)

HLTN

Commercial

Mortgage

Trust

Series

2024-DPLO

Class

D

7.371%

due

06/15/41

(CME

Term

SOFR

Month

+

3.339%)(Ê)(Þ)

500

500

ICNQ

Mortgage

Trust

Series

2024-MF

Class

A

5.778%

due

12/10/34

(Þ)

600

616

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

4.380%

due

05/25/67

(~)(Ê)(Þ)

INTOWN

Mortgage

Trust

Series

2025-STAY

Class

C

6.282%

due

03/15/42

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

500

501

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2015-C27

Class

XA

Interest

Only

STRIPS

0.709%

due

02/15/48

(~)(Ê)

Series

2021-MHC

Class

E

6.848%

due

04/15/38

(CME

Term

SOFR

Month

+

2.814%)(Ê)(Þ)

JPMorgan

Mortgage

Trust

Series

2017-6

Class

A7

3.500%

due

12/25/48

(~)(Ê)(Þ)

Series

2018-3

Class

B3

3.698%

due

09/25/48

(~)(Ê)(Þ)

680

622

Series

2018-6

Class

B1

3.900%

due

12/25/48

(~)(Ê)(Þ)

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

Series

2019-2

Class

A3

3.997%

due

08/25/49

(~)(Ê)(Þ)

Series

2019-7

Class

B2A

2.952%

due

02/25/50

(~)(Ê)(Þ)

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

Series

2019-HYB1

Class

B1

4.942%

due

10/25/49

(~)(Ê)(Þ)

596

599

Series

2019-LTV3

Class

A5

3.473%

due

03/25/50

(~)(Ê)(Þ)

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2020-1

Class

A7

3.500%

due

06/25/50

(~)(Ê)(Þ)

Series

2020-5

Class

B1

3.570%

due

12/25/50

(~)(Ê)(Þ)

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

Series

2022-4

Class

A17A

3.000%

due

10/25/52

(~)(Ê)(Þ)

Series

2023-8

Class

A2

6.000%

due

02/25/54

(~)(Ê)(Þ)

525

533

Series

2023-8

Class

B3

6.226%

due

02/25/54

(~)(Ê)(Þ)

969

963

Series

2024-4

Class

A9

6.500%

due

10/25/54

(~)(Ê)(Þ)

603

613

Series

2024-INV1

Class

A5A

5.500%

due

04/25/55

(~)(Ê)(Þ)

1,000

1,007

Series

2025-CCM1

Class

A2

5.500%

due

06/25/55

(~)(Ê)(Þ)

770

773

KSL

Commercial

Mortgage

Trust

Series

2024-HT2

Class

D

7.322%

due

12/15/39

(CME

Term

SOFR

Month

+

3.290%)(Ê)(Þ)

583

581

LoanCore

Issuer,

Ltd.

Series

2025-CRE8

Class

C

6.178%

due

08/17/42

(CME

Term

SOFR

Month

+

2.141%)(Ê)(Þ)

500

Series

2025-CRE9

Class

A

5.513%

due

08/18/42

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

750

750

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.362%

due

10/25/48

(~)(Ê)(Þ)

836

804

MF1

LLC

Series

2025-FL20

Class

A

5.481%

due

02/18/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

500

502

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

F

6.747%

due

04/15/38

(CME

Term

SOFR

Month

+

2.715%)(Ê)(Þ)

MHP

Series

2022-MHIL

Class

E

6.643%

due

01/15/39

(CME

Term

SOFR

Month

+

2.611%)(Ê)(Þ)

MHP

Commercial

Mortgage

Trust

Series

2025-MHIL2

Class

D

6.682%

due

09/15/40

(CME

Term

SOFR

Month

+

2.650%)(Ê)(Þ)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2016-C29

Class

XB

Interest

Only

STRIPS

0.928%

due

05/15/49

(~)(Ê)

7,710

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

XA

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Interest

Only

STRIPS

0.847%

due

12/15/50

(~)(Ê)

2,379

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

Series

2019-H7

Class

XA

Interest

Only

STRIPS

1.219%

due

07/15/52

(~)(Ê)

5,686

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.603%

due

11/15/52

(~)(Ê)

5,119

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.262%

due

05/15/54

(~)(Ê)

1,472

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-2

Class

B1

7.126%

due

03/25/54

(~)(Ê)(Þ)

524

NXPT

Commercial

Mortgage

Trust

Series

2024-STOR

Class

E

6.703%

due

11/05/41

(~)(Ê)(Þ)

500

505

NYC

Commercial

Mortgage

Trust

Series

2025-28L

Class

B

1.000%

due

11/05/38

(~)(Ê)(Þ)

500

OBX

Trust

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

Series

2023-J1

Class

A3

4.500%

due

01/25/53

(~)(Ê)(Þ)

Series

2023-NQM1

Class

A1

5.928%

due

11/25/63

(~)(Ê)(Þ)

ORL

Trust

Series

2024-GLKS

Class

E

7.222%

due

12/15/39

(CME

Term

SOFR

Month

+

3.190%)(Ê)(Þ)

500

501

PMT

Loan

Trust

Series

2025-J3

Class

A29

5.500%

due

11/27/56

(~)(Ê)(Þ)

500

501

PRM

Trust

Series

2025-PRM6

Class

E

6.583%

due

07/05/33

(~)(Ê)(Þ)

PRMI

Trust

Series

2025-PRM5

Class

D

5.625%

due

03/10/33

(~)(Ê)(Þ)

500

Series

2025-PRM7

Class

D

5.850%

due

11/10/42

(~)(Ê)(Þ)

500

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.252%

due

02/27/51

(~)(Ê)(Þ)

RFM

Re-REMIC

Trust

Series

2022-FRR1

Class

AB60

2.333%

due

11/08/49

(~)(Ê)(Þ)

1,000

961

Series

2022-FRR1

Class

CK60

Principal

Only

STRIPS

0.415%

due

11/08/49

(Þ)(ž)

560

507

SCG

Commercial

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-FLWR

Class

C

5.782%

due

08/15/42

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

650

650

SDAL

Trust

Series

2025-DAL

Class

A

6.474%

due

04/15/42

(CME

Term

SOFR

Month

+

2.441%)(Ê)(Þ)

Sequoia

Mortgage

Trust

Series

2019-4

Class

A19

3.500%

due

11/25/49

(~)(Ê)(Þ)

Series

2019-5

Class

A7

3.500%

due

12/25/49

(~)(Ê)(Þ)

686

616

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

Series

2020-4

Class

A20

2.500%

due

11/25/50

(~)(Ê)(Þ)

Series

2025-1

Class

A1

6.000%

due

01/25/55

(~)(Ê)(Þ)

Series

2025-10

Class

A28

6.000%

due

11/25/55

(~)(Ê)(Þ)

500

503

SWCH

Commercial

Mortgage

Trust

Series

2025-DATA

Class

E

7.372%

due

02/15/42

(CME

Term

SOFR

Month

+

3.340%)(Ê)(Þ)

500

UWM

Mortgage

Trust

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

705

587

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

773

Series

2021-3

Class

A1

1.046%

due

06/25/66

(~)(Ê)(Þ)

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR7

Class

A6

5.256%

due

07/25/34

(~)(Ê)

Series

2006-AR15

Class

1A

4.949%

due

11/25/46

(Federal

Reserve

U.S.

Month

Cumulative

Avg

year

CMT

+

0.840%)(Ê)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-LC25

Class

D

3.026%

due

12/15/59

(~)(Ê)(Þ)

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.152%

due

11/15/50

(~)(Ê)

4,670

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-1

Class

A17

3.000%

due

12/25/49

(~)(Ê)(Þ)

Series

2020-4

Class

A17

3.000%

due

07/25/50

(~)(Ê)(Þ)

Series

2020-RR1

Class

A1

3.000%

due

05/25/50

(~)(Ê)(Þ)

Series

2021-1

Class

A17

2.500%

due

12/25/50

(~)(Ê)(Þ)

656

546

66,177

Non-US

Bonds

-

10.2%

888

Acquisitions,

Ltd.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $10.750%

due

05/15/30

(Þ)

GBP

Accor

SA

7.250%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.105%)(Ê)(ƒ)(Þ)

EUR

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

5.375%

due

05/21/30

(Þ)

EUR

Anarafe

SL

14.800%

due

12/31/26

(3

Month

EURIBOR

+

12.750%)(Ê)(Þ)

EUR

Aroundtown

Finance

SARL

5.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.349%)(Ê)(ƒ)

EUR

7.125%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.508%)(Ê)(ƒ)

EUR

554

8.625%

due

12/31/99

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

4.493%)(Ê)(ƒ)

GBP

Atos

SE

9.000%

due

12/18/29

(~)(Ê)(Þ)

EUR

5.000%

due

12/18/30

(~)(Ê)(Þ)

EUR

Azzurra

Aeroporti

SpA

2.625%

due

05/30/27

(Þ)

EUR

Bayer

AG

7.000%

due

09/25/83

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.896%)(Ê)(Þ)

EUR

Series

N8.5

5.375%

due

03/25/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.458%)(Ê)(Þ)

EUR

Bayer

US

Finance

II

LLC

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

BCP

V

Modular

Services

Finance

II

PLC

4.750%

due

11/30/28

(Þ)

EUR

6.750%

due

11/30/29

(Þ)

EUR

Bertelsmann

SE

&

Co.

KGaA

3.500%

due

04/23/75

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.206%)(Ê)(Þ)

EUR

British

Telecommunications

PLC

Series

EMTN

8.375%

due

12/20/83

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

3.820%)(Ê)(Þ)

GBP

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

5.625%

due

02/15/32

(Þ)

EUR

Canary

Wharf

Group

Investment

Holdings

PLC

3.375%

due

04/23/28

(Þ)

GBP

Castor

SpA

7.264%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

CD&R

Firefly

Bidco

PLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.625%

due

04/30/29

(Þ)

GBP

Cerba

Healthcare

SACA

3.500%

due

05/31/28

(Þ)

EUR

Cidron

Aida

Finco

SARL

9.125%

due

10/27/31

(Þ)

GBP

Citycon

Treasury

BV

Series

EMTN

1.625%

due

03/12/28

(Þ)

EUR

6.500%

due

03/08/29

(Þ)

EUR

5.000%

due

03/11/30

(Þ)

EUR

5.375%

due

07/08/31

(Þ)

EUR

CPI

Property

Group

SA

Series

EMTN

7.000%

due

05/07/29

(Þ)

EUR

500

617

1.750%

due

01/14/30

(Þ)

EUR

1.500%

due

01/27/31

(Þ)

EUR

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

Dynamo

Newco

II

GmbH

6.250%

due

10/15/31

(Þ)

EUR

EDP

SA

Series

EMTN

4.500%

due

05/27/55

(EURIBOR

ICE

Swap

Rate

+

2.239%)(Ê)(Þ)

EUR

eircom

Finance

DAC

5.000%

due

04/30/31

(Þ)

EUR

Electricite

de

France

SA

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.970%)(Ê)(ƒ)(Þ)

EUR

Series

EMTN

5.875%

due

12/31/99

(ICE

SWAP

Rate

GBP

SONIA

Year

+

3.323%)(Ê)(ƒ)(Þ)

GBP

500

653

7.375%

due

12/31/99

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

3.775%)(Ê)

(ƒ)(Þ)

GBP

Elia

Group

SA

5.850%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.506%)(Ê)(ƒ)(Þ)

EUR

Emeria

SA

3.375%

due

03/31/28

(Þ)

EUR

Enel

SpA

4.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.196%)(Ê)(ƒ)(Þ)

EUR

Energia

Group

Roi

Financeco

DAC

6.875%

due

07/31/28

(Þ)

EUR

Engineering

-

Ingegneria

Informatica

-

SpA

11.125%

due

05/15/28

(Þ)

EUR

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

Eutelsat

SA

2.250%

due

07/13/27

(Þ)

EUR

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.500%

due

10/13/28

(Þ)

EUR

9.750%

due

04/13/29

(Þ)

EUR

Fiber

Bidco

SpA

6.125%

due

06/15/31

(Þ)

EUR

Fibercop

SpA

5.125%

due

06/30/32

(Þ)

EUR

Forvia

SE

5.500%

due

06/15/31

(Þ)

EUR

Froneri

Lux

FinCo

SARL

4.750%

due

08/01/32

(Þ)

EUR

Galaxy

Bidco

,

Ltd.

8.125%

due

12/19/29

(Þ)

GBP

Grand

City

Properties

Finance

SARL

6.125%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.508%)(Ê)(ƒ)

EUR

Grand

City

Properties

SA

Series

EMTN

1.500%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.184%)(Ê)(ƒ)(Þ)

EUR

Grifols

SA

7.125%

due

05/01/30

(Þ)

EUR

680

824

Heathrow

Finance

PLC

6.625%

due

03/01/31

(Þ)

GBP

Hella

GmbH

&

Co.

KGAA

0.500%

due

01/26/27

EUR

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

Series

.

0.625%

due

09/16/28

(Þ)

EUR

House

of

Fraser

Funding

PLC

0.000%

due

09/15/20

(Æ)(Ø)(Þ)

GBP

—

HX

Hold

Co.,

Ltd.

7.000%

due

02/12/30

(~)(Ê)

EUR

IHO

Verwaltungs

GmbH

7.000%

due

11/15/31

(Þ)

EUR

500

iliad

SA

4.250%

due

01/09/32

(Þ)

EUR

Intrum

Investments

and

Financing

AB

Series

...

7.750%

due

09/11/27

EUR

8.500%

due

09/11/30

(Þ)

EUR

ION

Platform

Finance

SARL

6.500%

due

09/30/30

(Þ)

EUR

6.875%

due

09/30/32

(Þ)

EUR

Kaixo

Bondco

Telecom

SA

5.125%

due

09/30/29

(Þ)

EUR

La

Poste

SA

5.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.679%)(Ê)(ƒ)(Þ)

EUR

Luna

1.5 SARL

10.500%

due

07/01/32

(Þ)

EUR

Luna

5SARL

5.500%

due

07/01/32

(Þ)

EUR

Mahle

GmbH

6.500%

due

05/02/31

(Þ)

EUR

Mangrove

LuxCo

III

SARL

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.026%

due

07/15/29

(3

Month

EURIBOR

+

5.000%)(Ê)(Þ)

EUR

Maya

SAS

6.875%

due

04/15/31

(Þ)

EUR

METRO

AG

4.625%

due

03/07/29

(Þ)

EUR

536

Series

EMTN

4.000%

due

03/05/30

(Þ)

EUR

Mobico

Group

PLC

3.625%

due

11/20/28

(Þ)

GBP

Series

EMTN

4.875%

due

09/26/31

(Þ)

EUR

Monitchem

HoldCo

SA

8.750%

due

05/01/28

(Þ)

EUR

Mundys

SpA

Series

EMTN

1.875%

due

07/13/27

(Þ)

EUR

575

655

New

Immo

Holding

SA

Series

EMTN

3.250%

due

07/23/27

(Þ)

EUR

4.875%

due

12/08/28

(Þ)

EUR

6.000%

due

03/22/29

(Þ)

EUR

Nexi

SpA

Series

.

0.000%

due

02/24/28

(Æ)(Þ)

EUR

NGG

Finance

PLC

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

535

608

Nidda

Healthcare

Holding

GmbH

5.375%

due

10/23/30

(Þ)

EUR

567

667

Nissan

Motor

Co.,

Ltd.

3.201%

due

09/17/28

(Þ)

EUR

500

568

Ocado

Group

PLC

0.750%

due

01/18/27

(Þ)

GBP

700

851

10.500%

due

08/08/29

(Þ)

GBP

Odido

Group

Holding

BV

5.500%

due

01/15/30

(Þ)

EUR

Orange

SA

Series

EMTN

5.375%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.659%)(Ê)(ƒ)(Þ)

EUR

Orsted

A/S

1.750%

due

12/09/19

(EURIBOR

ICE

Swap

Rate

+

1.952%)(Ê)(Þ)

EUR

510

563

1.500%

due

02/18/21

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

1.860%)(Ê)(Þ)

EUR

5.250%

due

12/08/22

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.619%)(Ê)(Þ)

EUR

Series

GBP

2.500%

due

02/18/21

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

2.136%)(Ê)(Þ)

GBP

OVH

Groupe

SAS

4.750%

due

02/05/31

(Þ)

EUR

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PCF

GmbH

4.750%

due

04/15/29

(Þ)

EUR

Petrobras

Global

Finance

BV

5.375%

due

10/01/29

GBP

6.625%

due

01/16/34

GBP

Petroleos

Mexicanos

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

850

993

Series

EMTN

4.875%

due

02/21/28

(Þ)

EUR

Pinewood

Finco

PLC

6.000%

due

03/27/30

(Þ)

GBP

PLT

VII

Finance

SARL

6.000%

due

06/15/31

(Þ)

EUR

ProGroup

AG

5.375%

due

04/15/31

(Þ)

EUR

RAC

Bond

Co.

PLC

5.250%

due

11/04/46

(Þ)

GBP

Renault

SA

Series

EMTN

1.125%

due

10/04/27

(Þ)

EUR

500

558

Russian

Railways

Via

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Æ)(Ê)(Ø)

(Š)(Þ)

RUB

115,000

—

Schaeffler

AG

Series

EMTN

2.875%

due

03/26/27

(Þ)

EUR

500

576

SGL

Carbon

SE

5.750%

due

06/28/28

(Þ)

EUR

Sherwood

Financing

PLC

7.625%

due

12/15/29

(Þ)

EUR

SNF

Group

SACA

4.500%

due

03/15/32

(Þ)

EUR

Summer

BC

Holdco

B

SARL

5.875%

due

02/15/30

(Þ)

EUR

Sunrise

FinCo

I

BV

4.625%

due

05/15/32

(Þ)

EUR

TDC

Net

A/S

Series

EMTN

5.000%

due

08/09/32

(Þ)

EUR

500

601

TeamSystem

SpA

5.000%

due

07/01/31

(Þ)

EUR

Techem

Verwaltungsgesellschaft

675

mbH

5.074%

due

07/15/32

(3

Month

EURIBOR

+

3.000%)(Ê)(Þ)

EUR

522

603

Tele

Columbus

AG

10.000%

due

01/01/29

(Þ)

EUR

Telecom

Italia

Finance

SA

Series

EMTN

7.750%

due

01/24/33

EUR

529

Telecom

Italia

SpA

Series

EMTN

5.250%

due

03/17/55

EUR

Telefonica

Europe

BV

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.875%

due

03/31/27

(Þ)

EUR

1.625%

due

10/15/28

(Þ)

EUR

560

620

Travelex

Financing

PLC

8.000%

due

05/15/22

(Æ)(Ø)(Š)(Þ)

EUR

1,400

—

Travelex

Issuerco

,

Ltd.

3.010%

due

03/31/29

(Þ)

GBP

2,659

2,180

Trivium

Packaging

Finance

BV

6.625%

due

07/15/30

(Þ)

EUR

TUI

Cruises

GmbH

5.000%

due

05/15/30

(Þ)

EUR

TVL

Finance

PLC

10.250%

due

04/28/28

(Þ)

GBP

Unibail

-

Rodamco

-Westfield

4.875%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.505%)(Ê)(Þ)

EUR

500

597

Var

Energi

ASA

7.862%

due

11/15/83

(EURIBOR

ICE

Swap

Rate

+

4.765%)(Ê)(Þ)

EUR

Veolia

Environnement

SA

Series

EMTN

4.322%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

1.837%)(Ê)(ƒ)(Þ)

EUR

Verisure

Midholding

AB

5.250%

due

02/15/29

(Þ)

EUR

Virgin

Media

Vendor

Financing

PLC

4.875%

due

07/15/28

(Þ)

GBP

Vmed

O2

UK

Financing

I

PLC

4.000%

due

01/31/29

(Þ)

GBP

4.500%

due

07/15/31

(Þ)

GBP

5.625%

due

04/15/32

(Þ)

EUR

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

550

653

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

750

836

Volkswagen

International

Finance

NV

3.748%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.783%)(Ê)(ƒ)(Þ)

EUR

Wintershall

Dea

Finance

BV

6.117%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.940%)(Ê)(ƒ)(Þ)

EUR

Series

NC8

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.319%)(Ê)(ƒ)(Þ)

EUR

Worldline

SA

0.000%

due

07/30/26

(Æ)(Þ)

EUR

Series

EMTN

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.875%

due

06/30/27

(Þ)

EUR

500

4.125%

due

09/12/28

(Þ)

EUR

5.250%

due

11/27/29

(Þ)

EUR

600

553

5.500%

due

06/10/30

(Þ)

EUR

Zegona

Finance

PLC

6.750%

due

07/15/29

(Þ)

EUR

ZF

Europe

Finance

BV

2.500%

due

10/23/27

(Þ)

EUR

3.000%

due

10/23/29

(Þ)

EUR

600

625

Series

EMTN

6.125%

due

03/13/29

(Þ)

EUR

7.000%

due

06/12/30

(Þ)

EUR

50,468

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$445,326)

439,178

#### Common

#### Stocks

#### -

#### 1.2%
Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Æ)(Š)(Þ)

4,460,190

—

Energy

-

0.0%

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)

11,057

—

Materials

and

Processing

-

0.6%

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

2,880

Producer

Durables

-

0.6%

Affinion

Group,

Inc.(Æ)(Š)

8,007

—

Bahia

De

Las

Isletas

SL

Class

A(Æ)(Š)

15,907,620

—

Real

Alloy(Š)

2,968

2,968

#### Total

#### Common

#### Stocks
(cost

$5,737)

6,030

#### Preferred

#### Stocks

#### -

#### 0.0%
Consumer

Discretionary

-

0.0%

Education

Management

Corp.

0.000%

(Æ)(Š)

2,128

—

Technology

-

0.0%

Veritas

US,

Inc.

0.000%

(Æ)

2,973

#### Total

#### Preferred

#### Stocks
(cost

$343)

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Travelex

Issuerco

,

Ltd.(Æ)

Warrants

675

—

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 8.7%
Canadian

Natural

Resources,

Ltd.

3.386%

due

11/05/25

(ç)(Þ)(ž)

1,000

1,000

Education

Management

LLC

Term

Loan

B

0.000%

due

11/30/23

(~)(Æ)(Ê)(Š)

—

OGE

Energy

Corp.

2.834%

due

11/03/25

(ç)(Þ)(ž)

1,000

1,000

U.S.

Cash

Management

Fund(@)

41,276,726(∞)

41,268

#### Total

#### Short-Term

#### Investments
(cost

$43,729)

43,268

#### Total

#### Investments

#### -

#### 98.2%
(identified

cost

$495,135)

488,546

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.8%
8,856

#### Net

#### Assets

#### -

#### 100.0%
497,402

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $68.8%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

07/06/21

206,000

98.52 203

1011778

BC

ULC

/

New

Red

Finance,

Inc.

09/03/24

347,000

100.00 347

1261229

BC,

Ltd.

03/25/25

827,000

100.54 831

865

7-Eleven,

Inc.

10/02/24

129,000

93.34 120

888

Acquisitions,

Ltd.

05/02/24

GBP

250,000

125.37 313

AB

BSL

CLO,

Ltd.

11/18/24

350,000

100.00 350

AB

BSL

CLO,

Ltd.

02/04/25

600,000

100.00 600

593

Abu

Dhabi

Crude

Oil

Pipeline

LLC

10/03/25

200,000

92.86 186

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/29/25

352,000

99.46 350

Abu

Dhabi

Government

International

Bond

11/02/22

1,077,000

71.75 773

798

Abu

Dhabi

Government

International

Bond

09/25/25

1,294,000

99.08 1,282

1,291

Accor

SA

10/04/23

EUR

100,000

104.99 105

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

656,092

98.44 646

508

Acrec

LLC

01/10/25

500,000

99.76 499

500

Adani

Ports

&

Special

Economic

Zone,

Ltd.

10/15/25

155,000

97.63 151

AdaptHealth

LLC

01/28/21

193,000

101.28 195

Adient

Global

Holdings,

Ltd.

02/11/25

697,000

98.53 684

721

ADT

Corp.

(The)

08/05/25

178,000

95.56 170

Aegea

Finance

SARL

09/25/25

384,000

99.94 384

Aeropuerto

Internacional

De

Tocumen

SA

03/11/24

686,000

73.72 506

572

AES

Panama

Generation

Holdings

SRL

07/06/22

79,971

91.18 73

African

Export-Import

Bank

(The)

07/26/22

443,000

86.61 384

Agua

y

Saneamientos

Argentinos

SA

10/16/19

220,014

97.42 214

Ahlstrom

Holding

Oy

02/26/24

300,000

95.06 285

AHP

Health

Partners,

Inc.

08/16/21

86,000

100.45 86

Aircastle,

Ltd.

06/12/25

131,000

103.38 135

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/18/23

141,000

92.83 131

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

10/21/25

738,000

100.00 738

741

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

05/14/25

EUR

200,000

111.67 223

Alliant

Energy

Finance

LLC

03/17/25

152,000

102.76 156

Allied

Universal

Holdco

LLC

05/12/25

25,000

103.35 26

Alpha

Generation

LLC

09/19/24

696,000

101.02 703

715

Alta

Equipment

Group,

Inc.

05/21/24

442,000

94.95 420

AltaGas,

Ltd.

08/05/25

44,000

100.72 44

Altice

France

Holding

SA

04/20/22

324,000

92.92 301

Altice

France

SA

10/14/25

400,000

95.15 381

AMC

Entertainment

Holdings,

Inc.

07/21/25

135,000

87.84 119

AMC

Networks,

Inc.

07/09/24

173,000

101.36 175

American

Airlines,

Inc./AAdvantage

Loyalty

IP,

Ltd.

08/10/23

186,000

97.88 182

American

Axle

&

Manufacturing,

Inc.

10/24/25

290,000

100.45 291

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

01/22/25

180,000

98.24 177

Anarafe

SL

01/12/22

EUR

322,868

123.71 399

ANGI

Group

LLC

10/10/25

307,000

93.04 286

Angolan

Government

International

Bond

04/29/25

200,000

80.33 161

Angolan

Government

International

Bond

10/07/25

801,000

99.39 796

782

Antero

Resources

Corp.

12/11/24

89,000

98.75 88

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

176,000

98.80 174

Aramark

Services,

Inc.

01/28/21

182,000

101.57 185

Arches

Buyer,

Inc.

05/03/23

198,000

92.81 184

AREIT,

Ltd.

01/24/25

750,000

99.79 748

745

ARES

Commercial

Mortgage

Trust

04/03/25

750,000

100.00 750

750

Aretec

Escrow

Issuer

2,

Inc.

10/26/23

684,000

100.18 685

744

Arroyo

Mortgage

Trust

05/12/20

53,184

97.37 52

Arsenal

AIC

Parent

LLC

08/10/23

168,000

101.47 170

Ashland,

Inc.

08/05/25

60,000

88.91 53

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

07/21/25

217,000

100.00 217

Atos

SE

01/28/25

EUR

219,982

114.39 252

Atos

SE

01/28/25

EUR

250,000

66.71 167

ATS

Corp.

01/28/21

173,000

100.77 174

Avantor,

Inc.

01/28/21

199,000

101.97 203

Avation

Capital

SA

07/06/21

95.98 —

—

Avianca

Midco

PLC

05/12/25

112,000

92.65 104

Axalta

Coating

Systems

LLC

01/28/21

160,000

101.48 162

Axon

Enterprise,

Inc.

03/05/25

283,000

100.00 283

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Axon

Enterprise,

Inc.

03/05/25

197,000

100.00 197

Azzurra

Aeroporti

SpA

10/31/22

EUR

180,000

101.63 183

BAHA

Trust

11/22/24

700,000

99.99 700

730

Bahrain

Government

International

Bond

03/17/25

413,000

101.60 420

Bahrain

Government

International

Bond

05/16/25

443,000

102.11 452

Bahrain

Government

International

Bond

10/01/25

651,000

100.00 651

659

Bain

Capital

Credit

CLO,

Ltd.

07/23/24

450,000

100.00 450

Bain

Capital

Credit

CLO,

Ltd.

10/09/25

1,100,000

100.00 1,100

1,102

BAMLL

Trust

02/07/25

500,000

100.00 500

500

Banco

de

Bogota

SA

03/06/24

126,000

97.27 123

Banco

de

Credito

del

Peru

SA

10/09/25

189,000

99.75 189

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

04/18/23

493,000

92.51 456

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

03/06/24

124,000

98.37 122

Banco

Nacional

de

Panama

01/23/24

704,000

81.23 572

621

Bangkok

Bank

PCL

11/13/24

206,000

101.45 209

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

614,000

91.24 560

599

Bapco

Energies

BSC

Closed

06/18/20

340,000

103.05 350

Bapco

Energies

Sukuk,

Ltd.

07/21/21

247,000

102.43 253

Barclays

Commercial

Mortgage

Trust

11/20/24

500,000

86.72 434

Barclays

Commercial

Mortgage

Trust

12/04/24

250,000

88.60 221

Barclays

Commercial

Mortgage

Trust

01/24/25

500,000

82.06 410

Bausch

Health

Americas,

Inc.

07/02/25

165,000

96.39 159

Bausch

Health

Cos.,

Inc.

12/17/19

453,000

170.18 771

Bausch

Health

Cos.,

Inc.

11/18/20

102,000

140.47 143

Bausch

Health

Cos.,

Inc.

09/18/24

340,000

61.89 210

Bausch

Health

Cos.,

Inc.

08/27/25

488,000

91.29 446

Bausch

Health

Cos.,

Inc.

10/07/25

554,000

80.78 448

BAY

Mortgage

Trust

04/28/25

250,000

100.00 250

Bayer

AG

09/04/23

EUR

300,000

100.87 303

Bayer

AG

09/26/23

EUR

200,000

104.79 210

Bayer

US

Finance

II

LLC

12/16/22

EUR

400,000

98.87 395

BCP

V

Modular

Services

Finance

II

PLC

04/26/24

EUR

200,000

103.03 206

BCP

V

Modular

Services

Finance

II

PLC

01/22/25

EUR

350,000

96.31 337

BCPE

Flavor

Debt

Merger

Sub

LLC

/

BCPE

Flavor

Issuer,

Inc.

10/28/25

305,000

102.50 313

Beach

Acquisition

Bidco

LLC

08/05/25

134,000

105.02 141

BellRing

Brands,

Inc.

10/10/25

279,000

103.25 288

Benin

Government

International

Bond

06/13/25

200,000

94.49 189

Bertelsmann

SE

&

Co.

KGaA

05/03/22

EUR

400,000

103.99 416

Bimbo

Bakeries

USA,

Inc.

02/10/25

171,000

103.29 177

Birch

Grove

CLO,

Ltd.

07/18/24

250,000

100.00 250

Birch

Grove

CLO,

Ltd.

01/23/25

300,000

100.00 300

Blackstone

Mortgage

Trust,

Inc.

11/02/21

180,000

99.92 180

BlueMountain

CLO,

Ltd.

10/02/25

850,000

100.00 850

850

BMD2

Re-Remic

Trust

02/03/21

892,000

90.01 803

760

BNP

Paribas

SA

12/11/24

137,000

93.84 129

BNP

Paribas

SA

08/14/25

94,000

93.81 88

BOCA

Commercial

Mortgage

Trust

08/07/24

500,000

99.76 499

501

Bolivia

Government

International

Bond

04/04/23

200,000

70.18 140

Bombardier,

Inc.

06/04/25

242,000

106.10 257

Booz

Allen

Hamilton,

Inc.

03/03/21

157,000

100.99 159

Booz

Allen

Hamilton,

Inc.

03/17/25

225,000

95.27 214

Boston

Gas

Co.

04/16/24

83,000

95.50 79

Brand

Industrial

Services,

Inc.

08/10/23

166,000

101.50 168

Brant

Point

CLO,

Ltd.

06/03/25

650,000

100.00 650

652

British

Telecommunications

PLC

02/26/24

GBP

200,000

135.02 270

Brooklyn

Union

Gas

Co.

(The)

09/08/25

103,000

98.76 102

Builders

FirstSource,

Inc.

03/03/21

170,000

103.62 176

BX

Commercial

Mortgage

Trust

02/23/23

175,000

96.29 169

BX

Commercial

Mortgage

Trust

04/24/24

387,531

99.30 385

BX

Commercial

Mortgage

Trust

05/08/24

493,503

99.78 492

BX

Trust

02/06/23

500,000

96.59 483

BX

Trust

01/24/24

500,000

97.90 490

BX

Trust

04/26/24

422,665

98.82 418

BX

Trust

06/06/24

380,000

98.42 374

BX

Trust

02/20/25

500,000

99.76 499

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
BX

Trust

05/30/25

477,793

100.00 478

C&W

Senior

Finance,

Ltd.

02/06/25

419,000

100.10 419

Caesars

Entertainment,

Inc.

12/09/24

151,000

103.08 156

Caesars

Entertainment,

Inc.

05/12/25

10,000

96.58 10

CALI

Mortgage

Trust

07/03/24

300,000

99.76 299

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

10/23/24

EUR

150,000

107.86 162

Cameron

LNG

LLC

05/07/25

146,000

89.22 130

Canadian

Natural

Resources,

Ltd.

10/16/25

1,000,000

99.95 1,000

1,000

Canary

Wharf

Group

Investment

Holdings

PLC

04/23/24

GBP

200,000

109.58 219

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

90.72 703

602

Capstone

Copper

Corp.

05/12/25

13,000

99.69 13

Carnival

Corp.

02/23/23

629,000

85.62 539

638

Carnival

Corp.

08/01/23

59,000

100.00 59

Carnival

Corp.

03/17/25

163,000

96.51 157

Carnival

Corp.

05/12/25

35,000

100.12 35

Carnival

Corp.

05/12/25

13,000

100.35 13

Carnival

Corp.

08/05/25

118,000

101.10 119

Carriage

Purchaser,

Inc.

09/23/21

744,000

98.98 736

694

Carvana

Co.

04/05/24

1,132,041

104.72 1,233

1,261

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36 2,896

3,195

Castor

SpA

02/10/22

EUR

138,000

114.00 157

CBB

International

Sukuk

Programme,

Co.

07/18/24

510,000

96.82 494

CBB

International

Sukuk

Programme,

Co.

05/13/25

200,000

99.33 199

CCL

Industries,

Inc.

05/08/25

190,000

91.51 174

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/17/19

758,000

98.40 746

720

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/02/21

1,111,000

93.43 1,085

934

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

29,000

99.00 29

CD&R

Firefly

Bidco

PLC

04/05/24

GBP

200,000

126.34 253

Cedar

Funding

CLO,

Ltd.

03/22/19

250,000

98.92 247

Celulosa

Arauco

y

Constitucion

SA

01/08/24

60,000

93.37 56

Cemex

SAB

de

CV

02/10/25

68,000

98.69 67

Cemex

SAB

de

CV

07/08/25

144,000

99.72 144

Cencosud

SA

09/12/23

123,000

97.16 120

Centrais

Eletricas

Brasileiras

SA

01/15/25

259,000

94.16 244

Cerba

Healthcare

SACA

11/12/24

EUR

300,000

93.32 280

CEZ

AS

06/15/17

383,000

108.81 417

CFAMC

III

Co.,

Ltd.

06/08/21

200,000

92.02 184

Chase

Home

Lending

Mortgage

Trust

07/29/19

101,567

100.89 102

Chase

Home

Lending

Mortgage

Trust

10/30/19

63,008

100.71 64

Chase

Home

Lending

Mortgage

Trust

10/30/19

403,253

101.46 409

Chase

Home

Lending

Mortgage

Trust

06/21/24

300,733

98.48 296

CHC

Group

LLC

09/17/25

100,000

98.22 98

China

Government

International

Bond

06/02/25

1,341,000

97.52 1,308

1,312

CHNGE

Mortgage

Trust

01/21/22

281,223

99.99 281

Chobani

Holdco

II

LLC

12/04/24

221,321

105.12 233

CHS/Community

Health

Systems,

Inc.

01/26/21

329,000

94.92 312

CHS/Community

Health

Systems,

Inc.

05/04/21

180,000

100.00 180

CHS/Community

Health

Systems,

Inc.

01/20/22

330,000

95.23 314

CHS/Community

Health

Systems,

Inc.

04/29/22

460,000

97.19 447

CHS/Community

Health

Systems,

Inc.

12/13/24

175,000

83.45 146

Cidron

Aida

Finco

SARL

04/01/25

GBP

270,000

129.19 349

CIFC

Funding,

Ltd.

02/20/25

500,000

100.00 500

CIM

Trust

09/27/18

158,049

97.07 153

CIM

Trust

03/22/19

23,190

101.29 23

CIM

Trust

11/07/19

332,397

100.52 334

CIM

Trust

03/01/21

677,204

101.81 689

564

CIM

Trust

03/29/21

340,141

100.36 341

Cimpress

PLC

11/01/24

317,000

96.15 305

CITGO

Petroleum

Corp.

07/09/24

180,000

102.74 185

Citigroup

Commercial

Mortgage

Trust

05/07/24

500,000

86.96 435

Citigroup

Mortgage

Loan

Trust

05/06/21

502,687

101.12 508

Citigroup

Mortgage

Loan

Trust

06/25/21

428,279

100.35 430

Citycon

Treasury

BV

09/29/25

EUR

200,000

111.11 222

Citycon

Treasury

BV

09/29/25

EUR

250,000

117.56 294

Citycon

Treasury

BV

09/29/25

EUR

250,000

118.12 295

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Citycon

Treasury

BV

09/29/25

EUR

150,000

123.69 186

Civitas

Resources,

Inc.

06/11/25

603,000

101.12 610

620

Civitas

Resources,

Inc.

08/27/25

241,000

104.64 252

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

04/05/24

211,000

100.44 212

Clear

Channel

Outdoor

Holdings,

Inc.

03/04/24

387,000

100.52 389

Cleveland-Cliffs,

Inc.

12/09/24

100,000

101.09 101

Cleveland-Cliffs,

Inc.

05/12/25

26,000

93.36 24

CLI

Funding

LLC

03/23/21

486,403

100.21 487

Cloud

Software

Group

Holdings,

Inc.

01/29/24

51,000

96.49 49

Cloud

Software

Group,

Inc.

11/09/22

504,000

94.96 486

508

Cloud

Software

Group,

Inc.

10/17/24

312,000

103.69 324

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

698,000

92.19 643

700

CMG

Media

Corp.

10/16/24

687,102

90.42 621

604

Coinbase

Global,

Inc.

09/14/21

120,000

100.00 120

Coinbase

Global,

Inc.

09/14/21

402,000

94.37 379

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

08/07/25

636,000

101.37 645

674

Comision

Federal

de

Electricidad

03/20/25

288,000

84.92 245

COMM

Mortgage

Trust

11/21/24

500,000

101.43 507

516

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.64 55

Commonbond

Student

Loan

Trust

06/02/20

56,105

99.99 56

Commonbond

Student

Loan

Trust

03/10/21

172,371

100.00 172

CommScope

LLC

02/18/25

327,000

103.75 339

CommScope

LLC

03/04/25

155,000

91.38 142

CommScope

Technologies

LLC

03/04/25

311,000

96.67 301

Compass

Group

Diversified

Holdings

LLC

04/07/21

200,447

102.23 205

Connect

Finco

SARL

/

Connect

US

Finco

LLC

09/11/24

166,000

100.00 166

Connect

Holding

II

LLC

08/14/25

306,000

99.33 304

Consolidated

Energy

Finance

SA

09/30/21

826,000

96.90 800

562

Consolidated

Energy

Finance

SA

11/09/22

179,000

98.75 177

CoreLogic,

Inc.

07/06/21

181,000

99.84 181

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

615,000

75.33 463

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

782,000

104.97 821

855

Corp.

Nacional

del

Cobre

de

Chile

04/28/25

600,000

100.91 605

656

Costa

Rica

Government

International

Bond

09/08/25

805,000

104.05 838

842

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

03/17/25

185,000

101.98 189

CPI

Property

Group

SA

07/10/24

EUR

500,000

118.85 594

617

CPI

Property

Group

SA

07/10/24

EUR

210,000

92.38 194

CPI

Property

Group

SA

11/06/24

EUR

420,000

84.97 357

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

758,000

100.00 758

751

Credit

Agricole

SA

08/14/25

145,000

102.67 149

Crown

European

Holdings

SA

05/09/23

EUR

250,000

109.62 274

CSC

Holdings

LLC

07/16/21

243,000

64.21 156

CSC

Holdings

LLC

04/05/24

811,000

97.91 794

639

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/12/25

136,000

95.98 131

CVR

Energy,

Inc.

01/10/20

725,000

97.86 709

717

DAE

Sukuk

Difc,

Ltd.

10/08/25

695,000

99.51 692

690

DaVita,

Inc.

11/09/22

177,000

83.45 148

DBC

Mortgage

Trust

10/20/25

750,000

100.00 750

752

DBWF

Mortgage

Trust

10/25/18

1,000,000

92.24 922

958

Deutsche

Telekom

International

Finance

BV

07/12/24

62,000

98.80 61

Development

Bank

of

the

Republic

of

Belarus

JSC

07/11/19

942,000

100.00 942

Digicel

International

Finance,

Ltd.

/

Difl

US

LLC

07/30/25

398,000

100.00 398

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

07/22/21

1,386,000

100.23 1,383

1,385

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

05/12/25

137,000

96.46 132

DISH

DBS

Corp.

11/10/21

272,000

95.23 259

DISH

DBS

Corp.

10/01/24

264,000

96.14 254

DK

Trust

08/12/25

750,000

99.75 748

752

Dominican

Republic

International

Bond

05/14/25

986,000

100.06 987

1,055

Dominican

Republic

International

Bond

06/05/25

202,000

92.32 186

Dominican

Republic

International

Bond

06/05/25

175,000

98.56 172

Dominican

Republic

International

Bond

10/22/25

1,503,000

100.04 1,504

1,501

Domino's

Pizza

Master

Issuer

LLC

11/06/19

912,000

100.00 912

879

Domino's

Pizza

Master

Issuer

LLC

04/08/21

583,500

100.00 584

533

Dresdner

Funding

Trust

I

03/02/22

778,000

109.39 851

860

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Driven

Brands

Funding

LLC

05/30/24

257,563

87.11 224

Dryden

Senior

Loan

Fund

10/05/18

500,000

99.58 498

500

DT

Midstream,

Inc.

06/12/25

114,000

96.34 110

Dynamo

Newco

II

GmbH

09/25/24

EUR

140,000

111.26 156

Ecuador

Government

International

Bond

10/12/22

985,468

51.86 511

754

Ecuador

Government

International

Bond

02/29/24

88,699

53.82 48

Ecuador

Government

International

Bond

02/13/25

558,135

77.24 435

508

EDO

Sukuk,

Ltd.

06/26/24

554,000

100.00 554

583

EDP

SA

05/20/25

EUR

300,000

112.04 336

Education

Management

Corp.

01/05/15

4,460,190

—

—

Egypt

Government

International

Bond

04/15/24

1,511,000

78.30 1,183

1,391

Egypt

Government

International

Bond

10/03/25

670,000

106.83 716

717

eircom

Finance

DAC

04/28/25

EUR

100,000

114.21 114

El

Salvador

Government

International

Bond

07/21/25

534,000

107.60 575

590

Electricite

de

France

SA

11/28/22

GBP

500,000

117.31 587

653

Electricite

de

France

SA

02/28/23

EUR

400,000

94.76 379

Electricite

de

France

SA

01/10/24

EUR

200,000

96.28 193

Electricite

de

France

SA

09/10/24

GBP

200,000

130.85 262

Elevation

CLO,

Ltd.

02/07/25

300,000

100.00 300

ELFI

Graduate

Loan

Program

06/18/20

69,881

99.98 70

Elia

Group

SA

01/02/24

EUR

400,000

113.69 459

Ellington

Financial

Mortgage

Trust

11/05/19

89,439

99.98 89

Ellington

Financial

Mortgage

Trust

04/14/22

367,375

99.59 366

Embecta

Corp.

07/18/25

170,000

90.71 154

Embecta

Corp.

07/23/25

181,000

97.14 176

Emeria

SA

08/28/25

EUR

200,000

103.95 208

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

106.93 607

533

Empresa

Nacional

del

Petroleo

11/02/17

338,000

91.55 309

EMRLD

Borrower,

LP

/

Emerald

Co-Issuer,

Inc.

05/04/23

EUR

400,000

110.14 441

Enel

Finance

International

NV

06/12/25

140,000

93.64 131

Enel

SpA

01/07/25

EUR

300,000

102.60 308

Energia

Group

Roi

Financeco

DAC

07/20/23

EUR

350,000

111.28 389

Energizer

Gamma

Acquisition

BV

06/09/21

EUR

575,000

109.38 629

649

Engineering

-

Ingegneria

Informatica

-

SpA

05/09/23

EUR

300,000

108.88 327

Enova

International,

Inc.

10/10/25

272,000

105.92 288

Entegris,

Inc.

05/01/25

1,125,000

98.03 1,103

1,117

Enviri

Corp.

02/24/25

641,000

98.54 632

635

Eskom

Holdings

SOC,

Ltd.

01/28/21

416,000

97.27 405

Esselunga

SpA

10/27/21

EUR

200,000

118.39 237

Eutelsat

SA

11/01/23

EUR

400,000

99.30 397

Eutelsat

SA

04/05/24

EUR

300,000

89.72 269

Eutelsat

SA

01/07/25

EUR

100,000

94.60 95

Evergy

Missouri

West,

Inc.

11/13/24

80,000

100.39 80

EW

Scripps

Co.

(The)

07/29/25

317,000

99.53 316

Excelerate

Energy,

LP

05/12/25

112,000

103.41 116

Export-Import

Bank

of

India

06/27/22

500,000

86.43 432

Export-Import

Bank

of

India

11/06/24

200,000

92.96 186

Extended

Stay

America

Trust

09/26/25

500,000

100.00 500

502

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00 700

714

Fannie

Mae

Connecticut

Avenue

Securities

Trust

03/02/22

1,200,000

91.90 1,103

1,226

Fannie

Mae

Connecticut

Avenue

Securities

Trust

05/07/24

600,000

106.30 638

630

Fannie

Mae

Connecticut

Avenue

Securities

Trust

09/10/24

500,000

108.14 541

537

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/05/25

500,000

101.21 506

504

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/05/25

700,000

101.58 711

705

Fannie

Mae

Connecticut

Avenue

Securities

Trust

07/29/25

1,000,000

103.15 1,032

1,034

Ferguson

Finance

PLC

12/07/23

73,000

98.82 72

Ferguson

Finance

PLC

10/02/24

51,000

99.93 51

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

10/10/25

303,000

94.54 286

Fiber

Bidco

SpA

05/09/24

EUR

300,000

107.82 323

Fibercop

SpA

07/01/24

191,000

105.03 201

Fibercop

SpA

04/23/25

200,000

95.47 191

Fibercop

SpA

04/25/25

200,000

92.63 185

Fibercop

SpA

06/18/25

EUR

199,000

114.75 228

First

Quantum

Minerals,

Ltd.

02/19/25

490,000

100.00 490

521

FirstEnergy

Pennsylvania

Electric

Co.

06/13/25

144,000

96.87 139

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Flagstar

Mortgage

Trust

10/24/18

396,051

102.86 407

Flagstar

Mortgage

Trust

06/03/19

68,221

102.55 70

Flagstar

Mortgage

Trust

02/04/21

117,711

102.52 121

Flutter

Treasury

DAC

05/22/25

719,000

100.00 719

729

Fontainebleau

Miami

Beach

Mortgage

Trust

12/05/24

250,000

100.00 250

Forestar

Group,

Inc.

04/28/25

526,000

98.06 516

539

Fortescue

Metals

Group,

Ltd.

11/09/22

139,000

84.85 118

Fortrea

Holdings,

Inc.

03/05/25

347,000

96.33 334

Forvia

SE

01/08/25

EUR

200,000

102.94 206

Freddie

Mac

STACR

REMIC

Trust

03/08/23

331,926

99.46 330

Freddie

Mac

STACR

REMIC

Trust

09/26/23

200,000

104.60 209

Freddie

Mac

STACR

REMIC

Trust

02/12/25

700,000

100.00 700

702

Freddie

Mac

STACR

REMIC

Trust

05/01/25

500,000

100.00 500

503

FREMF

Mortgage

Trust

03/24/21

13,115,022

0.05 6

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.07 3

Fresenius

Medical

Care

US

Finance

III,

Inc.

03/24/25

89,000

85.57 76

Froneri

Lux

FinCo

SARL

07/16/25

EUR

120,000

116.35 140

FS

Rialto

2025-FL10

Issuer

LLC

01/31/25

500,000

99.76 499

Full

House

Resorts,

Inc.

04/29/25

546,000

95.07 519

Gabon

Government

International

Bond

03/17/25

200,000

79.64 159

Galaxy

Bidco,

Ltd.

12/05/24

GBP

173,000

127.52 221

Galaxy

CLO,

Ltd.

05/19/25

550,000

100.00 550

551

GAM

Re-REMIC

Trust

04/01/21

1,258,000

110.06 1,385

1,124

GAM

Re-REMIC

Trust

04/01/21

837,000

72.87 610

755

GAM

Re-REMIC

Trust

01/28/22

251,000

85.38 214

GAM

Re-REMIC

Trust

01/28/22

5,567

88.48 5

Gartner,

Inc.

02/18/21

150,000

102.52 154

Gartner,

Inc.

03/17/25

154,000

94.94 146

Gazprom

PJSC

Via

Gaz

Capital

SA

08/17/16

1,000,000

112.09 1,121

723

Georgian

Railway

JSC

04/07/22

451,000

91.89 414

GFL

Environmental,

Inc.

10/12/21

188,000

100.78 189

GFL

Environmental,

Inc.

12/09/24

175,000

96.50 170

GFL

Environmental,

Inc.

05/01/25

209,000

103.84 217

GGAM

Finance,

Ltd.

12/27/23

925,000

101.22 936

947

GGAM

Finance,

Ltd.

01/02/25

125,000

100.35 127

Ghana

Government

International

Bond

10/09/24

207,000

89.80 186

Ghana

Government

International

Bond

11/20/24

507,000

91.24 463

Global

Infrastructure

Solutions,

Inc.

01/10/24

822,000

93.26 767

822

Global

Medical

Response,

Inc.

09/10/25

215,000

100.00 215

Global

Net

Lease,

Inc.

01/12/22

175,000

99.78 175

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

01/28/21

999,000

98.06 962

969

Global

Partners,

LP

/

GLP

Finance

Corp.

07/18/25

70,000

100.61 70

Goat

Holdco

LLC

10/30/25

615,000

102.75 632

631

goeasy,

Ltd.

05/12/21

187,000

100.16 187

goeasy,

Ltd.

10/10/25

279,000

102.46 286

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

972,458

99.96 972

758

Grand

City

Properties

SA

03/25/25

EUR

300,000

105.64 317

Graphic

Packaging

International

LLC

07/06/21

204,000

100.53 205

Gray

Oak

Pipeline

LLC

03/17/25

115,000

96.93 111

Greenland

Global

Investment,

Ltd.

01/10/18

523,153

97.55 510

Greenland

Global

Investment,

Ltd.

09/07/21

876,412

88.64 777

Grifols

SA

12/11/24

EUR

680,000

104.94 714

824

GrubHub

Holdings,

Inc.

09/29/25

74,782

100.49 75

Grupo

Bimbo

SAB

de

CV

12/07/23

49,000

89.47 44

GS

Mortgage

Securities

Trust

08/01/19

836,543

105.37 881

803

GS

Mortgage

Securities

Trust

12/06/21

444,328

96.67 430

GS

Mortgage

Securities

Trust

01/10/22

793,495

97.53 774

661

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.87 499

503

GS

Mortgage-Backed

Securities

Trust

03/12/21

704,327

101.28 713

585

GS

Mortgage-Backed

Securities

Trust

05/14/21

353,002

96.98 342

GS

Mortgage-Backed

Securities

Trust

06/03/21

850,664

103.56 881

755

GS

Mortgage-Backed

Securities

Trust

06/15/21

731,910

100.47 735

608

GS

Mortgage-Backed

Securities

Trust

06/15/21

800,000

100.83 807

588

GS

Mortgage-Backed

Securities

Trust

09/22/21

898,864

100.81 906

749

GS

Mortgage-Backed

Securities

Trust

01/21/25

423,554

99.26 420

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
GSAT

Trust

06/25/25

400,000

100.00 400

Guatemala

Government

International

Bond

10/24/25

389,000

100.65 392

Harvest

Midstream

I,

LP

08/05/20

1,206,000

101.07 1,219

1,221

Hat

Holdings

I

LLC

03/24/25

37,000

102.77 38

Hawaii

Hotel

Trust

03/06/25

250,000

99.76 249

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/24/25

1,288,000

99.65 1,284

1,339

Heathrow

Finance

PLC

05/14/24

GBP

200,000

124.99 250

Herc

Holdings,

Inc.

05/15/25

204,000

100.00 204

Herc

Holdings,

Inc.

05/15/25

224,000

100.00 224

Hertz

Corp.

(The)

05/12/25

168,000

100.48 169

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/03/23

176,000

93.61 165

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

08/27/25

313,000

98.02 307

Hilton

Domestic

Operating

Co.,

Inc.

05/12/25

132,000

90.78 120

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

05/03/23

989,000

82.01 809

872

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

04/05/24

670,000

98.12 657

728

HLTN

Commercial

Mortgage

Trust

05/31/24

500,000

99.77 499

500

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

09/20/24

EUR

260,000

102.19 266

House

of

Fraser

Funding

PLC

06/13/17

GBP

400,000

103.15 413

—

Howard

Hughes

Corp.

(The)

02/18/21

192,000

102.69 197

HRB

Winddown,

Inc.

10/30/20

970,000

—

—

—

Hungary

Government

International

Bond

07/19/23

334,000

101.15 338

Hungary

Government

International

Bond

06/16/25

646,000

97.93 633

701

Hungary

Government

International

Bond

06/16/25

542,000

99.99 542

558

Hungary

Government

International

Bond

10/07/25

657,000

102.94 676

676

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

11/13/24

145,000

100.00 145

ICICI

Bank,

Ltd.

03/24/25

114,000

98.11 112

ICNQ

Mortgage

Trust

11/04/24

600,000

100.90 605

616

iHeart

Communications,

Inc.

01/13/25

375,000

86.16 323

IHO

Verwaltungs

GmbH

01/07/25

EUR

400,000

107.54 430

500

iliad

SA

09/02/25

EUR

200,000

116.36 233

Imperial

Brands

Finance

PLC

03/17/25

97,000

102.20 99

Imperial

Fund

Mortgage

Trust

04/14/22

337,866

99.98 338

INEOS

Finance

PLC

09/17/25

90,000

99.99 90

Infraestructura

Energetica

Nova

SAPI

de

CV

06/03/22

162,000

96.54 156

InRetail

Consumer

02/07/24

97,000

93.58 91

Instituto

Costarricense

de

Electricidad

02/07/18

561,000

82.50 463

554

International

Flavors

&

Fragrances,

Inc.

08/05/24

137,000

95.07 130

Intesa

Sanpaolo

SpA

12/06/23

130,000

97.62 127

INTOWN

Mortgage

Trust

03/05/25

500,000

100.00 500

501

Intrum

Investments

and

Financing

AB

07/29/25

EUR

225,496

103.85 234

Inversion

Escrow

Issuer

LLC

07/24/25

363,000

100.00 363

ION

Platform

Finance

SARL

09/30/25

EUR

160,000

117.41 188

ION

Platform

Finance

SARL

09/30/25

EUR

160,000

117.41 188

ION

Platform

Finance

US,

Inc.

09/30/25

200,000

99.35 199

Iron

Mountain,

Inc.

05/12/21

4,000

101.04 4

Iron

Mountain,

Inc.

12/09/24

171,000

94.27 161

ITC

Holdings

Corp.

04/16/24

127,000

98.92 126

ITT

Holdings

LLC

06/23/21

451,000

99.96 451

Ivory

Coast

Government

International

Bond

01/23/24

350,000

98.25 344

Ivory

Coast

Government

International

Bond

03/25/25

218,000

97.59 213

J.G.

Wentworth

XLII

LLC

10/02/18

389,825

99.97 390

Jacobs

Entertainment,

Inc.

09/09/25

514,000

97.35 500

James

Hardie

International

Finance

Designated

Activity

Co.

03/24/25

95,000

98.53 94

Jane

Street

Group

/

JSG

Finance,

Inc.

05/12/25

26,000

101.68 26

JB

Poindexter

&

Co.,

Inc.

12/07/23

649,000

100.47 652

679

JDE

Peet's

NV

12/07/23

78,000

95.45 74

Jefferson

Capital

Holdings

LLC

07/28/21

763,000

99.72 761

762

Jefferson

Capital

Holdings

LLC

01/30/24

351,000

100.00 351

Jefferson

Capital

Holdings

LLC

04/29/25

421,000

100.94 423

JetBlue

Airways

Corp.

/

JetBlue

Loyalty,

LP

05/12/25

162,000

97.05 157

JH

North

America

Holdings,

Inc.

06/03/25

173,000

100.00 173

JH

North

America

Holdings,

Inc.

06/03/25

185,000

100.00 185

Jordan

Government

International

Bond

04/04/23

172,000

99.27 171

Jordan

Government

International

Bond

01/17/24

264,000

99.23 262

JPMorgan

Commercial

Mortgage

Securities

Trust

09/20/24

250,000

99.71 249

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
JPMorgan

Mortgage

Trust

12/06/18

680,042

91.04 619

622

JPMorgan

Mortgage

Trust

01/18/19

22,388

99.92 22

JPMorgan

Mortgage

Trust

03/22/19

14,404

100.98 15

JPMorgan

Mortgage

Trust

01/24/20

281,580

103.82 292

JPMorgan

Mortgage

Trust

01/28/20

46,190

101.54 47

JPMorgan

Mortgage

Trust

01/30/20

336,564

100.96 340

JPMorgan

Mortgage

Trust

06/02/20

125,402

101.80 128

JPMorgan

Mortgage

Trust

07/15/20

596,413

103.46 617

599

JPMorgan

Mortgage

Trust

07/21/20

392,651

106.28 417

JPMorgan

Mortgage

Trust

08/20/20

223,627

104.88 235

JPMorgan

Mortgage

Trust

10/28/20

143,254

102.84 147

JPMorgan

Mortgage

Trust

11/10/20

55,182

102.51 57

JPMorgan

Mortgage

Trust

12/07/20

1,465

103.69 2

JPMorgan

Mortgage

Trust

01/19/21

268,575

102.99 277

JPMorgan

Mortgage

Trust

05/21/21

199,146

100.90 201

JPMorgan

Mortgage

Trust

04/27/22

389,712

91.15 355

JPMorgan

Mortgage

Trust

09/21/23

968,704

92.02 891

963

JPMorgan

Mortgage

Trust

09/21/23

525,000

97.70 513

533

JPMorgan

Mortgage

Trust

04/17/24

602,808

99.70 601

613

JPMorgan

Mortgage

Trust

10/29/24

1,000,000

97.12 971

1,007

JPMorgan

Mortgage

Trust

01/14/25

770,193

96.77 745

773

JSCB

Agrobank

01/15/25

463,000

102.27 474

504

Kaixo

Bondco

Telecom

SA

09/02/22

EUR

100,000

88.71 89

Kazakhstan

Government

International

Bond

06/24/25

576,000

100.00 576

585

Kazakhstan

Government

International

Bond

10/23/25

200,000

102.40 205

Kazakhstan

Government

International

Bond

10/23/25

238,000

99.50 237

KazMunayGas

National

Co.

JSC

10/19/18

726,000

85.24 619

688

Kingston

Airport

Revenue

Finance,

Ltd.

09/25/24

299,000

99.97 299

Kioxia

Holdings

Corp.

07/16/25

261,000

100.00 261

Kioxia

Holdings

Corp.

07/16/25

320,000

100.00 320

Kodiak

Gas

Services

LLC

07/09/24

160,000

102.19 164

Kondor

Finance

PLC

01/28/21

818,460

98.59 807

641

KSA

Ijarah

Sukuk,

Ltd.

09/02/25

1,134,000

98.85 1,121

1,148

KSL

Commercial

Mortgage

Trust

11/27/24

582,544

99.76 581

581

Kuwait

International

Government

Bond

09/30/25

2,709,000

100.00 2,709

2,720

La

Poste

SA

01/09/25

EUR

200,000

102.34 205

Lamb

Weston

Holdings,

Inc.

11/02/21

202,000

100.19 202

LCM

28,

Ltd.

10/16/18

500,000

100.00 500

500

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

336,000

100.58 338

Lebanon

Government

International

Bond

02/14/19

213,000

100.00 213

Lebanon

Government

International

Bond

10/31/22

1,227,000

14.48 178

Lebanon

Government

International

Bond

07/18/25

38,000

21.23 8

Level

Financing,

Inc.

08/04/25

679,630

100.00 680

698

Level

Financing,

Inc.

09/12/25

143,000

86.35 123

LG

Energy

Solution,

Ltd.

08/14/25

141,000

103.06 145

Liberty

Mutual

Group,

Inc.

05/03/22

131,000

121.69 157

LifePoint

Health,

Inc.

07/31/23

633,000

100.01 633

684

LifePoint

Health,

Inc.

09/29/23

712,000

100.00 712

785

LifePoint

Health,

Inc.

05/09/24

820,000

100.02 820

872

LifePoint

Health,

Inc.

05/12/25

53,000

104.42 55

Lightning

Power

LLC

08/07/24

962,000

102.19 983

1,020

Live

Nation

Entertainment,

Inc.

04/08/20

382,000

96.18 367

LoanCore

Issuer,

Ltd.

01/24/25

500,000

99.76 499

LoanCore

Issuer,

Ltd.

10/20/25

750,000

100.00 750

750

Louisiana-Pacific

Corp.

09/17/25

117,000

96.54 113

LPL

Holdings,

Inc.

03/17/25

192,000

95.97 184

Luna

1.5 SARL

08/08/25

EUR

139,000

116.44 162

Luna

5SARL

06/18/25

EUR

100,000

114.75 115

LYB

Finance

Co.

BV

12/07/23

77,000

103.13 79

Madison

Park

Funding,

Ltd.

05/30/24

250,000

100.00 250

Mahle

GmbH

04/24/24

EUR

250,000

107.00 267

Mangrove

LuxCo

III

SARL

07/04/24

EUR

350,000

107.29 376

Market

Street

CLO

Ltd.

10/16/25

1,400,000

100.00 1,400

1,402

Marks

&

Spencer

PLC

09/27/18

111,000

107.10 119

Mattamy

Group

Corp.

04/29/20

620,000

94.35 585

602

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Mattel,

Inc.

02/25/25

223,000

95.64 213

Mauser

Packaging

Solutions

Holding

Co.

11/01/22

807,000

96.52 779

797

Mauser

Packaging

Solutions

Holding

Co.

01/30/23

507,000

100.00 507

509

Maya

SAS

04/30/24

EUR

150,000

106.72 160

Mazoon

Assets

Co.

SAOC

10/02/24

254,000

99.77 253

McGraw-Hill

Education,

Inc.

11/01/24

474,000

98.92 469

MDGH

GMTN

RSC,

Ltd.

06/05/25

309,000

68.21 211

Medline

Borrower,

LP

04/20/22

134,000

94.58 127

Medline

Borrower,

LP

05/03/23

40,000

90.43 36

Melco

Resorts

Finance,

Ltd.

09/17/25

92,000

105.52 97

Mello

Mortgage

Capital

Acceptance

01/24/20

836,395

104.55 874

804

Meritage

Homes

Corp.

10/15/25

119,000

97.99 117

METRO

AG

06/26/25

EUR

285,000

120.30 343

METRO

AG

06/27/25

EUR

450,000

120.99 544

536

Mexico

City

Airport

Trust

01/28/21

225,000

100.59 226

MF1

LLC

08/15/25

500,000

100.00 500

502

MF1,

Ltd.

02/13/23

500,000

94.57 473

500

MHC

Commercial

Mortgage

Trust

12/12/23

320,000

97.42 312

MHP

03/26/24

240,000

99.43 239

MHP

Commercial

Mortgage

Trust

08/19/25

350,000

100.00 350

Midwest

Connector

Capital

Co.

LLC

03/24/25

108,000

98.93 107

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

488,000

90.43 441

Millrose

Properties,

Inc.

09/08/25

338,000

100.00 338

MISC

Capital

Two

Labuan,

Ltd.

10/03/23

125,000

96.55 121

Mobico

Group

PLC

12/23/24

EUR

250,000

105.51 264

Mobico

Group

PLC

06/02/25

GBP

200,000

121.07 242

Molina

Healthcare,

Inc.

05/28/20

164,000

100.00 164

Molina

Healthcare,

Inc.

06/09/21

203,000

101.74 207

Molina

Healthcare,

Inc.

11/13/24

856,000

100.00 856

861

Mongolia

Government

International

Bond

02/19/25

200,000

99.85 200

Monitchem

HoldCo

SA

04/20/23

EUR

125,000

109.64 137

Montego

Bay

Airport

Revenue

Finance,

Ltd.

08/07/25

200,000

100.67 201

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

88.36 333

Morgan

Stanley

Residential

Mortgage

Loan

Trust

04/29/24

489,985

103.66 508

524

Mosaic

Solar

Loan

Trust

11/27/18

48,073

98.63 47

Mosaic

Solar

Loan

Trust

11/27/18

125,394

99.11 124

Mosaic

Solar

Loan

Trust

06/12/20

164,571

99.98 165

Mosaic

Solar

Loan

Trust

03/10/21

486,870

99.49 484

Mosaic

Solar

Loan

Trust

03/24/21

185,821

100.13 186

Mosaic

Solar

Loan

Trust

06/15/21

304,678

99.57 303

MPH

Acquisition

Holdings

LLC

05/03/23

167,000

85.78 143

Mundys

SpA

12/17/21

EUR

575,000

103.17 593

655

MVM

Energetika

Zrt.

01/23/24

435,000

102.33 445

Nakilat,

Inc.

06/15/17

73,712

109.09 80

Navient

Private

Education

Refi

Loan

Trust

11/03/20

90,564

99.99 91

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96 450

NCR

Atleos

Corp.

12/09/24

164,000

108.17 177

Neptune

Bidco

US,

Inc.

02/05/25

576,000

93.01 536

569

NESCO

Holdings

II,

Inc.

10/28/25

656,000

97.75 641

641

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

06/27/24

550,000

100.00 550

552

New

Enterprise

Stone

&

Lime

Co.,

Inc.

10/24/25

638,000

99.50 635

634

New

Home

Co.,

Inc.

(The)

07/08/25

299,000

102.14 305

New

Immo

Holding

SA

04/23/24

EUR

400,000

98.35 393

New

Immo

Holding

SA

04/29/24

EUR

400,000

104.43 418

New

Immo

Holding

SA

01/09/25

EUR

200,000

94.98 190

Newell

Brands,

Inc.

05/08/25

316,000

100.00 316

News

Corp.

03/17/25

184,000

94.91 175

Nexi

SpA

08/02/24

EUR

200,000

98.55 197

Nexstar

Media

Group,

Inc.

10/24/25

111,000

98.40 109

NGG

Finance

PLC

09/21/22

EUR

535,000

90.57 485

608

NGL

Energy

Operating

LLC

01/25/24

300,000

100.00 300

NGL

Energy

Operating

LLC

01/25/24

379,000

100.00 379

NGPL

PipeCo

LLC

03/03/22

103,000

127.73 132

Nidda

Healthcare

Holding

GmbH

04/29/25

EUR

567,000

113.81 645

667

Nigeria

Government

International

Bond

06/05/25

1,004,000

104.91 1,073

1,093

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Nigeria

Government

International

Bond

06/06/25

352,000

101.72 358

Nissan

Motor

Acceptance

Co.

LLC

03/04/25

1,518,000

101.30 1,538

1,539

Nissan

Motor

Acceptance

Co.

LLC

03/04/25

34,000

98.88 34

Nissan

Motor

Co.,

Ltd.

03/06/25

EUR

500,000

106.81 534

568

Nissan

Motor

Co.,

Ltd.

06/04/25

69,000

93.39 64

Nordea

Bank

Abp

08/14/25

163,000

99.57 162

Northriver

Midstream

Finance,

LP

08/07/24

779,000

101.55 791

793

Novelis

Corp.

09/17/25

109,000

102.06 111

NRG

Energy,

Inc.

05/20/24

133,000

93.80 125

NRG

Energy,

Inc.

05/12/25

24,000

99.86 24

NRG

Energy,

Inc.

08/05/25

111,000

102.26 114

NXPT

Commercial

Mortgage

Trust

10/01/24

500,000

98.57 493

505

NYC

Commercial

Mortgage

Trust

10/23/25

500,000

99.66 498

Oaktree

CLO,

Ltd.

08/23/24

250,000

100.00 250

OBX

Trust

01/15/20

89,812

101.49 91

OBX

Trust

02/16/23

346,518

96.30 334

OBX

Trust

09/25/24

95,921

101.07 97

Ocado

Group

PLC

08/01/24

GBP

230,000

127.41 293

Ocado

Group

PLC

01/08/25

GBP

700,000

113.00 791

851

OCP

CLO,

Ltd.

08/07/24

500,000

100.00 500

501

OCP

SA

10/05/17

582,000

112.69 646

611

OCP

SA

04/24/24

296,000

97.30 288

OCP

SA

01/15/25

299,000

99.01 296

Odido

Group

Holding

BV

12/09/21

EUR

300,000

104.39 313

OGE

Energy

Corp.

10/16/25

1,000,000

99.98 1,000

1,000

Olympus

Water

US

Holding

Corp.

09/21/21

EUR

170,000

117.30 199

Olympus

Water

US

Holding

Corp.

01/15/24

EUR

200,000

104.14 208

Oman

Government

International

Bond

10/26/22

200,000

100.00 200

Oman

Sovereign

Sukuk

Co.

10/09/25

858,000

100.00 858

858

OmGrid

Funding,

Ltd.

10/05/17

277,000

100.10 277

Omniyat

Sukuk

1,

Ltd.

08/07/25

630,000

103.15 650

638

Ontario

Gaming

GTA,

LP

07/20/23

898,000

100.72 902

886

Open

Text

Corp.

03/17/25

107,000

102.59 110

Open

Text

Holdings,

Inc.

08/16/21

195,000

102.41 200

OQ

SAOC

07/21/21

893,000

100.26 896

901

Orange

SA

09/04/23

EUR

200,000

107.56 215

ORL

Trust

12/09/24

500,000

99.76 499

501

Orsted

A/S

02/27/24

EUR

125,000

109.96 137

Orsted

A/S

12/16/24

EUR

510,000

101.10 516

563

Orsted

A/S

03/17/25

GBP

370,000

96.56 357

Orsted

A/S

06/25/25

EUR

100,000

95.92 96

OVH

Groupe

SAS

01/29/25

EUR

100,000

104.10 104

Pagaya

AI

Debt

Grantor

Trust

01/27/25

299,974

100.00 300

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

568,000

100.22 569

576

Pakistan

Water

and

Power

Development

Authority

08/25/21

765,000

80.85 618

724

Palmer

Square

CLO,

Ltd.

03/19/24

1,250,000

100.00 1,250

1,256

Paradigm

Parent

LLC

and

Paradigm

Parent

CO-Issuer,

Inc.

07/24/25

315,000

94.65 298

Paraguay

Government

International

Bond

11/18/24

400,000

96.62 386

Paraguay

Government

International

Bond

06/12/25

200,000

101.25 203

PCF

GmbH

10/29/24

EUR

400,000

95.44 382

Performance

Food

Group,

Inc.

10/10/24

148,000

101.11 150

Pertamina

Hulu

Energi

PT

05/14/25

537,000

100.00 537

549

Perusahaan

Penerbit

SBSN

Indonesia

III

07/16/25

1,209,000

100.00 1,209

1,221

Perusahaan

Penerbit

SBSN

Indonesia

III

10/01/25

203,000

100.92 205

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.21 265

Petroleos

de

Venezuela

SA

01/07/25

1,180,300

22.48 265

Petroleos

de

Venezuela

SA

05/28/25

319,770

19.44 62

Petroleos

del

Peru

SA

10/05/17

1,532,000

80.77 1,245

1,104

Petroleos

del

Peru

SA

03/20/25

261,000

77.87 203

Petroleos

Mexicanos

07/11/19

597,000

79.86 477

Petroleos

Mexicanos

03/22/22

EUR

850,000

107.41 913

993

Petroleos

Mexicanos

10/03/25

EUR

200,000

120.44 241

Petronas

Capital,

Ltd.

12/14/22

912,000

88.46 807

820

Petronas

Capital,

Ltd.

10/31/23

884,000

67.63 598

616

Petronas

Capital,

Ltd.

03/26/25

580,000

100.00 580

618

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Petronas

Capital,

Ltd.

09/10/25

717,000

103.52 742

740

Phinia,

Inc.

11/01/24

459,000

100.05 459

Phoenix

Aviation

Capital,

Ltd.

09/17/25

85,000

106.55 91

Pike

Corp.

09/13/21

991,000

96.09 952

987

Pinewood

Finco

PLC

05/15/24

GBP

300,000

125.45 376

Playtika

Holding

Corp.

05/12/25

70,000

90.22 63

PLT

VII

Finance

SARL

05/30/24

EUR

400,000

108.30 433

PMT

Loan

Trust

10/03/25

500,000

99.50 498

501

Port

of

Spain

Waterfront

Development

02/11/25

258,100

99.35 256

Post

Holdings,

Inc.

05/12/25

38,000

99.77 38

Post

Holdings,

Inc.

08/05/25

128,000

100.65 129

PRA

Group

Europe

Holding

II

SARL

09/24/25

EUR

250,000

117.39 293

PRA

Group,

Inc.

11/09/21

991,000

95.68 948

902

PRA

Group,

Inc.

02/14/23

200,000

100.33 201

PRA

Group,

Inc.

05/15/24

414,000

100.00 414

Prestige

Brands

Holdings,

Inc.

04/05/24

177,000

98.15 174

Prime

Healthcare

Services,

Inc.

05/12/25

175,000

99.56 174

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

12/09/24

45,000

100.12 45

PRIO

Luxembourg

Holding

Sarl

10/06/25

726,000

100.00 726

714

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

01/22/16

1,577,000

61.49 970

PRM

Trust

06/16/25

250,000

98.38 246

PRMI

Trust

02/10/25

500,000

98.07 490

PRMI

Trust

10/07/25

500,000

98.40 492

PROG

Holdings,

Inc.

11/10/21

770,000

100.03 770

751

ProGroup

AG

09/10/25

EUR

350,000

119.18 417

Prosus

NV

12/02/20

142,000

104.66 149

PTC,

Inc.

03/03/21

157,000

101.30 159

PTTEP

Treasury

Center

Co.,

Ltd.

06/15/17

370,000

123.56 457

Qatar

Petroleum

07/26/22

690,000

89.86 620

623

Quikrete

Holdings,

Inc.

05/12/25

46,000

101.79 47

QXO

Building

Products,

Inc.

04/23/25

391,000

100.00 391

RAC

Bond

Co.

PLC

10/21/21

GBP

250,000

137.88 345

Radiology

Partners,

Inc.

08/20/24

1,443,781

92.34 1,333

1,414

Radiology

Partners,

Inc.

06/26/25

761,000

100.00 761

792

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

97.07 620

641

RCKT

Mortgage

Trust

02/06/20

163,927

100.65 165

RCKT

Mortgage

Trust

03/11/21

131,692

101.52 134

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

101.96 275

Reliance

Industries,

Ltd.

02/07/24

125,000

97.75 122

Renault

SA

06/18/24

EUR

500,000

105.87 529

558

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

200,000

86.86 174

Republic

of

Kenya

Government

International

Bond

09/10/25

816,000

107.04 873

875

Republic

of

South

Africa

Government

International

Bond

03/17/25

771,000

98.35 758

829

Republic

of

South

Africa

Government

International

Bond

07/30/25

400,000

98.39 394

Republic

of

Uzbekistan

Government

International

Bond

02/14/25

461,000

85.21 393

Republic

of

Uzbekistan

Government

International

Bond

02/19/25

200,000

99.81 200

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

582,000

93.31 543

525

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/02/22

101,000

94.43 95

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/09/22

463,000

85.63 402

RFM

Re-REMIC

Trust

08/03/22

560,000

83.10 465

507

RFM

Re-REMIC

Trust

08/03/22

1,000,000

87.15 871

961

Rocket

Cos.,

Inc.

06/05/25

346,000

100.00 346

Rocket

Cos.,

Inc.

06/05/25

346,000

100.00 346

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

04/21/22

180,000

89.99 162

Rockies

Express

Pipeline

LLC

05/06/20

273,000

95.13 260

Rockies

Express

Pipeline

LLC

02/02/22

467,000

101.55 474

Rockies

Express

Pipeline

LLC

04/02/24

528,000

94.85 501

523

Rogers

Communications,

Inc.

05/02/23

702,000

94.10 661

699

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

169,000

101.23 171

Romanian

Government

International

Bond

04/29/25

998,000

101.02 1,008

1,093

Romanian

Government

International

Bond

06/05/25

186,000

62.82 117

Romanian

Government

International

Bond

06/05/25

206,000

98.95 204

Romanian

Government

International

Bond

06/12/25

760,000

87.04 662

681

Romanian

Government

International

Bond

07/09/25

466,000

99.89 465

RRD

Intermediate

Holdings,

Inc.

05/12/25

225,002

89.39 201

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

06/14/17

475,000

100.00 475

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

11/09/18

200,000

100.00 200

Russian

Railways

Via

RZD

Capital

PLC

08/04/21

RUB

115,000,000

—

2,046

—

SA

Global

Sukuk,

Ltd.

12/14/22

327,000

91.44 299

SA

Global

Sukuk,

Ltd.

09/10/25

308,000

98.40 303

Sabal

Trail

Transmission

LLC

03/17/25

147,000

98.42 145

SABIC

Capital

I

BV

06/05/25

446,000

64.94 290

SABIC

Capital

II

BV

10/15/25

149,000

101.13 151

Sabre

GLBL,

Inc.

07/25/24

267,000

98.55 263

Sabre

GLBL,

Inc.

11/25/24

374,000

100.25 375

Sabre

GLBL,

Inc.

05/20/25

88,000

100.00 88

Santander

UK

Group

Holdings

PLC

01/07/25

34,000

83.60 28

Saudi

Arabian

Oil

Co.

12/14/22

619,000

93.61 579

565

Saudi

Electricity

Global

Sukuk

Co.

06/14/17

501,000

107.24 535

516

Saudi

Government

International

Bond

01/18/24

226,000

99.26 224

Saudi

Government

International

Bond

11/06/24

342,000

99.27 340

Saudi

Government

International

Bond

06/16/25

1,798,000

85.56 1,538

1,650

SCG

Commercial

Mortgage

Trust

07/30/25

650,000

100.00 650

650

Schaeffler

AG

03/23/23

EUR

500,000

107.02 535

576

SDAL

Trust

04/17/25

250,000

99.76 249

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

146,000

95.66 140

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

192,000

98.40 189

Sealed

Air

Corp.

10/26/16

761,000

105.77 800

828

Seaspan

Corp.

07/09/21

980,000

92.73 907

941

Senegal

Government

International

Bond

03/03/25

262,000

79.54 208

Sequoia

Mortgage

Trust

09/17/19

44,743

101.56 45

Sequoia

Mortgage

Trust

10/08/19

44,347

101.18 45

Sequoia

Mortgage

Trust

11/14/19

685,769

102.58 703

616

Sequoia

Mortgage

Trust

06/22/22

450,695

84.99 383

Sequoia

Mortgage

Trust

01/10/25

166,860

99.38 166

Sequoia

Mortgage

Trust

10/08/25

500,000

100.86 504

503

Serbia

International

Bond

06/10/25

222,000

84.75 188

Serbia

International

Bond

08/19/25

232,000

102.16 237

SGL

Carbon

SE

11/08/24

EUR

200,000

104.65 209

Sherwood

Financing

PLC

08/15/25

EUR

200,000

119.12 238

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

05/08/25

EUR

100,000

112.26 112

Sinclair

Television

Group,

Inc.

01/29/25

375,000

100.74 378

Sinclair

Television

Group,

Inc.

05/12/25

232,000

74.13 172

Sirius

XM

Radio,

Inc.

09/24/24

188,000

88.58 167

Six

Flags

Entertainment

Corp.

03/24/25

311,000

101.07 314

SK

Hynix,

Inc.

11/13/24

109,000

102.60 112

Smyrna

Ready

Mix

Concrete

LLC

09/08/25

451,000

106.38 480

SNF

Group

SACA

03/11/25

EUR

100,000

109.21 109

Societe

Generale

SA

04/28/25

211,000

100.63 212

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98 600

560

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.97 1,000

909

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.33 853

821

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94 600

519

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

Somnigroup

International,

Inc.

08/05/25

33,000

91.02 30

Sonic

Capital

LLC

01/15/20

521,583

100.00 522

514

Sonic

Capital

LLC

07/29/21

575,500

100.00 576

Sri

Lanka

Government

International

Bond

12/20/24

77,223

70.31 54

Sri

Lanka

Government

International

Bond

12/20/24

398,307

71.64 285

Sri

Lanka

Government

International

Bond

12/20/24

464,511

76.58 351

Standard

Chartered

PLC

10/14/16

612,000

115.49 698

646

Standard

Industries,

Inc.

04/21/22

179,000

92.73 166

Standard

Industries,

Inc.

01/10/25

EUR

241,859

105.62 255

Staples,

Inc.

04/19/21

255,185

101.39 259

Staples,

Inc.

05/23/24

438,000

95.62 418

State

Oil

Co.

of

the

Azerbaijan

Republic

10/05/17

233,000

104.32 243

Station

Casinos

LLC

08/05/25

110,000

94.64 104

Summer

BC

Holdco

B

SARL

02/07/25

EUR

330,000

103.28 341

SunCoke

Energy,

Inc.

10/10/25

308,000

93.47 288

Sunnova

Helios

II

Issuer

LLC

10/26/18

759,623

99.98 759

728

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Sunnova

Helios

II

Issuer

LLC

10/26/18

540,110

99.98 540

Sunnova

Helios

IV

Issuer

LLC

06/15/20

306,934

99.99 307

Sunnova

Sol

II

Issuer

LLC

11/20/20

298,757

99.98 299

Sunnova

Sol

III

Issuer

LLC

06/11/21

673,418

99.96 673

565

Sunoco,

LP

09/04/25

171,000

100.00 171

Sunoco,

LP

09/04/25

796,000

100.17 797

796

Sunrise

FinCo

I

BV

05/21/25

EUR

200,000

113.19 226

Sunrun

Bacchus

Issuer

LLC

01/28/25

694,911

99.98 695

702

Sunrun

Xanadu

Issuer

LLC

05/31/19

317,682

100.00 318

SWCH

Commercial

Mortgage

Trust

02/05/25

500,000

99.76 499

Symphony

CLO,

Ltd.

03/21/19

500,000

98.03 490

500

Talen

Energy

Supply

LLC

04/28/23

793,000

100.55 797

842

Talen

Energy

Supply

LLC

10/10/25

353,000

100.00 353

Talen

Energy

Supply

LLC

10/10/25

235,000

100.00 235

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

07/09/24

207,000

100.66 208

TC

Ziraat

Bankasi

AS

01/15/25

599,000

102.59 614

632

TC

Ziraat

Bankasi

AS

01/28/25

349,000

99.55 347

TCW

CLO

Ltd.

10/01/25

800,000

100.00 800

801

TDC

Net

A/S

08/15/25

EUR

500,000

121.65 608

601

Team

Health

Holdings,

Inc.

11/04/24

1,073,990

109.02 1,171

1,158

Team

Health

Holdings,

Inc.

07/23/25

237,000

100.21 237

TeamSystem

SpA

06/18/25

EUR

160,000

114.75 184

Techem

Verwaltungsgesellschaft

675

mbH

06/26/25

EUR

522,000

117.07 611

603

Tecpetrol

SA

10/29/25

322,000

100.02 322

Tele

Columbus

AG

11/13/24

EUR

275,625

89.97 248

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

01/15/25

543,000

99.56 541

546

Teleflex,

Inc.

01/28/21

156,000

102.07 159

Telefonica

Europe

BV

03/01/23

EUR

200,000

102.66 205

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/02/23

EUR

250,000

101.06 253

Teva

Pharmaceutical

Finance

Netherlands

II

BV

10/25/23

EUR

560,000

95.14 533

620

Texas

Eastern

Transmission,

LP

12/05/19

74,000

101.06 75

Threelands

Energy,

Ltd.

Sarl

10/09/25

220,000

100.00 220

Tierra

Mojada

Luxembourg

II

SARL

04/07/22

216,391

90.96 197

Topaz

Solar

Farms

LLC

04/02/24

534,988

99.65 533

535

Toucan

FinCo,

Ltd./Toucan

FinCo

Can,

Inc./Toucan

FinCo

US

LLC

09/17/25

117,000

99.86 117

Trade

and

Development

Bank

of

Mongolia

LLC

08/07/25

467,000

98.08 458

Transnet

SOC,

Ltd.

10/17/23

409,000

97.92 401

Transportadora

de

Gas

Internacional

SA

ESP

09/08/25

147,000

102.01 150

Travelex

Financing

PLC

06/13/17

EUR

1,400,000

118.34 1,657

—

Travelex

Issuerco,

Ltd.

08/06/20

GBP

2,658,848

126.36 3,360

2,180

Trident

TPI

Holdings,

Inc.

11/01/24

580,000

107.97 626

619

Trinidad

Generation

UnLimited

08/07/25

522,000

103.33 539

548

Triton

Container

International,

Ltd.

02/19/21

305,208

99.84 305

Trivium

Packaging

Finance

BV

05/21/25

EUR

240,000

113.19 272

TUI

Cruises

GmbH

11/19/24

EUR

120,000

105.95 127

Turk

Telekomunikasyon

AS

09/30/25

651,000

100.00 651

658

Turkiye

Ihracat

Kredi

Bankasi

AS

07/21/21

449,000

99.24 446

Turkiye

Ihracat

Kredi

Bankasi

AS

06/23/25

227,000

99.70 226

Turkiye

Varlik

Fonu

Yonetimi

AS

04/18/24

397,000

100.79 400

TVL

Finance

PLC

04/21/23

GBP

250,000

131.34 328

UKG,

Inc.

12/09/24

166,000

102.85 171

Ukraine

Government

International

Bond

04/23/15

195,000

46.44 91

Ukraine

Government

International

Bond

08/30/24

149,083

45.27 67

Ukraine

Government

International

Bond

08/30/24

172,000

47.87 82

Ukraine

Government

International

Bond

10/10/24

1,211,000

54.60 661

616

Ukraine

Government

International

Bond

10/15/25

564,000

42.57 240

Unibail-Rodamco-Westfield

10/03/25

EUR

500,000

121.35 607

597

UniCredit

SpA

06/12/25

123,000

100.35 123

United

Airlines,

Inc.

07/09/24

160,000

99.20 159

United

Rentals

NA,

Inc.

03/17/25

154,000

101.51 156

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

11/06/24

962,000

91.24 878

900

Univision

Communications,

Inc.

08/10/23

119,000

100.26 119

Univision

Communications,

Inc.

05/12/25

43,000

95.79 41

Upbound

Group,

Inc.

07/30/25

305,000

97.89 299

US

Foods,

Inc.

03/03/21

213,000

100.77 215

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
UWM

Mortgage

Trust

05/27/21

705,100

100.45 708

587

Uzbekneftegaz

JSC

01/23/24

201,000

88.55 178

Var

Energi

ASA

07/24/23

111,000

102.21 113

Var

Energi

ASA

11/08/23

EUR

350,000

108.21 379

Venezuela

Government

International

Bond

07/30/24

901,500

16.12 145

Venezuela

Government

International

Bond

03/07/25

267,600

17.98 48

Venezuela

Government

International

Bond

05/21/25

680,900

19.71 134

Venture

CLO,

Ltd.

02/11/21

1,000,000

100.00 1,000

1,001

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00 236

Venture

Global

Calcasieu

Pass

LLC

07/29/21

416,000

97.72 409

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00 470

Venture

Global

LNG,

Inc.

05/12/25

378,000

105.69 404

Venture

Global

Plaquemines

LNG

LLC

05/12/25

131,000

104.08 136

Venture

Global

Plaquemines

LNG

LLC

06/30/25

357,000

105.07 375

Veolia

Environnement

SA

09/17/25

EUR

400,000

118.17 473

VEON

Holdings

BV

12/09/24

207,000

91.42 189

Verde

CLO,

Ltd.

08/14/24

300,000

100.00 300

Verisure

Midholding

AB

01/15/21

EUR

300,000

120.79 362

Versant

Media

Group,

Inc.

10/23/25

85,000

100.00 85

Verus

Securitization

Trust

02/08/21

1,000,000

99.98 1,000

773

Verus

Securitization

Trust

06/22/22

402,098

88.77 357

Vibrantz

Technologies,

Inc.

10/07/24

322,000

94.43 304

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

126,000

96.18 121

Videotron,

Ltd.

04/05/24

104,000

98.87 103

Viking

Cruises,

Ltd.

09/29/25

1,168,000

100.00 1,168

1,186

Virgin

Media

Finance

PLC

07/31/25

200,000

90.67 181

Virgin

Media

Vendor

Financing

PLC

06/03/20

GBP

250,000

125.83 315

Viridien

03/11/25

500,000

99.95 500

524

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

09/17/25

50,000

98.39 49

Vistra

Operations

Co.

LLC

03/06/24

224,000

98.46 221

Vmed

O2

UK

Financing

I

PLC

09/10/20

GBP

200,000

127.90 256

Vmed

O2

UK

Financing

I

PLC

06/22/21

GBP

250,000

139.48 349

Vmed

O2

UK

Financing

I

PLC

06/27/25

EUR

241,000

118.77 286

Vodafone

Group

PLC

02/03/21

EUR

750,000

94.88 712

836

Vodafone

Group

PLC

01/30/23

EUR

550,000

107.38 591

653

Volkswagen

International

Finance

NV

03/01/23

EUR

100,000

93.33 93

Volkswagen

International

Finance

NV

08/29/23

EUR

200,000

108.86 218

VTB

Bank

10/05/17

200,000

100.00 200

—

VTB

Bank

10/18/18

714,000

105.07 750

—

Wayfair

LLC

10/21/24

313,000

101.29 317

WBI

Operating

LLC

09/30/25

326,000

99.65 325

WBI

Operating

LLC

09/30/25

326,000

99.67 325

Weatherford

International,

Ltd.

05/17/22

202,000

94.98 192

Wells

Fargo

Commercial

Mortgage

Trust

05/01/24

450,000

82.81 373

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

16,711

100.71 17

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

145,601

102.77 150

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

187,475

102.11 191

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

655,920

101.26 664

546

White

Cap

Supply

Holdings

LLC

10/27/25

220,000

100.00 220

Williams

Scotsman,

Inc.

01/28/21

188,000

101.58 191

Wilsonart

LLC

07/25/24

545,000

99.10 540

515

Wilton

RE,

Ltd.

09/17/25

132,000

99.77 132

Windstream

Services

LLC

09/25/25

477,000

100.00 477

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

05/12/25

65,000

103.56 67

Wingstop

Funding

LLC

11/19/24

900,000

100.00 900

927

Wintershall

Dea

Finance

BV

02/24/23

EUR

100,000

83.86 84

Wintershall

Dea

Finance

BV

04/29/25

EUR

250,000

113.81 285

WMG

Acquisition

Corp.

10/15/25

143,000

95.85 137

Worldline

SA

09/16/24

EUR

6,602

106.98 7

Worldline

SA

11/21/24

EUR

600,000

103.21 619

554

Worldline

SA

06/03/25

EUR

400,000

107.64 420

Worldline

SA

08/29/25

EUR

300,000

104.49 313

Worldline

SA

08/29/25

EUR

500,000

103.98 523

500

Wynn

Macau,

Ltd.

09/17/25

113,000

101.64 115

Xerox

Holdings

Corp.

10/10/25

561,000

54.11 304

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
XPLR

Infrastructure

Operating

Partners,

LP

03/20/25

232,000

100.00 232

Yara

International

ASA

12/11/24

61,000

99.49 61

YPF

SA

08/15/18

950

100.00 1

YPF

SA

01/28/21

27.86 —

—

YPF

SA

02/10/21

84.25 —

—

YPF

SA

03/08/23

250,000

89.34 223

YPF

SA

01/23/24

387,000

96.19 372

Zambia

Government

International

Bond

06/28/24

221,310

90.58 203

Zaxbys

Funding

LLC

05/03/24

444,375

100.00 444

Zaxbys

Funding

LLC

05/13/24

718,125

88.43 635

675

Zayo

Group

Holdings,

Inc.

10/28/24

134,085

88.15 118

Zayo

Group

Holdings,

Inc.

11/01/24

274,541

99.62 274

Zegona

Finance

PLC

07/10/24

EUR

180,000

108.29 195

ZF

Europe

Finance

BV

03/30/22

EUR

600,000

102.37 609

625

ZF

Europe

Finance

BV

09/06/23

EUR

200,000

106.90 214

ZF

Europe

Finance

BV

12/20/24

EUR

400,000

106.99 428

ZF

Europe

Finance

BV

06/04/25

EUR

100,000

114.14 114

ZF

North

America

Capital,

Inc.

08/05/25

48,000

94.19 45

342,403

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

Year

Treasury

Bond

Futures

AUD

9,089

12/25

Euro-Bobl

Futures

EUR

3,784

12/25

Long

Gilt

Futures

GBP

3,651

12/25

United

States

Year

Treasury

Note

Futures

USD

74,343

12/25

(68) United

States

Year

Treasury

Note

Futures

USD

14,197

12/25

United

States

Year

Treasury

Note

Futures

USD

4,169

12/25

United

States

Year

Ultra

Treasury

Note

Futures

USD

2,310

12/25

United

States

Treasury

Long

Bond

Futures

USD

4,692

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

2,547

12/25

Short

Positions

Euro-Bund

Futures

EUR

5,046

12/25

(62) Japanese

Year

Government

Bond

Futures

JPY

1,088,320

12/25

United

States

Year

Treasury

Note

Futures

USD

23,948

12/25

United

States

Year

Treasury

Note

Futures

USD

3,822

12/25

—

United

States

Year

Treasury

Note

Futures

USD

7,549

12/25

(35) United

States

Year

Ultra

Treasury

Note

Futures

USD

3,927

12/25

(46) United

States

Treasury

Long

Bond

Futures

USD

8,563

12/25

(203) United

States

Treasury

Ultra

Bond

Futures

USD

2,305

12/25

(73) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(31) #### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

12/17/25

(1) Bank

of

America

USD

EUR

12/17/25

(2) #### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

12/17/25

(3) Bank

of

America

USD

GBP

12/17/25

—

Bank

of

America

USD

962

THB

31,149

11/10/25

Bank

of

America

USD

TRY

3,992

11/10/25

—

Bank

of

America

USD

1,564

TRY

67,096

11/10/25

Bank

of

America

USD

670

ZAR

11,602

11/10/25

(1) Bank

of

America

CZK

973

USD

11/10/25

—

Bank

of

America

CZK

19,823

USD

958

11/10/25

Bank

of

America

EUR

USD

12/17/25

—

Bank

of

America

EUR

USD

12/17/25

Bank

of

America

EUR

USD

12/17/25

Bank

of

America

EUR

USD

12/17/25

Bank

of

America

EUR

USD

12/17/25

Bank

of

America

HKD

7,403

USD

952

11/10/25

—

Bank

of

America

HUF

12,357

USD

11/10/25

—

Bank

of

America

HUF

319,336

USD

960

11/10/25

Bank

of

America

MXN

5,261

USD

11/10/25

Bank

of

America

PLN

3,616

USD

985

11/10/25

Bank

of

America

SGD

862

USD

670

11/10/25

Bank

of

America

THB

21,494

USD

665

11/10/25

—

Bank

of

New

York

USD

2,376

CAD

3,312

11/10/25

(14) BNP

Paribas

CAD

USD

11/28/25

—

BNP

Paribas

CHF

3,237

USD

4,080

11/10/25

BNP

Paribas

EUR

4,929

USD

5,813

12/17/25

BNP

Paribas

GBP

USD

630

12/17/25

HSBC

USD

CAD

11/10/25

—

HSBC

USD

1,212

EUR

1,048

11/10/25

(5) HSBC

USD

EUR

12/17/25

—

HSBC

USD

NOK

675

11/10/25

(1) HSBC

USD

ZAR

11/10/25

—

HSBC

CHF

USD

11/10/25

HSBC

EUR

USD

12/17/25

—

HSBC

EUR

USD

12/17/25

HSBC

GBP

USD

11/10/25

—

HSBC

GBP

USD

12/17/25

—

HSBC

HKD

USD

11/10/25

—

HSBC

JPY

164,479

USD

1,068

11/10/25

—

HSBC

MXN

USD

11/10/25

—

HSBC

SEK

547

USD

11/10/25

—

HSBC

SGD

USD

11/10/25

—

JPMorgan

Chase

USD

3,795

EUR

3,226

11/10/25

(76) JPMorgan

Chase

USD

582

EUR

500

11/28/25

(6) JPMorgan

Chase

USD

GBP

11/28/25

—

JPMorgan

Chase

EUR

21,860

USD

25,419

11/28/25

JPMorgan

Chase

GBP

6,580

USD

8,765

11/28/25

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Morgan

Stanley

EUR

4,929

USD

5,800

12/17/25

Morgan

Stanley

GBP

USD

628

12/17/25

Royal

Bank

of

Canada

EUR

4,929

USD

5,810

12/17/25

Royal

Bank

of

Canada

GBP

USD

629

12/17/25

Standard

Chartered

EUR

4,929

USD

5,801

12/17/25

Standard

Chartered

GBP

USD

628

12/17/25

State

Street

USD

977

BRL

5,268

11/10/25

State

Street

USD

CLP

28,241

11/10/25

—

State

Street

USD

946

CLP

911,537

11/10/25

State

Street

USD

COP

107,557

11/10/25

—

State

Street

USD

662

COP

2,600,167

11/10/25

State

Street

USD

EUR

12/17/25

—

State

Street

USD

IDR

618,063

11/10/25

—

State

Street

USD

956

IDR

15,928,282

11/10/25

State

Street

USD

949

INR

84,372

11/10/25

State

Street

USD

MYR

11/10/25

—

State

Street

USD

MYR

1,202

11/10/25

State

Street

USD

1,678

NOK

16,704

11/10/25

(29) State

Street

BRL

1,528

USD

11/10/25

(1) State

Street

EUR

USD

12/17/25

—

State

Street

EUR

USD

12/17/25

—

State

Street

EUR

USD

12/17/25

—

State

Street

EUR

USD

12/17/25

State

Street

GBP

USD

12/17/25

—

State

Street

GBP

USD

12/17/25

State

Street

INR

84,372

USD

951

11/10/25

State

Street

KRW

69,638

USD

11/10/25

—

State

Street

KRW

932,813

USD

663

11/10/25

State

Street

SEK

15,771

USD

1,686

11/10/25

State

Street

TWD

1,087

USD

11/10/25

—

State

Street

TWD

20,268

USD

666

11/10/25

Westpac

GBP

USD

518

11/10/25

Westpac

JPY

100,852

USD

688

11/10/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

955

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

15,061

$

$

—

$

15,318

Corporate

Bonds

and

Notes

—

150,930

—

—

150,930

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
International

Debt

—

156,285

—

—

156,285

Mortgage-Backed

Securities

—

66,177

—

—

66,177

Non-US

Bonds

—

50,468

—

—

50,

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

Energy

—

—

—

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

2,880

—

2,880

Producer

Durables

—

—

2,968

—

2,968

Preferred

Stocks

—

—

—

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

2,000

—

41,268

43,268

Total

Investments

—

440,991

6,287

41,268

488,546

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

1,094

—

—

1,094

Liabilities

Futures

Contracts

(487) —

—

—

(487) Foreign

Currency

Exchange

Contracts

—

(139) —

—

(139) Total

Other

Financial

Instruments

\*

$

(31) $

955

$

—

$

—

$

924

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Quantitative

Information

about

Level

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

securities

were

as

follows:

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Category

#### and

#### Subcategory

#### Valuation

#### Technique(s)

#### Unobservable

#### Input(s)

#### Input/Range(s)

#### Fair

#### Value

#### ($)
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

Other\*

Common

Stocks

Energy

Other\*

Materials

and

Processing

Discounted

cash

flow\*\*\*

Discount

rate\*\*

17.1%

2,880

Market

approach\*\*\*

EBITDA

multiple\*\*\*\*

8.59x

Discount

to

guideline

comparables

12.3%

Producer

Durables

Discounted

cash

flow\*\*\*

Discount

rate\*\*

13.3%

2,968

Market

approach\*\*\*

EBITDA

multiple\*\*\*\*

6.41x

Discount

to

guideline

comparables

30.3%

Total

Investments

6,287

\*

Level

investments

with

a

listed

Valuation

Technique

of

"Other"

for

the

period

ended

October

31,

2025

were

less

than

1%

of

net

assets.

\*\*

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

\*\*\*

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

\*\*\*\*

A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBITDA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

October

31,

2025

were

as

follows:

#### Category

#### and

#### Subcategory

#### Beginning

#### Balance

#### 11/01/2024

#### Gross

#### Purchases

#### Gross

#### Sales

#### Accrued

#### Discounts/
(Premiums)

#### Realized

#### Gain
(Loss)

#### Net

#### Transfers

#### into

#### Level

#### 3

#### Net

#### Transfers

#### out

#### of

#### Level

#### 3

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### Ending

#### Balance

#### 10/31/2025

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### on

#### Investments

#### held

#### as

#### of

#### 10/31/2025
Long-Term

Fixed

Income

Investments

Asset

Backed

Securities

$

$

—

$

—

$

—

$

—

$

—

$

—

$

(7) $

$

(7) Common

Stocks

Energy

—

—

—

—

—

—

(1) 182

(1) Material

Processing

3,718

—

—

—

—

—

—

(838) 2,880

(838) Producer

Durables

3,188

—

—

—

—

—

—

(220) 2,968

(220) Short-Term

Investments

—

—

—

—

—

—

—

Total

Investments

$

7,761

$

—

$

—

$

—

$

—

$

—

$

$

(991) $

6,287

$

(1,066)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Angola

................................................................................................

970

.2

Argentina

............................................................................................

3,267

.7

Australia

.............................................................................................

—

\*\*

Azerbaijan

..........................................................................................

.1

Bahrain

...............................................................................................

2,865

.6

Belarus

...............................................................................................

.1

Belgium

..............................................................................................

.1

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Benin

..................................................................................................

—

\*\*

Bermuda

.............................................................................................

.1

Bolivia,

Plurinational

State

of

............................................................

—

\*\*

Brazil

..................................................................................................

4,980

.0

Canada

................................................................................................

9,404

.9

Cayman

Islands

..................................................................................

15,359

.1

Chile

...................................................................................................

3,783

.8

China

..................................................................................................

1,860

.4

Colombia

............................................................................................

3,324

.7

Costa

Rica

..........................................................................................

1,395

.3

Czech

Republic

..................................................................................

1,585

.3

Denmark

.............................................................................................

1,773

.4

Dominican

Republic

..........................................................................

2,948

.6

Ecuador

..............................................................................................

1,331

.3

Egypt

..................................................................................................

2,507

.5

El

Salvador

.........................................................................................

1,263

.3

Finland

...............................................................................................

1,553

.3

France

.................................................................................................

11,572

.3

Gabon

.................................................................................................

—

\*\*

Georgia

...............................................................................................

.1

Germany

.............................................................................................

11,265

.3

Ghana

.................................................................................................

694

.1

Guatemala

..........................................................................................

610

.1

Hong

Kong

.........................................................................................

1,038

.2

Hungary

..............................................................................................

2,744

.5

India

...................................................................................................

1,026

.2

Indonesia

............................................................................................

4,228

.9

Ireland

................................................................................................

2,751

.5

Israel

...................................................................................................

903

.2

Italy

....................................................................................................

6,506

.3

Ivory

Coast

.........................................................................................

601

.1

Jamaica

...............................................................................................

899

.2

Japan

..................................................................................................

1,236

.2

Jersey

..................................................................................................

.1

Jordan

.................................................................................................

.1

Kazakhstan

.........................................................................................

1,713

.3

Kenya

.................................................................................................

875

.2

Kuwait

................................................................................................

2,720

.5

Lebanon

..............................................................................................

.1

Luxembourg

.......................................................................................

2,711

.5

Macao

.................................................................................................

—

\*\*

Malaysia

.............................................................................................

2,918

.6

Mexico

...............................................................................................

8,136

.6

Mongolia

............................................................................................

667

.1

Morocco

.............................................................................................

1,276

.3

Netherlands

........................................................................................

1,220

.2

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Nigeria

................................................................................................

1,487

.3

Norway

...............................................................................................

951

.2

Oman

..................................................................................................

3,091

.6

Pakistan

..............................................................................................

1,300

.3

Panama

...............................................................................................

3,882

.8

Paraguay

.............................................................................................

616

.1

Peru

....................................................................................................

3,048

.6

Philippines

..........................................................................................

2,437

.5

Poland

................................................................................................

2,367

.5

Portugal

..............................................................................................

.1

Puerto

Rico

.........................................................................................

—

\*\*

Qatar

...................................................................................................

701

.1

Romania

.............................................................................................

2,608

.5

Russia

.................................................................................................

886

.2

Saudi

Arabia

.......................................................................................

5,502

.1

Senegal

...............................................................................................

—

\*\*

Serbia

.................................................................................................

985

.2

Singapore

...........................................................................................

—

\*\*\*

—

\*\*

South

Africa

.......................................................................................

3,257

.7

South

Korea

.......................................................................................

.1

Spain

..................................................................................................

1,472

.3

Sri

Lanka

............................................................................................

807

.2

Sweden

...............................................................................................

667

.1

Switzerland

........................................................................................

782

.2

Thailand

.............................................................................................

617

.1

Trinidad

and

Tobago

..........................................................................

809

.2

Turkey

................................................................................................

4,534

.9

Ukraine

...............................................................................................

1,851

.4

United

Arab

Emirates

.........................................................................

4,188

.8

United

Kingdom

.................................................................................

14,599

.9

United

States

......................................................................................

286,715

.6

Uruguay

..............................................................................................

1,981

.4

Uzbekistan

..........................................................................................

1,340

.3

Venezuela,

Bolivarian

Republic

of

....................................................

805

.2

Zambia

...............................................................................................

733

.1

Total

Investments

...............................................................................

488,546

.2

\*\*

Less

than

.05%

of

net

assets.

\*\*\*

Less

than

$500.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

1,094

$

—

Variation

margin

on

futures

contracts\*

—

Total

$

1,094

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

—

$

(1,098)

Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

(2,658)

—

Total

$

$

(2,658)

$

(1,098)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

1,227

Foreign

currency

exchange

contracts

—

946

—

Total

$

—

$

946

$

1,227

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

1,094

$

—

$

1,094

Total

Financial

and

Derivative

Assets

1,094

—

1,094

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,094

$

—

$

1,094

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

BNP

Paribas

—

—

HSBC

—

JPMorgan

Chase

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

—

State

Street

—

Westpac

—

—

Total

$

1,094

$

$

—

$

1,050

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

—

Bank

of

New

York

—

—

HSBC

—

JPMorgan

Chase

—

State

Street

—

—

Total

$

$

$

—

$

^

Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

495,135

Investments,

at

fair

value(>)

........................................................................................................................................................

488,546

Cash

..............................................................................................................................................................................................

625

Foreign

currency

holdings(^)

.......................................................................................................................................................

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,094

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,503

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

640

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

5,115

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

assets

...............................................................................................................................................................

502,068

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

3,439

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

4,666

#### Net

#### Assets

#### ...............................................................................................................................................................
$

497,402

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(140,772)

Shares

of

beneficial

interest

.........................................................................................................................................................

567

Additional

paid-in

capital

............................................................................................................................................................

637,607

#### Net

#### Assets

#### ...............................................................................................................................................................
$

497,402

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

41,268

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

5,115

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

8.71 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

9.05 Class

A

—

Net

assets

...........................................................................................................................................................

$

4,766,471

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

547,479

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.58 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,937,785

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

225,742

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

8.77 Class

M

—

Net

assets

..........................................................................................................................................................

$

52,396,984

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

5,976,722

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

8.77 Class

S

—

Net

assets

............................................................................................................................................................

$

339,303,868

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

38,678,142

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

8.77 Class

Y

—

Net

assets

...........................................................................................................................................................

$

98,997,352

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

11,283,536

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

28,072

Dividends

from

affiliated

funds

.......................................................................................................................................

1,533

Dividends

.........................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(4) Total

investment

income

..............................................................................................................................................................

29,843

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,760

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

686

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

4,361

Expense

reductions

..........................................................................................................................................................

(958) Net

expenses

................................................................................................................................................................................

3,403

Net

investment

income

(loss)

.......................................................................................................................................................

26,440

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

2,362

Investments

in

affiliated

funds

.........................................................................................................................................

(5) Futures

contracts

..............................................................................................................................................................

(1,098)

Foreign

currency

exchange

contracts

...............................................................................................................................

(2,658)

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(112) Net

realized

gain

(loss)

................................................................................................................................................................

(1,494)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Invest

ments

......................................................................................................................................................................

9,937

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,227

Foreign

currency

exchange

contracts

...............................................................................................................................

946

Foreign

currency-related

transactions

..............................................................................................................................

(9) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

12,102

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

10,608

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

37,048

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

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)

.......................................................................................................

$

26,440

$

25,180

Net

realized

gain

(loss)

................................................................................................................

(1,494)

(23,647)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

12,102

57,384

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

37,048

58,917

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(243) (155) Class

C

.....................................................................................................................................

(77) (69) Class

M

....................................................................................................................................

(3,359)

(2,886)

Class

S

......................................................................................................................................

(20,522)

(16,648)

Class

Y

.....................................................................................................................................

(4,180)

(2,968)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(28,381)

(22,726)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

29,801

(68,125)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
38,468

(31,934)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

458,934

490,868

End

of

period

......................................................................................................................................

$

497,402

$

458,934

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

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

$

2,739

$

797

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(186) (1,592)

(98) (819) Net

increase

(decrease)

1,390

Class

C

Proceeds

from

shares

sold

838

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(59) (499) (66) (544) Net

increase

(decrease)

(25) (202) Class

M

Proceeds

from

shares

sold

1,535

13,157

2,248

19,005

Proceeds

from

reinvestment

of

distributions

3,358

2,885

Payments

for

shares

redeemed

(3,584)

(30,650)

(1,385)

(11,594)

Net

increase

(decrease)

(1,656)

(14,135)

1,211

10,296

Class

S

Proceeds

from

shares

sold

12,050

103,155

7,719

64,996

Proceeds

from

reinvestment

of

distributions

2,399

20,502

2,005

16,630

Payments

for

shares

redeemed

(14,183)

(121,410)

(19,466)

(159,095)

Net

increase

(decrease)

2,247

(9,742)

(77,469)

Class

Y

Proceeds

from

shares

sold

5,253

45,261

1,030

Proceeds

from

reinvestment

of

distributions

4,179

2,968

Payments

for

shares

redeemed

(1,128)

(9,557)

(579) (4,881)

Net

increase

(decrease)

4,613

39,883

(99) (883) Total

increase

(decrease)

3,435

$

29,801

(8,638)

$

(68,125)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### 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

8.56 7.88 7.70 9.43 8.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.45

.46

.42

.38

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

.20

.63

.09

(1.70)

.46

$

Total

from

Investment

Operations

.65

1.09 .51

(1.32)

.77

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.50)

(.41)

(.33)

(.41)

(.29)

$

Total

Distributions

(.50)

(.41)

(.33)

(.41)

(.29)

$

Net

Asset

Value,

End

of

Period

8.71 8.56 7.88 7.70 9.43 %

Total

Return

(±)

7.85 14.19 6.63 (14.40)

8.65 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,766

3,287

2,897

2,839

3,100

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.19 1.34 1.61 1.60 1.60 %

Expenses,

Net

(Ƃ)

.98

1.00 1.01 1.04 1.08 %

Net

Investment

Income

(Ƃ)

5.29 5.50 5.30 4.46 3.33 %

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

8.44 7.79 7.63 9.35 8.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.38

.39

.36

.31

.24

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.62

.09

(1.68)

.44

$

Total

from

Investment

Operations

.57

1.01 .45

(1.37)

.68

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.36)

(.29)

(.35)

(.22)

$

Total

Distributions

(.43)

(.36)

(.29)

(.35)

(.22)

$

Net

Asset

Value,

End

of

Period

8.58 8.44 7.79 7.63 9.35 %

Total

Return

7.04 13.24 5.88 (15.08)

7.73 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,938

1,494

1,571

1,764

2,686

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.94 2.10 2.36 2.35 2.35 %

Expenses,

Net

(Ƃ)

1.73 1.75 1.76 1.79 1.83 %

Net

Investment

Income

(Ƃ)

4.52 4.74 4.53 3.67 2.60 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.61 7.92 7.73 9.47 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.48

.49

.45

.41

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

.20

.63

.08

(1.71)

.46

$

Total

from

Investment

Operations

.68

1.12 .53

(1.30)

.80

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.43)

(.34)

(.44)

(.32)

$

Total

Distributions

(.52)

(.43)

(.34)

(.44)

(.32)

$

Net

Asset

Value,

End

of

Period

8.77 8.61 7.92 7.73 9.47 %

Total

Return

8.24 14.53 6.94 (14.19)

8.91 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 52,397

65,722

50,885

82,621

102,177

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.94

1.09 1.36 1.35 1.35 %

Expenses,

Net

(Ƃ)

.68

.70

.71

.74

.78

%

Net

Investment

Income

(Ƃ)

5.59 5.80 5.56 4.77 3.61 %

Portfolio

Turnover

Rate

#### 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

8.62 7.93 7.74 9.48 9.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.48

.48

.44

.40

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.64

.09

(1.71)

.45

$

Total

from

Investment

Operations

.67

1.12 .53

(1.31)

.79

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.43)

(.34)

(.43)

(.31)

$

Total

Distributions

(.52)

(.43)

(.34)

(.43)

(.31)

$

Net

Asset

Value,

End

of

Period

8.77 8.62 7.93 7.74 9.48 %

Total

Return

8.05 14.46 6.90 (14.22)

8.85 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 339,304

330,956

381,847

497,914

624,965

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.94

1.09 1.36 1.35 1.35 %

Expenses,

Net

(Ƃ)

.73

.75

.76

.79

.83

%

Net

Investment

Income

(Ƃ)

5.55 5.74 5.52 4.71 3.56 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.62 7.93 7.74 9.47 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.48

.49

.45

.41

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.64

.08

(1.70)

.44

$

Total

from

Investment

Operations

.67

1.13 .53

(1.29)

.80

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.44)

(.34)

(.44)

(.32)

$

Total

Distributions

(.52)

(.44)

(.34)

(.44)

(.32)

$

Net

Asset

Value,

End

of

Period

8.77 8.62 7.93 7.74 9.47 %

Total

Return

8.13 14.53 6.96 (14.06)

8.93 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 98,997

57,475

53,668

15,861

3,352

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.75

.89

1.16 1.16 1.14 %

Expenses,

Net

(Ƃ)

.65

.67

.68

.71

.75

%

Net

Investment

Income

(Ƃ)

5.60 5.82 5.70 5.00 3.81 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

200,214

Administrative

fees

19,957

Distribution

fees

2,157

Shareholder

servicing

fees

Transfer

agent

fees

25,114

Trustees'

fees

1,352

$

249,175

#### 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
U.S.

Cash

Management

Fund

$

40,165

$

362,577

$

361,470

$

(5)

$

$

41,268

$

1,533

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

499,113,302

$

27,967,696

$

(38,451,875)

$

(10,484,179)

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

7,976,060

$

(138,260,746)

$

(10,486,957)

$

—

$

(140,771,643)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

28,380,571

$

—

$

—

$

22,726,334

$

—

$

—

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 95.4%
Asset-Backed

Securities

-

0.1%

Oklahoma

Development

Finance

Authority

Revenue

Bonds

Series

2022-OGE

Class

A2

4.851%

due

02/01/45

Series

2022-PSO

Class

A2

4.623%

due

06/01/44

Municipal

Bonds

-

10.9%

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

2.650%

due

09/01/37

Alameda

County

Joint

Powers

Authority

Revenue

Bonds

7.046%

due

12/01/44

American

Municipal

Power,

Inc.

Revenue

Bonds

7.834%

due

02/15/41

6.449%

due

02/15/44

8.084%

due

02/15/50

527

Bay

Area

Toll

Authority

Revenue

Bonds

6.263%

due

04/01/49

595

649

7.043%

due

04/01/50

6.907%

due

10/01/50

3.126%

due

04/01/55

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.190%

due

06/01/37

4.353%

due

06/01/41

California

State

University

Revenue

Bonds

3.899%

due

11/01/47

2.897%

due

11/01/51

2.975%

due

11/01/51

2.719%

due

11/01/52

2.939%

due

11/01/52

5.183%

due

11/01/53

Central

Puget

Sound

Regional

Transit

Authority

Revenue

Bonds

5.491%

due

11/01/39

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

3.204%

due

01/15/51

Chicago

O'Hare

International

Airport

Revenue

Bonds

6.395%

due

01/01/40

4.472%

due

01/01/49

4.572%

due

01/01/54

Chicago

Transit

Authority

Sales

and

Transfer

Tax

Receipts

Revenue

Bonds

6.899%

due

12/01/40

676

762

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

6.200%

due

12/01/40

City

of

Houston

General

Obligation

Limited

3.961%

due

03/01/47

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

Bonds

4.242%

due

05/15/48

(µ)

City

of

New

York

General

Obligation

Unlimited

4.610%

due

09/01/37

5.517%

due

10/01/37

6.271%

due

12/01/37

5.264%

due

10/01/44

6.291%

due

02/01/45

529

5.559%

due

10/01/45

5.094%

due

10/01/49

5.372%

due

10/01/51

5.263%

due

10/01/52

5.828%

due

10/01/53

5.114%

due

10/01/54

5.935%

due

02/01/55

6.385%

due

02/01/55

5.392%

due

10/01/55

City

of

Riverside

Revenue

Bonds

3.857%

due

06/01/45

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

5.985%

due

02/01/39

5.808%

due

02/01/41

4.427%

due

02/01/42

5.569%

due

02/01/50

Commonwealth

Financing

Authority

Revenue

Bonds

3.864%

due

06/01/38

4.144%

due

06/01/38

2.991%

due

06/01/42

Commonwealth

of

Massachusetts

General

Obligation

Limited

5.456%

due

12/01/39

2.900%

due

09/01/49

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

5.731%

due

06/01/40

County

of

Broward

Airport

System

Revenue

Bonds

3.477%

due

10/01/43

County

of

Clark

Department

of

Aviation

Revenue

Bonds

6.820%

due

07/01/45

County

of

Miami-Dade

Aviation

Revenue

Bonds

4.280%

due

10/01/41

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

6.224%

due

11/01/55

County

of

Miami-Dade

Transit

System

Revenue

Bonds

2.600%

due

07/01/42

County

of

Riverside

Revenue

Bonds

3.818%

due

02/15/38

Dallas

Area

Rapid

Transit

Revenue

Bonds

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.999%

due

12/01/44

2.613%

due

12/01/48

5.022%

due

12/01/48

Dallas

Convention

Center

Hotel

Development

Corp.

Revenue

Bonds

7.088%

due

01/01/42

Dallas

County

Hospital

District

General

Obligation

Limited

5.621%

due

08/15/44

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

2.994%

due

11/01/38

3.089%

due

11/01/40

2.843%

due

11/01/46

2.919%

due

11/01/50

4.087%

due

11/01/51

4.507%

due

11/01/51

District

of

Columbia

Water

and

Sewer

Authority

Revenue

Bonds

4.814%

due

10/01/14

East

Bay

Municipal

Utility

District

Water

System

Revenue

Bonds

5.874%

due

06/01/40

Empire

State

Development

Corp.

Revenue

Bonds

5.770%

due

03/15/39

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

4.094%

due

01/15/49

3.924%

due

01/15/53

(µ)

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3.115%

due

06/01/38

3.714%

due

06/01/41

3.293%

due

06/01/42

4.214%

due

06/01/50

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

5.184%

due

10/01/42

3.236%

due

10/01/52

570

Idaho

Energy

Resources

Authority

Revenue

Bonds

2.861%

due

09/01/46

Indiana

Finance

Authority

Revenue

Bonds

3.051%

due

01/01/51

JobsOhio

Beverage

System

Revenue

Bonds

2.833%

due

01/01/38

Kansas

Development

Finance

Authority

Revenue

Bonds

4.927%

due

04/15/45

2.774%

due

05/01/51

(µ)

Los

Angeles

Community

College

District

General

Obligation

Unlimited

6.750%

due

08/01/49

Los

Angeles

County

Public

Works

Financing

Authority

Revenue

Bonds

7.618%

due

08/01/40

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

6.574%

due

07/01/45

6.603%

due

07/01/50

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

5.198%

due

12/01/39

Series

2022-ELL

Class

A3

4.275%

due

02/01/36

Series

2022-ELL

Class

A4

4.475%

due

08/01/39

501

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

Revenue

Bonds

6.250%

due

05/15/43

Maryland

Economic

Development

Corp.

Revenue

Bonds

5.433%

due

05/31/56

5.942%

due

05/31/57

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

3.052%

due

07/01/40

3.197%

due

07/01/50

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

6.352%

due

07/01/49

Massachusetts

School

Building

Authority

Revenue

Bonds

5.715%

due

08/15/39

Metropolitan

Government

of

Nashville

and

Davidson

County

Convention

Center

Authority

Revenue

Bonds

6.731%

due

07/01/43

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

Bonds

7.336%

due

11/15/39

Metropolitan

Transportation

Authority

Revenue

Bonds

6.668%

due

11/15/39

6.814%

due

11/15/40

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

7.462%

due

10/01/46

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Limited

5.720%

due

12/01/38

Michigan

Finance

Authority

Revenue

Bonds

3.384%

due

12/01/40

Michigan

State

University

Revenue

Bonds

4.496%

due

08/15/48

4.165%

due

08/15/22

Michigan

Strategic

Fund

Revenue

Bonds

3.225%

due

09/01/47

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3.229%

due

05/15/50

3.652%

due

08/15/57

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

516

567

6.655%

due

04/01/57

7.055%

due

04/01/57

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6.561%

due

12/15/40

New

Jersey

Turnpike

Authority

Revenue

Bonds

7.414%

due

01/01/40

629

761

7.102%

due

01/01/41

845

988

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.750%

due

06/15/41

5.724%

due

06/15/42

5.952%

due

06/15/42

6.011%

due

06/15/42

5.440%

due

06/15/43

5.882%

due

06/15/44

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

4.375%

due

05/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

5.628%

due

03/15/39

5.600%

due

03/15/40

4.946%

due

08/01/48

(µ)

5.832%

due

07/01/55

North

Texas

Tollway

Authority

Revenue

Bonds

6.718%

due

01/01/49

Ohio

State

University

(The)

Revenue

Bonds

4.910%

due

06/01/40

4.800%

due

06/01/11

Ohio

Turnpike

and

Infrastructure

Commission

Revenue

Bonds

3.216%

due

02/15/48

Oklahoma

Development

Finance

Authority

Revenue

Bonds

4.380%

due

11/01/45

5.087%

due

02/01/52

Series

2022-ONG

Class

A3

4.714%

due

05/01/52

Oregon

State

University

Revenue

Bonds

3.424%

due

03/01/60

(µ)

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.689%

due

06/01/54

Pennsylvania

State

University

(The)

Revenue

Bonds

2.790%

due

09/01/43

2.840%

due

09/01/50

Pennsylvania

Turnpike

Commission

Revenue

Bonds

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.511%

due

12/01/45

Permanent

University

Fund

-

Texas

A&M

University

System

Revenue

Bonds

3.660%

due

07/01/47

3.100%

due

07/01/49

Permanent

University

Fund

-

University

of

Texas

System

Revenue

Bonds

3.376%

due

07/01/47

Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

5.647%

due

11/01/40

4.960%

due

08/01/46

5.310%

due

08/01/46

4.031%

due

09/01/48

3.139%

due

02/15/51

4.926%

due

10/01/51

5.072%

due

07/15/53

4.229%

due

10/15/57

3.175%

due

07/15/60

4.458%

due

10/01/62

885

763

4.810%

due

10/15/65

3.287%

due

08/01/69

Port

of

Morrow

Revenue

Bonds

2.543%

due

09/01/40

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

6.548%

due

05/15/48

6.583%

due

05/15/49

3.006%

due

05/15/50

4.563%

due

05/15/53

3.256%

due

05/15/60

3.706%

due

05/15/20

Regional

Transportation

District

Sales

Tax

Revenue

Bonds

5.844%

due

11/01/50

Rutgers

The

State

University

of

New

Jersey

Revenue

Bonds

5.665%

due

05/01/40

3.270%

due

05/01/43

3.915%

due

05/01/19

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3.238%

due

01/01/42

3.587%

due

01/01/43

3.820%

due

01/01/48

4.787%

due

01/01/48

Salt

River

Project

Agricultural

Improvement

and

Power

District

Revenue

Bonds

4.839%

due

01/01/41

San

Diego

County

Regional

Transportation

Commission

Revenue

Bonds

5.911%

due

04/01/48

San

Diego

County

Water

Authority

Revenue

Bonds

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.138%

due

05/01/49

San

Francisco

City

and

County

Public

Utilities

Commission

Water

Revenue

Bonds

6.950%

due

11/01/50

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

3.492%

due

01/15/50

(µ)

South

Carolina

Public

Service

Authority

Revenue

Bonds

6.454%

due

01/01/50

State

of

California

General

Obligation

Unlimited

5.125%

due

03/01/38

4.600%

due

04/01/38

7.550%

due

04/01/39

1,375

1,676

7.300%

due

10/01/39

755

886

7.350%

due

11/01/39

7.625%

due

03/01/40

525

641

7.600%

due

11/01/40

940

1,165

5.875%

due

10/01/41

515

540

5.200%

due

03/01/43

State

of

Texas

General

Obligation

Unlimited

5.517%

due

04/01/39

620

645

4.681%

due

04/01/40

State

of

Wisconsin

Revenue

Bonds

3.954%

due

05/01/36

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.169%

due

04/01/41

780

801

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3.922%

due

12/31/49

Texas

Transportation

Commission

General

Obligation

Unlimited

2.472%

due

10/01/44

United

Nations

Development

Corp.

Revenue

Bonds

6.536%

due

08/01/55

University

of

California

Revenue

Bonds

3.071%

due

05/15/51

4.858%

due

05/15/12

4.767%

due

05/15/15

University

of

Michigan

Revenue

Bonds

2.437%

due

04/01/40

3.599%

due

04/01/47

2.562%

due

04/01/50

3.504%

due

04/01/52

4.454%

due

04/01/22

620

502

University

of

Minnesota

Revenue

Bonds

4.048%

due

04/01/52

University

of

Nebraska

Facilities

Corp.

(The)

Revenue

Bonds

3.037%

due

10/01/49

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
University

of

Pittsburgh

of

the

Commonwealth

System

of

Higher

Education

Tax

Revenue

Bonds

3.555%

due

09/15/19

University

of

Texas

System

Revenue

Bonds

4.794%

due

08/15/46

3.354%

due

08/15/47

2.439%

due

08/15/49

University

of

Virginia

Revenue

Bonds

2.256%

due

09/01/50

2.584%

due

11/01/51

4.179%

due

09/01/17

3.227%

due

09/01/19

46,889

United

States

Government

Agencies

-

15.5%

Federal

Farm

Credit

Bank

Funding

Corp.

5.400%

due

10/04/38

2.750%

due

03/07/39

1.950%

due

08/13/40

536

3.700%

due

03/24/42

856

718

5.370%

due

10/23/45

5.860%

due

12/02/49

Federal

Home

Loan

Bank

5.625%

due

03/14/36

1,725

1,898

5.500%

due

07/15/36

8,570

9,410

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

1,011

1,149

4.447%

due

09/15/36

(ž)

3,074

1,915

4.695%

due

11/15/38

(ž)

2,128

1,170

Series

4.748%

due

11/15/38

(ž)

6,686

3,652

Federal

National

Mortgage

Association

5.625%

due

07/15/37

5,713

6,340

6.210%

due

08/06/38

2,368

2,767

Tennessee

Valley

Authority

4.650%

due

06/15/35

580

595

5.880%

due

04/01/36

8,529

9,577

6.150%

due

01/15/38

4,484

5,202

5.500%

due

06/15/38

2,739

2,994

5.250%

due

09/15/39

11,346

12,096

3.500%

due

12/15/42

5,772

4,879

4.250%

due

09/15/52

753

652

66,614

United

States

Government

Treasuries

-

68.9%

United

States

Treasury

Notes

4.500%

due

02/15/36

16,227

16,820

4.750%

due

02/15/37

10,195

10,754

5.000%

due

05/15/37

13,175

14,190

4.375%

due

02/15/38

13,851

14,052

4.500%

due

05/15/38

15,663

16,077

3.500%

due

02/15/39

15,940

14,667

4.250%

due

05/15/39

23,840

23,598

4.500%

due

08/15/39

25,478

25,804

4.375%

due

11/15/39

27,381

27,308

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.625%

due

02/15/40

27,611

28,241

1.125%

due

05/15/40

36,929

23,756

4.375%

due

05/15/40

26,719

26,573

1.125%

due

08/15/40

46,836

29,807

3.875%

due

08/15/40

26,571

24,919

296,566

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$402,694)

410,445

#### Short-Term

#### Investments

#### -

#### 2.7%
U.S.

Cash

Management

Fund(@)

11,700,136

(∞)

11,698

#### Total

#### Short-Term

#### Investments
(cost

$11,697)

11,698

#### Total

#### Investments

#### -

#### 98.1%
(identified

cost

$414,391)

422,143

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.9%
8,361

#### Net

#### Assets

#### -

#### 100.0%
430,504

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

United

States

Year

Ultra

Treasury

Note

Futures

USD

5,659

12/25

United

States

Treasury

Long

Bond

Futures

USD

7,977

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

4,851

12/25

Short

Positions

United

States

Year

Treasury

Note

Futures

USD

12/25

—

United

States

Year

Treasury

Note

Futures

USD

2,366

12/25

(10) United

States

Treasury

Long

Bond

Futures

USD

12/25

(7) United

States

Treasury

Ultra

Bond

Futures

USD

606

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

$

—

$

—

$

Municipal

Bonds

—

46,889

—

—

46,889

United

States

Government

Agencies

—

66,614

—

—

66,614

United

States

Government

Treasuries

—

296,566

—

—

296,566

Short-Term

Investments

—

—

—

11,698

11,698

Total

Investments

—

410,445

—

11,698

422,143

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Liabilities

Futures

Contracts

(17) —

—

—

(17) Total

Other

Financial

Instruments

\*

$

$

—

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
United

States

......................................................................................

422,143

.1

Total

Investments

...............................................................................

422,143

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,026)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

414,391

Investments,

at

fair

value(>)

........................................................................................................................................................

422,143

Cash

..............................................................................................................................................................................................

2,897

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,085

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

589

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

assets

...............................................................................................................................................................

431,292

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

788

#### Net

#### Assets

#### ...............................................................................................................................................................
$

430,504

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

2,506

Shares

of

beneficial

interest

.........................................................................................................................................................

534

Additional

paid-in

capital

............................................................................................................................................................

427,464

#### Net

#### Assets

#### ...............................................................................................................................................................
$

430,504

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

11,698

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

8.06 Class

M

—

Net

assets

..........................................................................................................................................................

$

61,779,180

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

7,665,646

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

8.06 Class

S

—

Net

assets

............................................................................................................................................................

$

261,423,059

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

32,446,263

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

8.06 Class

Y

—

Net

assets

...........................................................................................................................................................

$

107,302,119

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

13,312,059

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

17,305

Dividends

from

affiliated

funds

.......................................................................................................................................

674

Total

investment

income

..............................................................................................................................................................

17,979

#### Expenses
Advisory

fees

...................................................................................................................................................................

595

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

1,766

Expense

reductions

..........................................................................................................................................................

(89) Net

expenses

................................................................................................................................................................................

1,677

Net

investment

income

(loss)

.......................................................................................................................................................

16,302

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(2,78

4)

Futures

contracts

..............................................................................................................................................................

(1,026)

Net

realized

gain

(loss)

................................................................................................................................................................

(3,81

0)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

8,133

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

918

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

9,05

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

5,24

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

21,54

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

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)

.......................................................................................................

$

16,302

$

10,668

Net

realized

gain

(loss)

................................................................................................................

(3,81

0)

2,717

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

9,05

14,608

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

21,54

27,993

#### Distributions
To

shareholders

Class

M

....................................................................................................................................

(2,496)

(2,048)

Class

S

......................................................................................................................................

(9,63

3)

(3,880)

Class

Y

.....................................................................................................................................

(3,926)

(3,139)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(16,05

5)

(9,067)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

144,14

32,715

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
149,632

51,641

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

280,872

229,231

End

of

period

......................................................................................................................................

$

430,504

$

280,872

\*

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

M

Proceeds

from

shares

sold

1,797

$

14,069

2,845

$

22,517

Proceeds

from

reinvestment

of

distributions

2,496

2,047

Payments

for

shares

redeemed

(2,743)

(21,672)

(1,186)

(9,549)

Net

increase

(decrease)

(628) (5,107)

1,912

15,015

Class

S

Proceeds

from

shares

sold

21,195

167,32

5,440

43,324

Proceeds

from

reinvestment

of

distributions

1,229

9,629

3,880

Payments

for

shares

redeemed

(6,213)

(48,631)

(2,828)

(22,741)

Net

increase

(decrease)

16,211

128,32

3,092

24,463

Class

Y

Proceeds

from

shares

sold

4,593

36,202

2,704

Proceeds

from

reinvestment

of

distributions

500

3,926

3,138

Payments

for

shares

redeemed

(2,426)

(19,200)

(1,552)

(12,605)

Net

increase

(decrease)

2,667

20,928

(823) (6,763)

Total

increase

(decrease)

18,250

$

144,14

4,181

$

32,715

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ſ)

#### Per-Share

#### Data
–

–

–

$

Net

Asset

Value,

Beginning

of

Period

7.99 7.40 7.89 Income

(loss)

from

investment

operations:

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.33

.33

.33

$

Net

Realized

and

Unrealized

Gain

(Loss)

.07

.54

(.82)

$

Total

from

Investment

Operations

.40

.87

(.49)

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(.28)

—

$

Total

Distributions

(.33)

(.28)

—

$

Net

Asset

Value,

End

of

Period

8.06 7.99 7.40 %

Total

Return

(ǿ)

5.23 11.80 (6.21)

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

$

Net

Assets,

End

of

Period

(000) 61,779

66,237

47,202

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.49

.57

.57

%

Expenses,

Net

(Ƃ)

(ɯ)

.34

.37

.31

%

Net

Investment

Income

(Ƃ)

(ɯ)

4.17 4.09 4.37 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ſ)

#### Per-Share

#### Data
–

–

–

$

Net

Asset

Value,

Beginning

of

Period

7.98 7.40 7.89 Income

(loss)

from

investment

operations:

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.32

.32

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

.08

.53

(.81)

$

Total

from

Investment

Operations

.40

.85

(.49)

Less

distributions:

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.27)

—

$

Total

Distributions

(.32)

(.27)

—

$

Net

Asset

Value,

End

of

Period

8.06 7.98 7.40 %

Total

Return

(ǿ)

5.21 11.51 (6.21)

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

$

Net

Assets,

End

of

Period

(000) 261,423

129,604

97,194

Ratio

to

average

net

assets:

–

–

–

%

Expenses,

Gross

(ɯ)

.49

.57

.58

%

Expenses,

Net

(Ƃ)

(ɯ)

.49

.52

.46

%

Net

Investment

Income

(Ƃ)

(ɯ)

4.05 3.94 4.19 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Period

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

7.99 7.40 8.26 10.13 10.46 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.33

.33

.26

.13

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

.08

.54

(.51)

(1.47)

(.08)

$

Total

from

Investment

Operations

.41

.87

(.25)

(1.34)

.02

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.28)

(.61)

(.25)

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.28)

(.30)

$

Total

Distributions

(.34)

(.28)

(.61)

(.53)

(.35)

$

Net

Asset

Value,

End

of

Period

8.06 7.99 7.40 8.26 10.13 %

Total

Return

5.28 11.84 (3.53)

(13.88)

.17

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 107,302

85,031

84,835

26,518

39,361

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.29

.37

.98

1.19 .82

%

Expenses,

Net

(Ƃ)

.29

.32

.26

.26

.27

%

Net

Investment

Income

(Ƃ)

4.22 4.15 3.31 1.47 .99

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

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

an

underlying

fund

which

is,

or

was,

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:

.

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

equalization,

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.

Advisory

fees

$

54,985

Administrative

fees

17,392

Transfer

agent

fees

47,413

Trustees'

fees

$

120,147

#### 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
U.S.

Cash

Management

Fund

$

11,845

$

180,390

$

180,536

$

—

$

(1)

$

11,698

$

674

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

414,825,587

$

7,997,311

$

(680,254)

$

7,317,057

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

1,872,615

$

(6,626,820)

$

7,317,954

$

(57,349)

$

2,506,400

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

16,054,589

$

—

$

—

$

9,066,812

$

—

$

—

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

At

October

31,

2025,

the

Statement

of

Assets

and

Liabilities

has

been

adjusted

by

the

following

amounts

(in

thousands):

Total

distributable

earnings

(losses)

$

.

Additional

paid-in

capital

(14) #### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 85.2%
Asset-Backed

Securities

-

4.1%

Audax

Senior

Debt

CLO

LLC

Series

2025-12A

Class

B

5.607%

due

04/22/37

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

4,160

4,158

BRAVO

Residential

Funding

Trust

Series

2024-CES1

Class

A1A

6.377%

due

04/25/54

(~)(Ê)(Þ)

674

681

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

2,460

2,471

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

2,019

2,032

Churchill

Middle

Market

CLO

LLC

Series

2022-1A

Class

BR

5.584%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

3,910

3,907

CLI

Funding

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

2,804

2,823

Conseco

Financial

Corp.

Series

1996-4

Class

M1

7.750%

due

06/15/27

(~)(Ê)

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.283%

due

04/25/47

(~)(Ê)

7,479

7,194

FIGRE

Trust

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

861

895

Series

2023-HE3

Class

A

6.436%

due

11/25/53

(~)(Ê)(Þ)

1,176

1,200

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

4,284

4,358

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,434

1,461

Series

2024-HE3

Class

A

5.937%

due

07/25/54

(~)(Ê)(Þ)

3,307

3,353

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

2,321

2,325

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

2,208

2,229

Series

2025-HE1

Class

A

5.829%

due

01/25/55

(~)(Ê)(Þ)

1,096

1,108

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

4,088

4,129

Series

2025-HE6

Class

A

5.044%

due

09/25/55

(~)(Ê)(Þ)

2,100

2,097

Series

2025-PF1

Class

A

5.758%

due

06/25/55

(~)(Ê)(Þ)

1,504

1,525

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

6.250%

due

08/21/31

(USD

Month

SOFR

+

2.000%)(Ê)

1,375

1,331

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Irwin

Home

Equity

Loan

Trust

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

JPMorgan

Mortgage

Trust

Series

2025-CES5

Class

A1A

5.136%

due

02/25/56

(~)(Ê)(Þ)

2,083

2,081

Series

2025-HE2

Class

A1

5.431%

due

11/20/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

6,452

6,452

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

1,095

1,080

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

2,091

2,105

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

2,923

2,950

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

2,220

2,224

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

2,536

2,616

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

1,659

1,719

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

5,191

5,314

Towd

Point

Mortgage

Trust

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

2,015

2,040

78,148

Corporate

Bonds

and

Notes

-

27.0%

Consumer

Discretionary

-

3.9%

American

Airlines

Pass-Through

Trust

4.900%

due

11/11/39

6,500

6,512

Series

A

2.875%

due

01/11/36

2,356

2,139

Series

AA

Class

AA

3.650%

due

02/15/29

6,829

6,660

3.575%

due

07/15/29

1,503

1,477

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

1,005

778

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

7.600%

due

07/15/37

Best

Buy

Co.,

Inc.

1.950%

due

10/01/30

980

872

BorgWarner,

Inc.

5.400%

due

08/15/34

525

540

Brunswick

Corp.

5.100%

due

04/01/52

2,121

1,711

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,890

1,859

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.700%

due

04/01/51

545

5.250%

due

04/01/53

965

786

Series

WI

3.750%

due

02/15/28

715

704

4.200%

due

03/15/28

965

960

Comcast

Corp.

3.400%

due

04/01/30

505

Series

WI

4.049%

due

11/01/52

2,392

1,795

2.937%

due

11/01/56

1,460

848

Cummins,

Inc.

5.450%

due

02/20/54

1,170

1,166

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

2,653

2,670

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

2,671

2,668

Ford

Motor

Co.

7.400%

due

11/01/46

1,236

1,343

Fox

Corp.

Series

WI

4.709%

due

01/25/29

2,922

2,957

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

2,469

2,558

Home

Depot,

Inc.

(The)

3.350%

due

04/15/50

1,830

1,319

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

1,143

1,145

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

1,215

1,172

1.800%

due

01/10/28

(Þ)

825

783

Kohl's

Corp.

5.125%

due

05/01/31

1,122

876

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

2,528

2,611

Lowe's

Cos.,

Inc.

3.000%

due

10/15/50

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

6.375%

due

03/15/37

5.125%

due

01/15/42

4.300%

due

02/15/43

Marriott

International,

Inc.

4.900%

due

04/15/29

2,254

2,300

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

3,000

2,910

McDonald's

Corp.

5.450%

due

08/14/53

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

1,761

1,722

Newell

Brands,

Inc.

7.375%

due

04/01/36

625

589

7.500%

due

04/01/46

556

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nissan

Motor

Acceptance

Co.

LLC

6.950%

due

09/15/26

(Þ)

2,000

2,027

Nordstrom,

Inc.

4.375%

due

04/01/30

703

667

5.000%

due

01/15/44

820

621

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

4.625%

due

04/06/31

(Þ)

880

751

Southwest

Airlines

Co.

5.250%

due

11/15/35

1,000

977

Starbucks

Corp.

3.750%

due

12/01/47

526

Steelcase,

Inc.

5.125%

due

01/18/29

658

644

Time

Warner

Cable

LLC

5.500%

due

09/01/41

1,496

1,345

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

1,392

1,395

Travel

+

Leisure

Co.

6.000%

due

04/01/27

620

627

Under

Armour,

Inc.

3.250%

due

06/15/26

United

Airlines

Pass-Through

Trust

Series

AA

4.150%

due

02/25/33

1,318

1,294

2.700%

due

11/01/33

1,493

1,363

VF

Corp.

2.950%

due

04/23/30

6.450%

due

11/01/37

Whirlpool

Corp.

4.700%

due

05/14/32

505

5.500%

due

03/01/33

5.750%

due

03/01/34

4.600%

due

05/15/50

Yum!

Brands,

Inc.

6.875%

due

11/15/37

5.350%

due

11/01/43

75,746

Consumer

Staples

-

1.4%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

3.500%

due

03/15/29

(Þ)

Altria

Group,

Inc.

2.450%

due

02/04/32

2,024

1,779

5.950%

due

02/14/49

537

545

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

955

605

Conagra

Brands,

Inc.

1.375%

due

11/01/27

3,141

2,966

Constellation

Brands,

Inc.

4.350%

due

05/09/27

1,223

1,226

2.875%

due

05/01/30

1,820

1,703

Keurig

Dr

Pepper,

Inc.

Series

31\*

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.250%

due

03/15/31

3,301

2,929

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

1,325

1,339

Kroger

Co.

(The)

7.500%

due

04/01/31

1,392

1,592

5.500%

due

09/15/54

1,565

1,523

Mars,

Inc.

5.000%

due

03/01/32

(Þ)

5.200%

due

03/01/35

(Þ)

1,360

1,396

5.700%

due

05/01/55

(Þ)

1,070

1,089

5.800%

due

05/01/65

(Þ)

670

689

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

2,405

2,560

Safeway,

Inc.

7.250%

due

02/01/31

Smithfield

Foods,

Inc.

3.000%

due

10/15/30

(Þ)

1,215

1,114

Sysco

Corp.

3.300%

due

02/15/50

727

509

Tyson

Foods,

Inc.

5.100%

due

09/28/48

2,743

2,530

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

27,727

Energy

-

2.9%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

1,002

1,009

Boardwalk

Pipelines,

LP

3.400%

due

02/15/31

3,181

2,978

BP

Capital

Markets

America,

Inc.

2.939%

due

06/04/51

2,690

1,751

Buckeye

Partners,

LP

3.950%

due

12/01/26

796

789

4.125%

due

12/01/27

5.850%

due

11/15/43

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

1,864

1,708

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

2,130

2,217

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

2,069

2,025

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

939

1,110

Energy

Transfer,

LP

6.100%

due

12/01/28

2,656

2,789

5.000%

due

05/15/50

1,810

1,538

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

2,873

2,866

EQT

Corp.

5.700%

due

04/01/28

2,201

2,273

Exxon

Mobil

Corp.

3.452%

due

04/15/51

540

Global

Marine,

Inc.

7.000%

due

06/01/28

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

1,118

1,281

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.400%

due

09/01/44

1,685

1,611

Marathon

Petroleum

Corp.

Series

WI

3.800%

due

04/01/28

1,455

1,440

MPLX,

LP

4.000%

due

03/15/28

4,434

4,413

Murphy

Oil

Corp.

5.875%

due

12/01/42

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,675

Occidental

Petroleum

Corp.

6.200%

due

03/15/40

2,852

2,916

Oceaneering

International,

Inc.

6.000%

due

02/01/28

ONEOK,

Inc.

4.550%

due

07/15/28

2,460

2,477

5.650%

due

11/01/28

1,090

1,129

6.100%

due

11/15/32

820

878

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

4.800%

due

05/15/30

(Þ)

7.500%

due

07/15/38

(Þ)

6.875%

due

04/15/40

(Þ)

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

2,479

2,461

Targa

Resources

Corp.

6.150%

due

03/01/29

2,687

2,827

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

Transocean

International,

Ltd.

7.500%

due

04/15/31

692

660

6.800%

due

03/15/38

Valero

Energy

Corp.

4.350%

due

06/01/28

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

805

806

6.350%

due

01/15/29

1,868

1,965

Williams

Cos.,

Inc.

(The)

4.900%

due

03/15/29

1,284

1,308

XTO

Energy,

Inc.

6.750%

due

08/01/37

844

968

56,706

Financial

Services

-

8.3%

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

1,210

1,225

Acadian

Asset

Management,

Inc.

4.800%

due

07/27/26

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

1,265

1,279

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

2,796

2,700

5.950%

due

02/15/29

(Þ)

2,700

2,811

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

1,511

1,594

American

Tower

Corp.

5.500%

due

03/15/28

1,685

1,733

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.450%

due

02/15/34

830

861

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

7,133

7,260

3.652%

due

03/23/28

(Þ)

2,394

2,355

Aon

NA,

Inc.

5.750%

due

03/01/54

1,040

1,050

Ares

Capital

Corp.

2.875%

due

06/15/28

1,965

1,871

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

2,130

2,122

Banc

of

California

Series

MTN

3.250%

due

05/01/31

(CME

Term

SOFR

Month

+

2.520%)(Ê)

Bank

of

America

Corp.

5.819%

due

09/15/29

(SOFR

+

1.570%)(Ê)

915

955

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

2,895

2,646

Series

MTN

3.824%

due

01/20/28

(CME

Term

SOFR

Month

+

1.837%)(Ê)

1,565

1,559

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

1,735

1,582

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

2,040

1,343

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

1,195

1,056

Block

Financial

LLC

2.500%

due

07/15/28

1,562

1,485

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

2,620

2,552

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

8.300%

due

03/15/28

4.550%

due

10/01/29

Brown

&

Brown,

Inc.

5.250%

due

06/23/32

5.550%

due

06/23/35

6.250%

due

06/23/55

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

2,648

2,775

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

1,000

1,082

CBL

&

Associated

Properties,

Inc.

5.250%

due

12/01/23

(Š)

—

Citigroup,

Inc.

4.075%

due

04/23/29

(CME

Term

SOFR

Month

+

1.454%)(Ê)

2,182

2,177

2.666%

due

01/29/31

(SOFR

+

1.146%)(Ê)

1,285

1,198

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

1,600

1,444

5.449%

due

06/11/35

(SOFR

+

1.447%)(Ê)

1,830

1,899

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

1,439

1,462

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Constellation

Insurance,

Inc.

6.800%

due

01/24/30

(Þ)

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

2,350

2,408

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

1,568

1,536

Diversified

Healthcare

Trust

4.750%

due

02/15/28

745

710

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

995

1,101

EPR

Properties

Co.

4.500%

due

06/01/27

1,173

1,174

3.750%

due

08/15/29

1,693

1,631

Equifax,

Inc.

5.100%

due

06/01/28

1,308

1,334

3.100%

due

05/15/30

935

883

2.350%

due

09/15/31

1,480

1,308

Equinix,

Inc.

3.900%

due

04/15/32

1,565

1,504

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

2,130

2,234

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

1,475

1,527

FS

KKR

Capital

Corp.

2.625%

due

01/15/27

1,117

1,081

3.125%

due

10/12/28

1,913

1,765

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

2,153

2,194

Goldman

Sachs

Group,

Inc.

(The)

3.850%

due

01/26/27

1,630

1,625

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

1,145

1,050

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

1,400

1,458

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

1,160

1,154

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

2,580

2,486

Hercules

Capital,

Inc.

3.375%

due

01/20/27

Hudson

Pacific

Properties,

LP

5.950%

due

02/15/28

4.650%

due

04/01/29

3.250%

due

01/15/30

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

620

JPMorgan

Chase

&

Co.

3.782%

due

02/01/28

(CME

Term

SOFR

Month

+

1.599%)(Ê)

1,250

1,245

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

1,600

1,639

4.255%

due

10/22/31

(SOFR

+

0.930%)(Ê)

640

638

2.580%

due

04/22/32

(CME

Term

SOFR

Month

+

1.250%)(Ê)

1,455

1,325

5.502%

due

01/24/36

(SOFR

+

1.315%)(Ê)

1,380

1,447

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

1,560

1,555

KeyBank

National

Association

5.000%

due

01/26/33

1,915

1,926

Kilroy

Realty,

LP

4.250%

due

08/15/29

1,918

1,874

Lehman

Brothers

Holdings,

Inc.

1.000%

due

09/27/27

734

—

1.000%

due

05/02/49

(Æ)(Ø)

681

—

6.625%

due

12/31/49

—

Liberty

Mutual

Group,

Inc.

7.800%

due

03/07/87

(Þ)

LPL

Holdings,

Inc.

6.750%

due

11/17/28

847

902

Manufacturers

&

Traders

Trust

Co.

4.700%

due

01/27/28

2,965

3,000

MBIA,

Inc.

5.700%

due

12/01/34

Mercury

General

Corp.

4.400%

due

03/15/27

2,320

2,314

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

945

860

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

745

584

Series

10YR

3.625%

due

01/20/27

1,685

1,679

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

1,030

1,024

Series

MTN

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

1,725

1,798

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,039

1,035

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

690

688

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

2,787

2,701

Omega

Healthcare

Investors,

Inc.

3.375%

due

02/01/31

715

663

Peachtree

Corners

Funding

Trust

II

6.012%

due

05/15/35

(Þ)

770

809

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

2,330

2,579

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

505

533

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Prospect

Capital

Corp.

3.437%

due

10/15/28

867

780

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

717

724

Raymond

James

Financial,

Inc.

4.900%

due

09/11/35

1,391

1,378

5.650%

due

09/11/55

1,180

1,165

Realty

Income

Corp.

2.850%

due

12/15/32

1,270

1,136

S&P

Global,

Inc.

2.300%

due

08/15/60

830

Series

WI

3.900%

due

03/01/62

Sabra

Health

Care,

LP

3.200%

due

12/01/31

1,050

952

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

1,400

1,397

Santander

Holdings

USA,

Inc.

6.565%

due

06/12/29

(SOFR

+

2.700%)(Ê)

2,642

2,760

Series

WI

4.400%

due

07/13/27

Service

Properties

Trust

3.950%

due

01/15/28

4.950%

due

10/01/29

4.375%

due

02/15/30

Simon

Property

Group,

LP

1.750%

due

02/01/28

610

581

3.250%

due

09/13/49

2,195

1,536

Synchrony

Bank

5.625%

due

08/23/27

1,788

1,825

Synovus

Financial

Corp.

5.625%

due

02/15/28

2,585

2,637

Truist

Financial

Corp.

Series

MTN

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

1,165

1,180

1.887%

due

06/07/29

(SOFR

+

0.862%)(Ê)

1,105

1,041

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.605%)(Ê)(ƒ)

1,335

1,333

Unum

Group

4.046%

due

08/15/41

(Þ)

1,185

976

4.500%

due

12/15/49

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

2,375

2,399

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

985

1,038

Virginia

Electric

and

Power

Co.

6.375%

due

11/10/28

2,127

2,242

Vornado

Realty,

LP

2.150%

due

06/01/26

522

514

3.400%

due

06/01/31

Voya

Financial,

Inc.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

2,797

2,676

Webster

Financial

Corp.

4.100%

due

03/25/29

1,961

1,927

Wells

Fargo

&

Co.

5.198%

due

01/23/30

(SOFR

+

1.500%)(Ê)

1,515

1,559

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

3,165

3,287

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.250%)(Ê)

159,816

Health

Care

-

1.7%

AbbVie,

Inc.

5.400%

due

03/15/54

545

541

Series

WI

3.200%

due

11/21/29

620

598

4.250%

due

11/21/49

1,600

1,347

Amgen,

Inc.

5.150%

due

03/02/28

935

956

4.200%

due

02/22/52

Biogen,

Inc.

5.750%

due

05/15/35

560

587

6.450%

due

05/15/55

820

875

Bristol-Myers

Squibb

Co.

2.550%

due

11/13/50

1,295

783

5.550%

due

02/22/54

855

850

5.650%

due

02/22/64

665

660

Series

WI

3.900%

due

02/20/28

1,305

1,304

Centene

Corp.

2.450%

due

07/15/28

5,034

4,690

CVS

Health

Corp.

4.300%

due

03/25/28

4.780%

due

03/25/38

2,391

2,244

Elevance

Health,

Inc.

4.750%

due

02/15/30

504

5.200%

due

02/15/35

1,300

1,326

HCA,

Inc.

5.750%

due

03/01/35

1,220

1,280

3.500%

due

07/15/51

1,763

1,219

Series

WI

3.625%

due

03/15/32

1,370

1,289

Humana,

Inc.

8.150%

due

06/15/38

1,841

2,234

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

1,475

933

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

1,265

1,280

Pfizer,

Inc.

2.550%

due

05/28/40

770

569

Royalty

Pharma

PLC

Series

WI

1.750%

due

09/02/27

1,250

1,198

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

576

626

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Toledo

Hospital

(The)

4.982%

due

11/15/45

6.015%

due

11/15/48

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

2,025

2,079

6.050%

due

02/15/63

935

977

Universal

Health

Services,

Inc.

Series

WI

2.650%

due

10/15/30

1,573

1,427

33,394

Materials

and

Processing

-

0.8%

Celanese

US

Holdings

LLC

7.050%

due

11/15/30

6.879%

due

07/15/32

1,217

1,223

7.200%

due

11/15/33

840

861

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

567

582

H.B.

Fuller

Co.

4.000%

due

02/15/27

582

574

Huntsman

International

LLC

4.500%

due

05/01/29

5.700%

due

10/15/34

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

3,196

3,050

2.300%

due

11/01/30

(Þ)

1,580

1,415

James

Hardie

International

Finance

Designated

Activity

Co.

5.000%

due

01/15/28

(Þ)

1,796

1,787

RPM

International,

Inc.

4.550%

due

03/01/29

2,630

2,651

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

584

635

Sherwin-Williams

Co.

(The)

4.500%

due

06/01/47

874

759

United

States

Steel

Corp.

6.650%

due

06/01/37

520

542

14,812

Producer

Durables

-

1.9%

Avnet,

Inc.

6.250%

due

03/15/28

1,821

1,891

Caterpillar,

Inc.

5.200%

due

05/15/35

1,610

1,671

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

1,993

1,994

Flowserve

Corp.

3.500%

due

10/01/30

620

590

Fluor

Corp.

4.250%

due

09/15/28

779

773

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

2,508

2,451

6.750%

due

01/15/31

(Þ)

Honeywell

International,

Inc.

4.500%

due

01/15/34

925

917

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

1,919

1,889

2.043%

due

08/16/28

818

770

Jacobs

Engineering

Group,

Inc.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.350%

due

08/18/28

2,588

2,728

Kirby

Corp.

4.200%

due

03/01/28

2,474

2,468

Lennox

International,

Inc.

5.500%

due

09/15/28

2,151

2,222

Masco

Corp.

1.500%

due

02/15/28

1,943

1,826

Nordson

Corp.

5.600%

due

09/15/28

1,244

1,288

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

1,195

1,277

Republic

Services,

Inc.

5.000%

due

04/01/34

790

812

RTX

Corp.

4.125%

due

11/16/28

2,270

2,272

6.400%

due

03/15/54

935

1,051

United

Parcel

Service,

Inc.

5.950%

due

05/14/55

Waste

Management,

Inc.

4.625%

due

02/15/33

1,335

1,350

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

2,741

2,773

XPO

CNW,

Inc.

6.700%

due

05/01/34

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

1,750

1,786

35,798

Technology

-

2.8%

Apple,

Inc.

3.000%

due

06/20/27

1,705

1,685

4.100%

due

08/08/62

1,314

1,057

Belo

Corp.

7.750%

due

06/01/27

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

1,378

1,352

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

2,937

2,837

Crane

NXT

Co.

4.200%

due

03/15/48

580

Entegris,

Inc.

4.750%

due

04/15/29

(Þ)

2,792

2,773

Fiserv,

Inc.

5.375%

due

08/21/28

1,399

1,428

4.200%

due

10/01/28

1,405

1,392

3.500%

due

07/01/29

1,050

1,010

Foundry

JV

Holdco

LLC

6.100%

due

01/25/36

(Þ)

2,865

3,030

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

2,829

2,717

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

985

976

5.600%

due

10/15/54

1,020

962

Intuit,

Inc.

5.200%

due

09/15/33

1,175

1,227

5.500%

due

09/15/53

735

736

Jabil,

Inc.

3.600%

due

01/15/30

1,195

1,154

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

860

915

Marvell

Technology,

Inc.

5.950%

due

09/15/33

529

5.450%

due

07/15/35

560

574

Series

\*

4.875%

due

06/22/28

755

766

Meta

Platforms,

Inc.

4.600%

due

05/15/28

1,630

1,657

5.400%

due

08/15/54

1,175

1,130

5.750%

due

11/15/65

1,580

1,564

Series

.

5.625%

due

11/15/55

2,020

2,004

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

1,790

1,809

2.300%

due

11/15/30

540

NetApp,

Inc.

2.700%

due

06/22/30

1,285

1,192

5.700%

due

03/17/35

1,079

1,128

News

Corp.

3.875%

due

05/15/29

(Þ)

3,023

2,916

Oracle

Corp.

3.250%

due

11/15/27

2,215

2,173

6.150%

due

11/09/29

1,371

1,453

2.875%

due

03/25/31

1,455

1,326

3.900%

due

05/15/35

1,521

1,361

5.200%

due

09/26/35

790

778

3.950%

due

03/25/51

505

5.950%

due

09/26/55

1,496

1,418

Seagate

Data

Storage

Technology

Pte,

Ltd.

4.091%

due

06/01/29

(Þ)

VMware

LLC

1.800%

due

08/15/28

3,050

2,864

Western

Digital

Corp.

4.750%

due

02/15/26

53,808

Utilities

-

3.3%

Ameren

Illinois

Co.

3.800%

due

05/15/28

880

877

American

Water

Capital

Corp.

5.700%

due

09/01/55

Appalachian

Power

Co.

Series

Z

3.700%

due

05/01/50

1,430

1,056

AT&T,

Inc.

4.250%

due

03/01/27

1,250

1,251

4.550%

due

11/01/32

703

698

4.900%

due

11/01/35

1,303

1,285

3.650%

due

06/01/51

2,270

1,629

Berkshire

Hathaway

Energy

Co.

Series

WI

2.850%

due

05/15/51

1,560

997

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

2,208

2,174

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cleveland

Electric

Illuminating

Co.

(The)

3.500%

due

04/01/28

(Þ)

1,074

1,057

CMS

Energy

Corp.

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.900%)(Ê)

1,114

1,028

Dominion

Energy

South

Carolina,

Inc.

6.250%

due

10/15/53

1,085

1,199

DTE

Electric

Co.

Series

A

1.900%

due

04/01/28

650

619

Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

1,745

1,646

Duke

Energy

Corp.

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.321%)(Ê)

1,774

1,710

Duke

Energy

Florida

LLC

6.200%

due

11/15/53

567

622

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

1,165

1,145

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

1,066

1,059

FirstEnergy

Transmission

LLC

2.866%

due

09/15/28

(Þ)

1,455

1,404

Frontier

Communications

Corp.

Series

G

6.730%

due

02/15/28

Frontier

Florida

LLC

Series

E

6.860%

due

02/01/28

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

1,160

1,172

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

1,788

1,811

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

NextEra

Energy

Capital

Holdings,

Inc.

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

2,743

2,687

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

3,046

2,920

Oglethorpe

Power

Corp.

Series

WI

3.750%

due

08/01/50

1,725

1,269

Pacific

Gas

and

Electric

Co.

3.300%

due

03/15/27

1,273

1,256

3.000%

due

06/15/28

1,728

1,666

PacifiCorp

3.500%

due

06/15/29

665

648

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.319%)(Ê)

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

1,785

1,868

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sempra

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

1,824

1,783

Southern

California

Edison

Co.

5.650%

due

10/01/28

2,016

2,084

Southwestern

Electric

Power

Co.

Series

M

4.100%

due

09/15/28

553

552

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,272

1,367

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

1,877

1,948

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

860

876

Series

WI

3.750%

due

04/15/27

1,165

1,158

2.050%

due

02/15/28

2,429

2,319

2.550%

due

02/15/31

670

609

3.300%

due

02/15/51

1,335

902

Union

Electric

Co.

5.250%

due

01/15/54

1,070

1,029

Verizon

Communications,

Inc.

3.550%

due

03/22/51

3,755

2,705

Series

WI

4.272%

due

01/15/36

1,917

1,790

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

2,896

2,872

4.300%

due

07/15/29

(Þ)

2,730

2,703

63,629

521,436

International

Debt

-

16.1%

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.200%

due

08/04/27

(Þ)

650

641

4.375%

due

07/03/29

(Þ)

1,319

1,287

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

630

645

3.300%

due

01/30/32

1,410

1,302

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

1,193

1,114

Africa

Finance

Corp.

4.375%

due

04/17/26

(Þ)

1,158

1,154

AGL

CLO,

Ltd.

Series

2022-21A

Class

A1R

5.230%

due

10/21/37

(~)(Ê)(Þ)

10,600

10,629

Series

2022-23A

Class

A1R

5.034%

due

04/20/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

6,130

6,124

Series

2024-37A

Class

A1

5.097%

due

04/22/38

(CME

Term

SOFR

Month

+

1.240%)(Ê)(Þ)

2,100

2,102

Allianz

SE

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.232%)(Ê)(Þ)

1,400

1,508

America

Movil

SAB

de

CV

3.625%

due

04/22/29

1,547

1,515

Ares

CLO,

Ltd.

Series

2022-67A

Class

A1R

5.048%

due

01/25/38

(CME

Term

SOFR

Month

+

1.190%)(Ê)(Þ)

3,650

3,651

Series

2025-56A

Class

A1R2

5.108%

due

01/25/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

3,000

3,001

Series

2025-ALF8

Class

A1

5.115%

due

01/24/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

1,340

1,342

ARES

Loan

Funding

III,

Ltd.

Series

2024-ALF3A

Class

A1R

5.128%

due

07/25/36

(CME

Term

SOFR

Month

+

1.270%)(Ê)(Þ)

2,000

2,000

AstraZeneca

PLC

2.125%

due

08/06/50

620

Australia

and

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.700%)(Ê)(Þ)

1,385

1,240

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

1,215

1,168

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-2A

Class

A1

5.425%

due

07/15/37

(CME

Term

SOFR

Month

+

1.520%)(Ê)(Þ)

2,800

2,811

Series

2025-4A

Class

D1

6.459%

due

01/17/39

(CME

Term

SOFR

Month

+

2.600%)(Ê)(Þ)

4,000

4,002

Banco

Santander

SA

3.490%

due

05/28/30

1,400

1,345

Bangkok

Bank

PCL

4.300%

due

06/15/27

(Þ)

2,753

2,752

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

624

607

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

1,870

1,980

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

1,880

1,986

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

2,736

2,774

6.224%

due

05/09/34

(SOFR

+

2.980%)(Ê)

2,370

2,551

Barings

CLO,

Ltd.

Series

2020-1A

Class

A1R2

5.165%

due

01/15/38

(CME

Term

SOFR

Month

+

1.260%)(Ê)(Þ)

7,280

7,286

Series

2025-1A

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.014%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

3,260

3,262

BAT

Capital

Corp.

7.081%

due

08/02/53

578

662

Series

WI

4.540%

due

08/15/47

1,495

1,250

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

1,595

1,672

BNP

Paribas

SA

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

2,370

2,448

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.483%)(Ê)(Þ)

2,825

2,793

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

536

Brookfield

Asset

Management,

Ltd.

6.077%

due

09/15/55

590

608

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

1,638

1,629

5.850%

due

02/01/35

Canadian

Pacific

Railway

Co.

7.125%

due

10/15/31

1,078

1,224

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-2A

Class

AR2

5.374%

due

07/20/37

(CME

Term

SOFR

Month

+

1.490%)(Ê)(Þ)

4,300

4,314

CCL

Industries,

Inc.

3.050%

due

06/01/30

(Þ)

1,389

1,304

Cellnex

Telecom

SA

3.875%

due

07/07/41

(Þ)

1,385

1,112

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

2,050

2,032

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

1,514

1,537

Cencosud

SA

4.375%

due

07/17/27

(Þ)

2,875

2,877

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

CI

Financial

Corp.

3.200%

due

12/17/30

1,155

1,041

CIFC

Funding,

Ltd.

Series

2024-5A

Class

A1R3

5.262%

due

07/17/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

5,400

5,416

Coca-Cola

Icecek

AS

4.500%

due

01/20/29

(Þ)

2,579

2,546

Credit

Agricole

SA

3.250%

due

01/14/30

(Þ)

1,050

992

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

1,385

1,363

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

1,410

1,436

Danske

Bank

A/S

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.705%

due

03/01/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.400%)(Ê)(Þ)

2,720

2,828

Delhaize

America

LLC

9.000%

due

04/15/31

809

961

Deutsche

Bank

AG

5.882%

due

07/08/31

(SOFR

+

5.438%)(Ê)

2,300

2,383

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Diageo

Capital

PLC

5.625%

due

10/05/33

1,385

1,474

Eagle

Funding

Luxco

SARL

5.500%

due

08/17/30

(Þ)

5,100

5,181

Elmwood

CLO,

Ltd.

Series

2024-2A

Class

ARR

5.254%

due

10/20/37

(CME

Term

SOFR

Month

+

1.370%)(Ê)(Þ)

8,200

8,213

EMD

Finance

LLC

4.625%

due

10/15/32

(Þ)

760

761

5.000%

due

10/15/35

(Þ)

1,260

1,265

Enbridge,

Inc.

5.700%

due

03/08/33

2,133

2,249

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Enel

Finance

International

NV

4.625%

due

06/15/27

(Þ)

1,318

1,327

2.125%

due

07/12/28

(Þ)

1,648

1,559

Export-Import

Bank

of

Korea

4.875%

due

01/11/26

3,900

3,905

Flatiron

CLO,

Ltd.

Series

2024-4A

Class

A

5.235%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

2,600

2,606

Series

2025-30A

Class

A1

5.065%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

2,500

2,496

Fresenius

Medical

Care

US

Finance

III,

Inc.

2.375%

due

02/16/31

(Þ)

1,720

1,523

Gildan

Activewear,

Inc.

4.700%

due

10/07/30

(Þ)

5.400%

due

10/07/35

(Þ)

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

1,510

1,575

5.893%

due

04/04/54

(Þ)

755

768

Home

RE,

Ltd.

Series

2021-2

Class

M2

7.433%

due

01/25/34

(SOFR

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,246

Series

2022-1

Class

B1

13.183%

due

10/25/34

(SOFR

Day

Average

+

9.000%)(Ê)(Þ)

2,000

2,273

HSBC

Holdings

PLC

2.013%

due

09/22/28

(SOFR

+

1.732%)(Ê)

2,847

2,734

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.390%

due

11/03/28

(SOFR

+

3.350%)(Ê)

840

889

5.286%

due

11/19/30

(SOFR

+

1.290%)(Ê)

1,375

1,418

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

1,467

1,449

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

1,385

1,376

3.875%

due

07/26/29

(Þ)

2,813

2,759

6.375%

due

07/01/55

(Þ)

1,700

1,768

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

2,354

2,312

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

2,843

2,764

Intesa

Sanpaolo

SpA

6.625%

due

06/20/33

(Þ)

2,627

2,889

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

2,095

2,021

Kuwait

International

Government

Bond

4.016%

due

10/09/28

(Þ)

10,960

10,930

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

2,622

2,714

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

2,370

2,400

4.943%

due

11/04/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.970%)(Ê)

3,149

3,121

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

5.150%

due

03/17/30

(Þ)

1,050

1,062

6.500%

due

03/26/31

(Þ)

Macquarie

Group,

Ltd.

1.629%

due

09/23/27

(SOFR

+

0.910%)(Ê)(Þ)

2,825

2,760

Magnetite

CLO,

Ltd.

Series

2025-26A

Class

AR2

5.008%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

3,370

3,367

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

5.650%

due

12/01/44

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

1,562

1,596

Mexico

Government

International

Bond

5.375%

due

03/22/33

3,568

3,576

Series

5.625%

due

09/22/35

717

714

MF1,

Ltd.

Series

2022-FL8

Class

A

5.352%

due

02/19/37

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

5,099

5,101

MISC

Capital

Two

Labuan,

Ltd.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.750%

due

04/06/27

(Þ)

2,700

2,675

Mitsubishi

UFJ

Financial

Group,

Inc.

5.441%

due

02/22/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.630%)(Ê)

2,225

2,334

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

1,730

1,562

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

4.810%

due

09/17/30

(Þ)

Nokia

Oyj

4.375%

due

06/12/27

2,839

2,836

NTT

Finance

Corp.

5.502%

due

07/16/35

(Þ)

1,150

1,197

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

1,352

1,355

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

7.533%

due

04/25/34

(SOFR

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,869

Series

2021-1A

Class

B1

9.683%

due

10/25/33

(SOFR

Day

Average

+

5.500%)(Ê)(Þ)

2,183

2,224

Series

2021-1A

Class

M1C

7.183%

due

10/25/33

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.234%

due

10/20/37

(~)(Ê)(Þ)

3,800

3,806

Series

2025-45A

Class

D1

6.371%

due

10/15/38

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

2,900

2,904

Octagon

Investment

Partners

32,

Ltd.

Series

2024-1A

Class

A1R3

5.285%

due

10/31/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

1,700

1,704

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

866

901

Petroleos

Mexicanos

Series

WI

6.700%

due

02/16/32

3,941

3,938

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

Prosus

NV

3.680%

due

01/21/30

(Þ)

2,853

2,740

3.832%

due

02/08/51

(Þ)

1,530

1,048

PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

1,753

1,705

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

1,732

1,711

Rogers

Communications,

Inc.

5.000%

due

02/15/29

640

652

5.300%

due

02/15/34

1,250

1,265

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

1,180

1,264

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

891

887

Santander

UK

Group

Holdings

PLC

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

2,985

2,920

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

2,394

2,185

Scentre

Group

Trust

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

1,530

1,539

SK

Hynix,

Inc.

5.500%

due

01/16/29

(Þ)

1,949

2,018

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

1,395

1,451

Societe

Generale

SA

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.300%)(Ê)(Þ)

2,964

2,906

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

SOFR

+

1.460%)(Ê)(Þ)

850

897

Suncor

Energy,

Inc.

7.150%

due

02/01/32

2,174

2,441

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

882

904

7.200%

due

07/18/36

7.721%

due

06/04/38

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

3,832

3,848

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransAlta

Corp.

6.500%

due

03/15/40

585

596

TransCanada

PipeLines,

Ltd.

Series

10YR

4.250%

due

05/15/28

1,633

1,633

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

953

944

Turkiye

Government

International

Bond

6.800%

due

11/04/36

4,261

4,237

UBS

Group

AG

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

840

750

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

865

1,089

UniCredit

SpA

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.127%

due

06/03/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.550%)(Ê)(Þ)

3,210

2,965

United

Utilities

PLC

6.875%

due

08/15/28

634

677

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

2,622

2,776

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

4.873%)(Ê)

1,671

1,764

Voya

CLO,

Ltd.

Series

2024-4A

Class

A1RR

5.265%

due

10/15/37

(CME

Term

SOFR

Month

+

1.360%)(Ê)(Þ)

2,000

2,003

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

D1

1.000%

due

01/24/39

(CME

Term

SOFR

Month

+

2.450%)(Ê)(Þ)

4,200

4,206

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

2,861

2,881

311,348

Mortgage-Backed

Securities

-

25.3%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,373

625

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.497%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

1,339

1,342

Series

2022-FL1

Class

A

5.684%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

2,804

2,804

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

5.387%

due

05/25/35

(~)(Ê)

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

1,288

1,284

BDS

LLC

Series

2022-FL11

Class

ATS

5.802%

due

03/19/39

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

6,502

6,503

Series

2025-FL14

Class

A

5.284%

due

10/17/42

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

1,625

1,629

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.188%

due

07/25/34

(~)(Ê)

BRAVO

Residential

Funding

Trust

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

6,858

6,913

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

5.818%

due

12/15/38

(CME

Term

SOFR

Month

+

1.785%)(Ê)(Þ)

8,674

8,657

Series

2024-MDHS

Class

B

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.873%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

4,766

4,767

BX

Trust

Series

2024-BIO

Class

C

6.672%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

15,622

15,475

Series

2024-VLT4

Class

C

6.173%

due

06/15/41

(CME

Term

SOFR

Month

+

2.140%)(Ê)(Þ)

4,564

4,559

Series

2025-ROIC

Class

C

5.575%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

2,383

2,374

Series

2025-ROIC

Class

D

6.025%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

8,038

8,004

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

11,536

Series

2021-CX2

Class

C

2.771%

due

11/10/46

(~)(Ê)(Þ)

5,889

4,789

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

5.483%

due

02/25/56

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

3,041

3,042

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.195%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,771

DK

Trust

Series

2024-SPBX

Class

A

5.532%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

4,021

4,025

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

3,124

3,143

Fannie

Mae

2.600%

due

2031

1,651

1,523

5.500%

due

2034

4.500%

due

2035

609

611

5.500%

due

2035

6.000%

due

2035

5.500%

due

2036

5.500%

due

2037

6.000%

due

2039

5.500%

due

2040

1,064

1,107

5.000%

due

2041

574

587

6.000%

due

2041

3.500%

due

2045

1,627

1,539

4.000%

due

2045

910

884

3.000%

due

2046

3.500%

due

2046

4.500%

due

2046

770

767

3.000%

due

2047

1,586

1,451

3.500%

due

2047

766

730

4.000%

due

2047

1,017

982

4.500%

due

2048

1,878

1,863

5.000%

due

2048

1,167

1,179

3.000%

due

2049

13,480

12,086

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

2049

4.000%

due

2049

1,635

1,581

5.000%

due

2049

2.000%

due

2050

4,767

3,946

2.500%

due

2050

2,687

2,286

3.000%

due

2050

11,831

10,591

2.000%

due

2051

3,526

2,862

2.500%

due

2051

1,493

1,290

5.000%

due

2052

15,045

15,056

4.500%

due

2053

9,328

9,130

5.000%

due

2053

11,084

11,105

5.000%

due

2055

6,945

6,924

Series

1997-281

Class

Interest

Only

STRIPS

9.000%

due

11/25/26

—

—

Series

2000-306

Class

IO

Interest

Only

STRIPS

8.000%

due

05/25/30

—

Series

2001-317

Class

Interest

Only

STRIPS

8.000%

due

12/25/31

—

Series

2002-320

Class

Interest

Only

STRIPS

7.000%

due

04/25/32

—

Fannie

Mae

REMICS

Series

1997-68

Class

SC

Interest

Only

4.202%

due

05/18/27

(SOFR

Day

Average

+

8.386%)(Ê)

—

—

Series

2003-25

Class

IK

Interest

Only

STRIPS

7.000%

due

04/25/33

Series

2003-32

Class

UI

Interest

Only

STRIPS

6.000%

due

05/25/33

Series

2003-33

Class

IA

Interest

Only

STRIPS

6.500%

due

05/25/33

Series

2003-35

Class

IU

Interest

Only

STRIPS

6.000%

due

05/25/33

Series

2003-35

Class

UI

Interest

Only

STRIPS

6.500%

due

05/25/33

Series

2003-64

Class

JI

Interest

Only

STRIPS

6.000%

due

07/25/33

Series

2006-118

Class

A1

4.531%

due

12/25/36

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2007-73

Class

A1

4.658%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2009-70

Class

PS

Interest

Only

STRIPS

2.453%

due

01/25/37

(SOFR

Day

Average

+

6.636%)(Ê)

1,899

Series

2010-95

Class

S

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Interest

Only

STRIPS

2.303%

due

09/25/40

(-1

x

SOFR

Day

Average

+

6.486%)(Ê)

1,875

FIGRE

Trust

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

3,127

3,167

Freddie

Mac

6.000%

due

2038

4.500%

due

2039

1,326

1,331

5.500%

due

2039

5.500%

due

2040

4.000%

due

2041

1,659

1,622

5.500%

due

2041

4.000%

due

2044

862

842

3.500%

due

2045

3,545

3,380

3.000%

due

2046

5,828

5,334

4.000%

due

2046

4.500%

due

2046

3.000%

due

2047

1,694

1,552

3.000%

due

2048

4.000%

due

2048

620

601

4.500%

due

2048

1,166

1,155

3.000%

due

2049

750

678

2.500%

due

2050

7,503

6,516

3.000%

due

2050

9,484

8,557

2.000%

due

2051

16,207

13,273

2.500%

due

2051

8,345

7,211

4.000%

due

2052

13,324

12,711

4.500%

due

2052

15,077

14,762

5.000%

due

2052

11,070

11,088

5.500%

due

2053

11,846

12,002

6.000%

due

2054

10,130

10,372

5.500%

due

2055

14,912

15,192

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIPS

2.744%

due

06/17/27

(SOFR

Day

Average

+

6.886%)(Ê)

—

Series

2000-2247

Class

SC

Interest

Only

STRIPS

3.244%

due

08/15/30

(-1

x

SOFR

Day

Average

+

7.386%)(Ê)

—

Series

2002-2463

Class

SJ

Interest

Only

STRIPS

3.744%

due

03/15/32

(SOFR

Day

Average

+

7.886%)(Ê)

Series

2003-2610

Class

UI

Interest

Only

STRIPS

6.500%

due

05/15/33

—

Series

2003-2624

Class

QH

5.000%

due

06/15/33

Series

2003-2649

Class

IM

Interest

Only

STRIPS

7.000%

due

07/15/33

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

Freddie

Mac

Strips

Series

1998-191

Class

IO

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Interest

Only

STRIPS

8.000%

due

01/01/28

—

Series

1998-194

Class

IO

Interest

Only

STRIPS

6.500%

due

04/01/28

—

Series

2001-212

Class

IO

Interest

Only

STRIPS

6.000%

due

05/15/31

—

Series

2001-215

Class

IO

Interest

Only

STRIPS

8.000%

due

06/15/31

Ginnie

Mae

II

4.500%

due

2039

1,985

1,991

5.500%

due

2055

3,983

4,034

Year

TBA(Ï)

5.000%

6,000

5,980

Government

National

Mortgage

Association

Series

1999-27

Class

SE

Interest

Only

STRIPS

4.527%

due

08/16/29

(-1

x

CME

Term

SOFR

Month

+

8.486%)(Ê)

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

951

900

Gracechurch

Mortgage

Financing

PLC

Series

2020-GRCE

Class

A

2.347%

due

12/10/40

(Þ)

938

836

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

2,507

2,499

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

—

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.678%

due

01/13/40

(~)(Ê)(Þ)

3,405

3,518

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

Series

2018-8

Class

A3

4.000%

due

01/25/49

(~)(Ê)(Þ)

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

10,893

10,133

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

5,147

4,638

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,222

1,993

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

8,568

7,603

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

3,928

3,585

Series

2024-CES1

Class

A1A

5.919%

due

06/25/54

(~)(Ê)(Þ)

1,238

1,247

Series

2024-HE2

Class

A1

5.384%

due

10/20/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,112

1,111

Series

2025-CES1

Class

A1

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.666%

due

05/25/55

(~)(Ê)(Þ)

2,114

2,123

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(Þ)

4,974

5,001

Series

2025-HE1

Class

A1

5.334%

due

07/20/55

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

3,252

3,245

Series

2025-HE1

Class

M1

5.584%

due

07/20/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

5,160

5,160

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,272

1,110

MF1

LLC

Series

2022-FL9

Class

A

6.152%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

1,901

1,903

Series

2024-FL14

Class

A

5.768%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

7,668

7,701

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

4.947%

due

04/15/38

(CME

Term

SOFR

Month

+

0.915%)(Ê)(Þ)

1,845

1,843

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

58,208

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.050%

due

09/13/39

(~)(Ê)(Þ)

35,996

Nomura

Resecuritization

Trust

Series

2015-11R

Class

3A2

4.180%

due

05/26/36

(~)(Ê)(Þ)

PRPM

LLC

Series

2024-7

Class

A1

5.870%

due

11/25/29

(~)(Ê)(Þ)

1,654

1,655

Series

2024-8

Class

A1

5.897%

due

12/25/29

(~)(Ê)(Þ)

983

982

Series

2024-RCF6

Class

A1

4.000%

due

10/25/64

(~)(Ê)(Þ)

3,837

3,792

Series

2025-2

Class

A1

6.469%

due

05/25/30

(~)(Ê)(Þ)

3,668

3,677

Series

2025-4

Class

A1

6.179%

due

06/25/30

(~)(Ê)(Þ)

4,729

4,739

Series

2025-6

Class

A1

5.774%

due

08/25/28

(~)(Ê)(Þ)

2,388

2,391

Series

2025-7

Class

A1

5.503%

due

08/25/30

(~)(Ê)(Þ)

3,525

3,527

Series

2025-RCF4

Class

A1

4.500%

due

08/25/55

(~)(Ê)(Þ)

8,181

8,101

Series

2025-RCF5

Class

A2

5.310%

due

10/25/55

(~)(Ê)(Þ)

1,778

1,772

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

666

669

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

1,699

1,711

Series

2024-CES9

Class

A1A

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.582%

due

12/25/44

(~)(Ê)(Þ)

7,059

7,103

Series

2025-CES1

Class

A3

6.163%

due

01/25/45

(~)(Ê)(Þ)

998

1,004

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

7,210

7,272

RFR

Trust

Series

2025-SGRM

Class

B

5.670%

due

03/11/41

(~)(Ê)(Þ)

6,748

6,901

Series

2025-SGRM

Class

C

5.816%

due

03/11/41

(~)(Ê)(Þ)

5,579

5,675

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

2,193

2,232

Series

2025-LOC4

Class

A1A

5.933%

due

06/25/55

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

5,757

5,762

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

Structured

Asset

Mortgage

Investments

II

Trust

Series

2004-AR7

Class

A1B

4.546%

due

04/19/35

(CME

Term

SOFR

Month

+

0.514%)(Ê)

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

5.275%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

3,910

3,909

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

3,416

3,435

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

5.304%

due

07/13/44

(~)(Ê)(Þ)

3,311

3,334

Series

2025-AZ

Class

C

5.838%

due

07/13/44

(~)(Ê)(Þ)

6,406

6,468

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

5.398%

due

02/15/40

(CME

Term

SOFR

Month

+

1.264%)(Ê)(Þ)

1,306

1,306

488,827

Non-US

Bonds

-

6.2%

Apna

Park

CLO

DAC

Series

2025-1A

Class

A

1.000%

due

12/15/38

(3

Month

EURIBOR

+

1.290%)(Ê)(Þ)

EUR

13,100

15,100

Australia

Government

International

Bond

Series

3.250%

due

06/21/39

(Þ)

AUD

1,422

810

Series

1.750%

due

06/21/51

(Þ)

AUD

7,958

2,787

Colombia

Government

International

Bond

3.750%

due

09/19/28

EUR

4,758

5,461

Colombian

TES

Series

B

13.250%

due

02/09/33

COP

31,945,900

8,906

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $11.750%

due

01/24/35

COP

2,533,100

649

European

Union

Series

UFA

3.375%

due

12/12/35

(Þ)

EUR

5,527

6,539

Hong

Kong

Government

Bond

Programme

1.680%

due

01/21/26

HKD

13,950

1,789

1.250%

due

06/29/27

HKD

24,900

3,139

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

412,087

3,245

6.500%

due

02/15/38

ISK

26,131

Japan

Year

Government

International

Bond

Series

1.600%

due

12/20/53

JPY

848,350

3,967

Series

1.800%

due

03/20/54

JPY

107,750

528

Series

2.100%

due

09/20/54

JPY

791,500

4,164

Series

2.300%

due

12/20/54

JPY

436,350

2,399

Series

2.800%

due

06/20/55

JPY

176,750

1,086

Japan

Year

Government

International

Bond

Series

0.500%

due

03/20/60

JPY

788,850

2,359

Series

2.200%

due

03/20/64

JPY

241,250

1,196

Mexico

Government

International

Bond

4.500%

due

03/19/34

EUR

1,636

1,914

2.250%

due

08/12/36

EUR

5.125%

due

05/04/37

EUR

583

691

4.000%

due

03/15/15

EUR

2,092

1,749

New

Zealand

Government

International

Bond

Series

0531

1.500%

due

05/15/31

NZD

12,566

6,477

Series

0535

4.500%

due

05/15/35

NZD

6,062

3,588

Petroleos

Mexicanos

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

4,049

4,731

Series

EMTN

3.750%

due

11/16/25

(Þ)

GBP

2,179

2,860

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

ZAR

39,510

2,282

Romanian

Government

International

Bond

1.750%

due

07/13/30

(Þ)

EUR

1,152

1,190

5.375%

due

06/07/33

(Þ)

EUR

3,252

3,781

3.750%

due

02/07/34

(Þ)

EUR

1,678

1,713

5.625%

due

02/22/36

(Þ)

EUR

1,481

1,679

2.625%

due

12/02/40

(Þ)

EUR

3,214

2,445

2.750%

due

04/14/41

(Þ)

EUR

2.875%

due

04/13/42

(Þ)

EUR

2,987

2,281

6.500%

due

10/07/45

(Þ)

EUR

1,000

1,142

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.625%

due

04/03/49

(Þ)

EUR

802

730

3.375%

due

01/28/50

(Þ)

EUR

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

5.284%

due

05/17/31

(SONIA

+

1.300%)(Ê)(Þ)

GBP

1,211

1,591

Vantage

Data

Centers

Germany

Borrower

SARL

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

6,578

7,746

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

4,320

5,833

119,589

United

States

Government

Treasuries

-

6.5%

United

States

Treasury

Notes

1.250%

due

12/31/26

6,050

5,882

0.625%

due

03/31/27

4,803

4,605

2.375%

due

05/15/27

5,205

5,107

0.500%

due

05/31/27

3,970

3,782

2.250%

due

08/15/27

4,999

4,882

2.250%

due

11/15/27

2,495

2,430

0.625%

due

11/30/27

6,000

5,647

2.750%

due

02/15/28

1.125%

due

02/29/28

3.125%

due

11/15/28

666

657

3.750%

due

12/31/28

3,376

3,389

1.875%

due

02/28/29

8,797

8,319

4.250%

due

02/28/29

2,460

2,508

4.625%

due

04/30/29

2,915

3,009

2.375%

due

05/15/29

2,052

1,967

4.000%

due

07/31/29

3.625%

due

08/31/29

2,615

2,612

4.000%

due

10/31/29

1,478

1,496

1.750%

due

11/15/29

2,766

2,573

0.625%

due

05/15/30

696

608

6.250%

due

05/15/30

2,534

2,799

3.750%

due

06/30/30

1,612

1,615

0.625%

due

08/15/30

2,591

2,244

3.625%

due

09/30/30

0.875%

due

11/15/30

3,500

3,049

1.625%

due

05/15/31

1.250%

due

08/15/31

1,081

939

1.375%

due

11/15/31

5,042

4,384

1.875%

due

02/15/32

2,454

2,187

2.875%

due

05/15/32

2,582

2,436

3.875%

due

08/31/32

1,799

1,799

3.875%

due

09/30/32

5,200

5,198

3.500%

due

02/15/33

675

658

3.875%

due

08/15/33

2,243

2,232

4.500%

due

11/15/33

2,999

3,109

4.000%

due

02/15/34

1,985

1,987

4.375%

due

05/15/34

3.875%

due

08/15/34

4,221

4,173

4.625%

due

02/15/35

550

574

4.250%

due

05/15/35

617

625

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.250%

due

08/15/35

760

769

4.500%

due

02/15/36

1,000

1,037

1.125%

due

05/15/40

1.125%

due

08/15/40

1,748

1,112

1.375%

due

11/15/40

1,621

1,068

1.750%

due

08/15/41

1,939

1,328

2.000%

due

11/15/41

627

3.250%

due

05/15/42

1,805

1,530

2.750%

due

11/15/42

2.875%

due

05/15/43

1,312

1,036

4.125%

due

08/15/44

2,205

2,064

4.625%

due

11/15/44

1,573

1,571

4.875%

due

08/15/45

2.500%

due

05/15/46

1,723

1,225

2.750%

due

11/15/47

1,574

1,150

3.375%

due

11/15/48

3.000%

due

02/15/49

2.875%

due

05/15/49

989

729

1.250%

due

05/15/50

1.375%

due

08/15/50

557

1.625%

due

11/15/50

686

2.375%

due

05/15/51

1,309

852

2.000%

due

08/15/51

1,199

711

1.875%

due

11/15/51

2,595

1,485

2.875%

due

05/15/52

1,506

1,086

3.625%

due

02/15/53

511

4.750%

due

11/15/53

1,050

1,062

4.625%

due

05/15/54

1,030

1,022

4.250%

due

08/15/54

1,000

933

4.500%

due

11/15/54

549

534

4.750%

due

08/15/55

126,146

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$1,673,824)

1,645,494

#### Short-Term

#### Investments

#### -

#### 14.2%
Japan

Treasury

Discount

Bills

Series

1333

0.000%

due

12/22/25

(ž)

JPY

4,014,000

26,032

Series

1340

0.000%

due

02/02/26

(ž)

JPY

3,063,000

19,853

U.S.

Cash

Management

Fund(@)

128,518,935(∞)

128,493

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

States

Treasury

Bills

3.676%

due

12/23/25

(ž)

101,276

100,731

#### Total

#### Short-Term

#### Investments
(cost

$276,403)

275,109

#### Total

#### Investments

#### -

#### 99.4%
(identified

cost

$1,950,227)

1,920,603

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.6%
11,398

#### Net

#### Assets

#### -

#### 100.0%
1,932,001

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $37.0%

Park

Funding

Trust

02/25/25

1,210,000

100.00 1,210

1,225

Adani

Ports

&

Special

Economic

Zone,

Ltd.

02/11/25

650,000

96.38 626

641

Adani

Ports

&

Special

Economic

Zone,

Ltd.

10/14/25

1,319,000

97.60 1,287

1,287

AES

Panama

Generation

Holdings

SRL

04/26/21

1,192,983

102.02 1,217

1,114

Africa

Finance

Corp.

11/02/21

1,158,000

100.32 1,162

1,154

AGL

CLO,

Ltd.

12/18/24

2,100,000

100.00 2,100

2,102

AGL

CLO,

Ltd.

01/31/25

6,130,000

100.00 6,130

6,124

AGL

CLO,

Ltd.

04/01/25

10,600,000

99.97 10,597

10,629

Aircastle,

Ltd.

07/07/22

2,796,000

92.18 2,577

2,700

Aircastle,

Ltd.

10/30/24

2,700,000

101.89 2,751

2,811

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

370,000

98.27 364

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

08/20/24

110,000

94.68 104

Allianz

SE

10/30/24

1,400,000

106.22 1,487

1,508

American

Tower

Trust

#1

06/21/23

7,133,000

100.39 7,160

7,260

American

Tower

Trust

#1

05/08/24

2,394,000

96.10 2,301

2,355

Antero

Resources

Corp.

05/09/25

1,002,000

97.88 981

1,009

Apna

Park

CLO

DAC

10/07/25

EUR

13,100,000

116.51 15,262

15,100

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

06/14/23

1,339,403

98.98 1,326

1,342

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

2,804,185

99.98 2,804

2,804

Ares

CLO,

Ltd.

12/19/24

1,340,000

100.00 1,340

1,342

Ares

CLO,

Ltd.

12/27/24

3,000,000

100.00 3,000

3,001

Ares

CLO,

Ltd.

01/21/25

3,650,000

100.00 3,650

3,651

ARES

Loan

Funding

III,

Ltd.

10/16/25

2,000,000

100.00 2,000

2,000

Audax

Senior

Debt

CLO

LLC

02/21/25

4,160,000

100.00 4,160

4,158

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

1,385,000

86.08 1,192

1,240

Australia

Government

International

Bond

04/01/25

AUD

7,958,000

33.45 2,662

2,787

Australia

Government

International

Bond

04/01/25

AUD

1,422,000

54.43 774

810

Avolon

Holdings

Funding,

Ltd.

10/30/24

1,215,000

94.62 1,150

1,168

Bain

Capital

Credit

CLO,

Ltd.

04/17/25

2,800,000

99.90 2,797

2,811

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

4,000,000

100.00 4,000

4,002

Bangkok

Bank

PCL

05/09/25

2,753,000

99.58 2,742

2,752

Barclays

Mortgage

Loan

Trust

03/26/24

1,288,198

97.93 1,262

1,284

Barings

CLO,

Ltd.

12/20/24

7,280,000

100.00 7,280

7,286

Barings

CLO,

Ltd.

02/14/25

3,260,000

100.00 3,260

3,262

BDS

LLC

04/04/22

6,501,913

100.00 6,502

6,503

BDS

LLC

02/21/25

1,625,000

99.76 1,621

1,629

Bimbo

Bakeries

USA,

Inc.

10/14/25

1,595,000

104.97 1,674

1,672

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

1,195,000

86.53 1,034

1,056

BNP

Paribas

SA

04/17/24

2,825,000

94.63 2,673

2,793

BNP

Paribas

SA

10/30/24

2,370,000

101.18 2,398

2,448

Bombardier,

Inc.

06/04/25

482,000

106.99 516

536

Booz

Allen

Hamilton,

Inc.

03/25/25

1,378,000

96.15 1,325

1,352

Boston

Gas

Co.

01/05/24

272,000

96.55 263

BRAVO

Residential

Funding

Trust

04/30/24

674,200

99.99 674

681

BRAVO

Residential

Funding

Trust

10/09/24

2,460,292

99.99 2,460

2,471

BRAVO

Residential

Funding

Trust

04/08/25

6,857,862

99.99 6,857

6,913

Brooklyn

Union

Gas

Co.

(The)

09/05/25

2,208,000

98.87 2,183

2,174

Business

Jet

Securities

LLC

09/06/24

2,019,310

100.00 2,019

2,032

BX

Commercial

Mortgage

Trust

12/02/21

8,674,180

99.89 8,665

8,657

BX

Commercial

Mortgage

Trust

05/02/24

4,766,282

99.77 4,755

4,767

BX

Trust

01/24/24

15,622,000

98.77 15,430

15,475

BX

Trust

02/20/25

8,037,652

99.78 8,020

8,004

BX

Trust

02/20/25

2,382,707

99.78 2,378

2,374

BX

Trust

06/13/25

4,564,000

99.75 4,553

4,559

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102.55 13,375

11,536

CAMB

Commercial

Mortgage

Trust

09/24/24

5,889,000

81.83 4,819

4,789

Cameron

LNG

LLC

05/08/25

1,864,000

89.01 1,659

1,708

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/23/25

4,300,000

99.90 4,296

4,314

Carnival

Corp.

03/25/25

1,890,000

96.67 1,827

1,859

CCL

Industries,

Inc.

05/09/25

1,389,000

91.45 1,270

1,304

Cellnex

Telecom

SA

10/30/24

1,385,000

79.22 1,097

1,112

Cemex

SAB

de

CV

02/11/25

1,514,000

98.61 1,493

1,537

Cencosud

SA

11/06/23

2,875,000

96.47 2,774

2,877

Chase

Home

Lending

Mortgage

Trust

03/14/25

3,041,007

100.00 3,041

3,042

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Churchill

Middle

Market

CLO

LLC

02/24/25

3,910,000

100.00 3,910

3,907

CIFC

Funding,

Ltd.

04/24/25

5,400,000

99.90 5,395

5,416

Cleveland

Electric

Illuminating

Co.

(The)

07/08/25

1,074,000

97.23 1,044

1,057

CLI

Funding

LLC

07/24/24

2,803,865

100.48 2,817

2,823

Coca-Cola

Icecek

AS

04/25/24

2,579,000

94.41 2,435

2,546

Columbia

Pipelines

Holding

Co.

LLC

06/16/25

2,130,000

103.21 2,198

2,217

Constellation

Insurance,

Inc.

09/16/24

428,000

100.94 432

Credit

Agricole

SA

04/17/24

1,385,000

93.50 1,295

1,363

Credit

Agricole

SA

10/30/24

1,050,000

92.37 970

992

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/16/25

1,568,000

95.98 1,505

1,536

Daimler

Truck

Finance

North

America

LLC

10/30/24

1,410,000

100.67 1,419

1,436

Danske

Bank

A/S

10/30/24

2,720,000

101.81 2,769

2,828

DBGS

Mortgage

Trust

04/03/19

4,612,000

100.94 4,655

3,771

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/17/24

2,653,000

97.73 2,593

2,670

DK

Trust

03/01/24

4,021,000

100.00 4,021

4,025

Dresdner

Funding

Trust

I

04/25/24

995,000

105.66 1,051

1,101

DT

Midstream,

Inc.

06/16/25

2,069,000

96.28 1,992

2,025

Eagle

Funding

Luxco

SARL

07/28/25

5,100,000

99.76 5,088

5,181

Ellington

Financial

Mortgage

Trust

12/10/24

3,123,888

99.99 3,124

3,143

Elmwood

CLO,

Ltd.

04/24/25

8,200,000

99.86 8,188

8,213

EMD

Finance

LLC

08/12/25

1,260,000

99.47 1,253

1,265

EMD

Finance

LLC

08/12/25

760,000

99.52 756

761

Enel

Finance

International

NV

04/17/24

1,318,000

98.58 1,299

1,327

Enel

Finance

International

NV

06/16/25

1,648,000

93.62 1,543

1,559

Entegris,

Inc.

08/06/24

2,792,000

97.78 2,730

2,773

European

Union

10/30/25

EUR

5,527,000

118.70 6,560

6,539

Ferguson

Finance

PLC

05/06/24

2,671,000

98.36 2,627

2,668

FIGRE

Trust

03/19/24

4,284,018

100.03 4,285

4,358

FIGRE

Trust

06/06/24

1,176,156

100.97 1,188

1,200

FIGRE

Trust

09/05/24

1,433,814

102.62 1,471

1,461

FIGRE

Trust

09/09/24

2,320,604

100.00 2,321

2,325

FIGRE

Trust

12/11/24

2,208,204

100.40 2,217

2,229

FIGRE

Trust

12/11/24

3,127,406

99.99 3,127

3,167

FIGRE

Trust

02/20/25

861,098

103.45 891

895

FIGRE

Trust

03/20/25

4,088,447

100.09 4,092

4,129

FIGRE

Trust

04/30/25

1,096,124

100.95 1,107

1,108

FIGRE

Trust

05/07/25

3,307,307

101.05 3,342

3,353

FIGRE

Trust

08/27/25

1,504,437

101.36 1,525

1,525

FIGRE

Trust

10/15/25

2,100,000

100.00 2,100

2,097

FirstEnergy

Transmission

LLC

01/07/25

1,455,000

94.21 1,371

1,404

Flatiron

CLO,

Ltd.

11/01/24

2,600,000

100.00 2,600

2,606

Flatiron

CLO,

Ltd.

03/24/25

2,500,000

100.00 2,500

2,496

Foundry

JV

Holdco

LLC

02/04/25

2,865,000

99.92 2,863

3,030

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/04/22

1,720,000

87.32 1,502

1,523

Gartner,

Inc.

03/25/25

2,829,000

95.01 2,688

2,717

GFL

Environmental,

Inc.

05/01/25

398,000

103.84 413

GFL

Environmental,

Inc.

06/16/25

2,508,000

96.38 2,417

2,451

Gildan

Activewear,

Inc.

09/23/25

467,000

100.00 467

Gildan

Activewear,

Inc.

09/23/25

467,000

99.89 467

Glencore

Funding

LLC

10/30/24

755,000

101.01 763

768

Glencore

Funding

LLC

10/30/24

1,510,000

101.24 1,529

1,575

Gracechurch

Mortgage

Financing

PLC

10/21/25

938,000

89.70 841

836

GS

Mortgage

Securities

Trust

08/04/23

2,507,000

96.29 2,414

2,499

GSAA

Home

Equity

Trust

10/21/15

59,105

80.82 48

HMH

Trust

06/09/17

7,770,000

99.96 7,767

—

Home

RE,

Ltd.

07/23/21

1,227,000

100.00 1,227

1,246

Home

RE,

Ltd.

05/09/25

2,000,000

113.17 2,263

2,273

Hudson

Yards

Mortgage

Trust

01/07/25

3,405,000

100.48 3,421

3,518

Hyundai

Capital

America

10/30/24

825,000

93.44 771

783

Hyundai

Capital

America

10/30/24

1,215,000

95.30 1,158

1,172

ICICI

Bank,

Ltd.

09/06/24

1,467,000

98.75 1,449

1,449

Imperial

Brands

Finance

PLC

10/30/24

1,385,000

98.90 1,370

1,376

Imperial

Brands

Finance

PLC

06/24/25

1,700,000

99.52 1,692

1,768

Imperial

Brands

Finance

PLC

10/14/25

2,813,000

98.73 2,777

2,759

Indianapolis

Power

&

Light

Co.

10/30/24

1,160,000

101.38 1,176

1,172

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

2,354,000

96.31 2,267

2,312

InRetail

Consumer

01/05/24

2,843,000

94.72 2,693

2,764

International

Flavors

&

Fragrances,

Inc.

07/15/24

3,196,000

94.50 3,031

3,050

International

Flavors

&

Fragrances,

Inc.

10/30/24

1,580,000

87.45 1,382

1,415

Intesa

Sanpaolo

SpA

08/09/23

2,627,000

98.98 2,600

2,889

Irwin

Home

Equity

Loan

Trust

06/30/15

39,363

101.15 40

ITC

Holdings

Corp.

01/22/25

1,788,000

100.30 1,793

1,811

James

Hardie

International

Finance

Designated

Activity

Co.

02/11/25

1,796,000

98.24 1,764

1,787

JDE

Peet's

NV

03/06/24

2,095,000

95.60 2,003

2,021

JPMorgan

Mortgage

Trust

06/05/20

67,354

102.62 69

JPMorgan

Mortgage

Trust

06/05/20

123,435

103.16 127

JPMorgan

Mortgage

Trust

03/30/21

382,221

101.87 389

JPMorgan

Mortgage

Trust

04/26/21

10,892,582

101.68 11,075

10,133

JPMorgan

Mortgage

Trust

01/26/22

8,567,777

99.17 8,497

7,603

JPMorgan

Mortgage

Trust

04/27/22

3,927,615

95.95 3,768

3,585

JPMorgan

Mortgage

Trust

03/10/23

5,147,073

88.86 4,574

4,638

JPMorgan

Mortgage

Trust

04/20/23

2,222,133

88.77 1,973

1,993

JPMorgan

Mortgage

Trust

12/05/24

1,237,852

100.56 1,245

1,247

JPMorgan

Mortgage

Trust

12/18/24

1,112,496

100.35 1,116

1,111

JPMorgan

Mortgage

Trust

01/29/25

2,113,853

99.99 2,114

2,123

JPMorgan

Mortgage

Trust

02/26/25

3,251,525

100.00 3,252

3,245

JPMorgan

Mortgage

Trust

02/26/25

5,160,000

100.00 5,160

5,160

JPMorgan

Mortgage

Trust

03/18/25

4,974,267

99.99 4,974

5,001

JPMorgan

Mortgage

Trust

07/30/25

6,452,175

100.00 6,452

6,452

JPMorgan

Mortgage

Trust

09/26/25

2,082,926

100.00 2,083

2,081

JPMorgan

Wealth

Management

07/30/20

1,272,468

103.21 1,313

1,110

Kuwait

International

Government

Bond

09/30/25

10,960,000

100.00 10,960

10,930

LG

Energy

Solution,

Ltd.

09/05/25

2,622,000

103.51 2,714

2,714

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127.88 279

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

300,000

102.39 307

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

435,000

103.26 449

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

1,050,000

98.33 1,032

1,062

Macquarie

Group,

Ltd.

10/30/24

2,825,000

96.00 2,712

2,760

Magnetite

CLO,

Ltd.

01/28/25

3,370,000

100.00 3,370

3,367

Marks

&

Spencer

PLC

09/16/24

297,000

109.71 326

Mars,

Inc.

03/05/25

670,000

99.42 666

689

Mars,

Inc.

03/05/25

1,070,000

99.46 1,064

1,089

Mars,

Inc.

03/05/25

340,000

99.81 339

Mars,

Inc.

03/05/25

1,360,000

99.83 1,358

1,396

Mattel,

Inc.

02/11/25

3,000,000

95.39 2,862

2,910

Meritage

Homes

Corp.

10/14/25

1,761,000

97.95 1,725

1,722

Mexico

Generadora

de

Energia

S

de

RL

de

CV

04/04/23

1,562,384

97.40 1,522

1,596

MF1

LLC

07/19/23

1,900,848

100.22 1,905

1,903

MF1

LLC

03/17/25

7,668,000

100.33 7,693

7,701

MF1,

Ltd.

12/03/24

5,098,918

100.00 5,099

5,101

MHC

Commercial

Mortgage

Trust

04/06/21

1,845,343

99.36 1,834

1,843

MISC

Capital

Two

Labuan,

Ltd.

02/06/24

2,700,000

97.93 2,644

2,675

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.13 47

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

0.48 281

National

Australia

Bank,

Ltd.

10/30/24

1,730,000

87.59 1,515

1,562

News

Corp.

02/11/25

3,023,000

94.97 2,871

2,916

NGPL

PipeCo

LLC

09/26/19

2,298,000

122.93 2,825

2,675

Nissan

Motor

Acceptance

Co.

LLC

03/05/25

2,000,000

101.23 2,025

2,027

Nissan

Motor

Co.,

Ltd.

06/04/25

173,000

92.93 161

Nissan

Motor

Co.,

Ltd.

10/01/25

262,000

98.32 258

Nomura

Resecuritization

Trust

10/23/15

427,769

95.50 409

NRG

Energy,

Inc.

04/25/24

3,046,000

94.72 2,885

2,920

NTT

Finance

Corp.

07/09/25

1,150,000

100.00 1,150

1,197

Nuveen

LLC

10/30/24

690,000

98.06 677

688

Oaktown

Re,

Ltd.

09/28/21

158,590

101.33 161

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100.00 3,798

3,869

Oaktown

Re,

Ltd.

10/02/25

2,183,000

102.29 2,233

2,224

OCP

CLO,

Ltd.

04/01/25

3,800,000

99.95 3,798

3,806

OCP

CLO,

Ltd.

09/17/25

2,900,000

100.00 2,900

2,904

Octagon

Investment

Partners

32,

Ltd.

04/28/25

1,700,000

99.88 1,698

1,704

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Open

Text

Corp.

08/08/23

866,000

100.74 872

901

Peachtree

Corners

Funding

Trust

II

05/14/25

770,000

100.00 770

809

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

10/30/24

1,195,000

104.78 1,252

1,277

Petroleos

Mexicanos

04/02/24

EUR

4,049,000

95.64 3,872

4,731

Petroleos

Mexicanos

07/17/25

GBP

2,179,000

133.85 2,917

2,860

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

337,000

96.17 324

Prosus

NV

08/04/22

2,853,000

90.50 2,582

2,740

Prosus

NV

10/30/24

1,530,000

67.71 1,036

1,048

PRPM

LLC

10/07/24

3,837,030

96.82 3,715

3,792

PRPM

LLC

11/08/24

1,654,098

100.00 1,654

1,655

PRPM

LLC

11/26/24

982,910

100.00 983

982

PRPM

LLC

04/25/25

3,668,119

99.96 3,667

3,677

PRPM

LLC

06/03/25

4,728,690

99.97 4,727

4,739

PRPM

LLC

07/24/25

2,387,709

99.97 2,387

2,391

PRPM

LLC

08/08/25

8,181,133

98.70 8,075

8,101

PRPM

LLC

08/19/25

3,525,386

99.99 3,525

3,527

PRPM

LLC

10/14/25

1,778,000

100.00 1,778

1,772

PTTEP

Treasury

Center

Co.,

Ltd.

12/12/24

1,753,000

96.55 1,692

1,705

RCKT

Mortgage

Trust

07/13/23

666,037

99.12 660

669

RCKT

Mortgage

Trust

02/15/24

2,090,914

99.97 2,090

2,105

RCKT

Mortgage

Trust

03/19/24

2,923,293

99.97 2,923

2,950

RCKT

Mortgage

Trust

08/14/24

2,219,670

99.98 2,219

2,224

RCKT

Mortgage

Trust

12/12/24

1,698,682

100.65 1,710

1,711

RCKT

Mortgage

Trust

12/12/24

7,058,785

99.99 7,058

7,103

RCKT

Mortgage

Trust

02/20/25

998,000

100.52 1,003

1,004

RCKT

Mortgage

Trust

02/26/25

7,210,397

99.99 7,210

7,272

Reliance

Industries,

Ltd.

12/12/24

1,732,000

97.77 1,693

1,711

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

02/02/22

475,000

92.42 439

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

880,000

78.80 693

751

RFR

Trust

02/18/25

6,748,000

100.06 6,752

6,901

RFR

Trust

02/18/25

5,579,000

99.99 5,579

5,675

Rockies

Express

Pipeline

LLC

07/07/22

290,000

91.42 265

Rockies

Express

Pipeline

LLC

08/07/23

224,000

94.56 212

Rockies

Express

Pipeline

LLC

12/06/23

458,000

92.99 426

Rockies

Express

Pipeline

LLC

09/17/24

134,000

104.77 140

Rogers

Communications,

Inc.

02/02/24

891,000

97.74 871

887

Romanian

Government

International

Bond

03/11/21

EUR

3,214,000

111.78 3,592

2,445

Romanian

Government

International

Bond

07/08/21

EUR

2,987,000

108.84 3,251

2,281

Romanian

Government

International

Bond

02/24/22

EUR

802,000

95.53 766

730

Romanian

Government

International

Bond

12/02/22

EUR

1,152,000

88.05 1,014

1,190

Romanian

Government

International

Bond

02/15/24

EUR

1,481,000

106.82 1,582

1,679

Romanian

Government

International

Bond

04/19/24

EUR

1,678,000

94.21 1,581

1,713

Romanian

Government

International

Bond

05/08/25

EUR

285,000

64.20 183

Romanian

Government

International

Bond

10/02/25

EUR

1,000,000

115.66 1,157

1,142

Romanian

Government

International

Bond

10/02/25

EUR

3,252,000

115.76 3,765

3,781

Romanian

Government

International

Bond

10/30/25

EUR

254,000

76.61 195

Sabal

Trail

Transmission

LLC

09/16/24

2,479,000

99.65 2,470

2,461

Saluda

Grade

Alternative

Mortgage

Trust

11/17/23

2,535,872

101.48 2,573

2,616

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

1,659,209

102.03 1,693

1,719

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

5,191,046

99.99 5,190

5,314

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

2,192,598

101.36 2,223

2,232

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

5,756,762

100.00 5,757

5,762

Sammons

Financial

Group,

Inc.

10/30/24

1,400,000

98.73 1,382

1,397

Saudi

Arabian

Oil

Co.

08/08/23

2,394,000

88.47 2,118

2,185

Scentre

Group

Trust

10/30/24

1,530,000

98.42 1,506

1,539

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

132,000

95.66 126

Sealed

Air

Corp.

04/22/20

584,000

104.15 608

635

Sequoia

Mortgage

Trust

10/21/16

358,335

102.36 367

SK

Hynix,

Inc.

10/14/25

1,949,000

103.82 2,023

2,018

SMBC

Aviation

Capital

Finance

DAC

10/30/24

1,395,000

100.58 1,403

1,451

Smithfield

Foods,

Inc.

10/30/24

1,215,000

88.49 1,075

1,114

Societe

Generale

SA

02/03/23

2,964,000

96.27 2,853

2,906

Standard

Chartered

PLC

04/02/20

850,000

94.16 800

897

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,211,105

140.62 1,703

1,591

TCO

Commercial

Mortgage

Trust

12/06/24

3,910,000

99.76 3,901

3,909

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Textainer

Marine

Containers

VII,

Ltd.

08/06/24

3,832,017

100.00 3,832

3,848

Topaz

Solar

Farms

LLC

04/25/24

413,086

99.02 409

Towd

Point

Mortgage

Trust

07/21/23

3,416,030

99.84 3,411

3,435

Towd

Point

Mortgage

Trust

10/19/23

2,015,158

99.99 2,015

2,040

UBS

Group

AG

10/30/24

865,000

121.13 1,048

1,089

UBS

Group

AG

10/30/24

840,000

86.37 725

750

UniCredit

SpA

05/09/25

3,210,000

89.34 2,868

2,965

Unum

Group

10/30/24

1,185,000

80.24 951

976

Vantage

Data

Centers

Germany

Borrower

SARL

05/22/25

EUR

6,578,000

112.78 7,419

7,746

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

4,320,000

127.07 5,490

5,833

Var

Energi

ASA

12/05/23

2,622,000

102.72 2,693

2,776

VDCM

Commercial

Mortgage

Trust

06/24/25

6,406,000

100.00 6,406

6,468

VDCM

Commercial

Mortgage

Trust

06/24/25

3,311,000

100.00 3,311

3,334

Vistra

Operations

Co.

LLC

04/17/24

2,896,000

97.37 2,820

2,872

Vistra

Operations

Co.

LLC

10/30/24

2,730,000

96.69 2,640

2,703

Voya

CLO,

Ltd.

04/03/25

2,000,000

99.95 1,999

2,003

Wellesley

Park

CLO,

Ltd.

10/10/25

4,200,000

100.00 4,200

4,206

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,306,170

97.46 1,273

1,306

XPO,

Inc.

06/16/25

1,750,000

101.18 1,771

1,786

Yara

International

ASA

07/15/24

2,861,000

99.20 2,838

2,881

715,539

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

Year

Treasury

Bond

Futures

501

AUD

56,920

12/25

Euro-Btp

Futures

EUR

3,400

12/25

Long

Gilt

Futures

GBP

22,937

12/25

1,012

United

States

Year

Treasury

Note

Futures

1,245

USD

259,261

12/25

(260) United

States

Year

Treasury

Note

Futures

1,200

USD

131,053

12/25

(4) United

States

Year

Treasury

Note

Futures

1,206

USD

135,882

12/25

United

States

Year

Ultra

Treasury

Note

Futures

2,050

USD

,743

12/25

3,103

United

States

Treasury

Long

Bond

Futures

843

USD

98,894

12/25

1,889

United

States

Treasury

Ultra

Bond

Futures

719

USD

87,201

12/25

2,921

Short

Positions

Euro-Bobl

Futures

EUR

10,052

12/25

(36) Euro-Bund

Futures

EUR

55,508

12/25

(457) Euro-Buxl

Year

Bond

Futures

EUR

1,858

12/25

(79) Euro-Schatz

Futures

EUR

7,067

12/25

(7) Japanese

Year

Government

Bond

Futures

JPY

17,549,160

12/25

547

Long

Gilt

Futures

GBP

1,685

12/25

(76) United

States

Year

Treasury

Note

Futures

594

USD

123,696

12/25

United

States

Year

Treasury

Note

Futures

USD

9,829

12/25

United

States

Year

Treasury

Note

Futures

USD

1,239

12/25

United

States

Year

Ultra

Treasury

Note

Futures

USD

36,493

12/25

(363) United

States

Treasury

Ultra

Bond

Futures

USD

27,531

12/25

(674) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

8,096

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

9,649

CAD

13,450

11/10/25

(56) BNP

Paribas

CHF

11,598

USD

14,620

11/10/25

Citigroup

USD

2,850

CAD

3,966

01/22/26

(11) Citigroup

USD

2,808

CLP

2,709,446

01/22/26

Citigroup

USD

COP

46,891

01/22/26

—

Citigroup

USD

531

COP

2,081,634

01/22/26

Citigroup

USD

5,463

EUR

4,725

11/03/25

(16) Citigroup

USD

2,108

EUR

1,785

01/22/26

(42) Citigroup

USD

8,401

EUR

7,200

01/22/26

(65) Citigroup

USD

GBP

01/22/26

—

Citigroup

USD

2,600

JPY

379,081

01/22/26

(120) Citigroup

USD

5,490

KRW

7,692,051

01/22/26

(89) Citigroup

USD

588

KZT

331,980

01/22/26

Citigroup

USD

1,177

KZT

668,079

01/22/26

Citigroup

USD

ZAR

2,269

01/22/26

(1) Citigroup

USD

3,165

ZAR

55,249

01/22/26

Citigroup

AUD

5,545

USD

3,666

01/22/26

Citigroup

COP

53,095,442

USD

13,584

01/22/26

(43) Citigroup

EUR

4,857

NOK

57,128

01/22/26

Citigroup

EUR

USD

01/22/26

Citigroup

EUR

2,100

USD

2,443

01/22/26

Citigroup

EUR

2,200

USD

2,598

01/22/26

Citigroup

EUR

2,434

USD

2,850

01/22/26

Citigroup

EUR

2,444

USD

2,850

01/22/26

Citigroup

EUR

4,725

USD

5,487

01/22/26

Citigroup

EUR

29,783

USD

35,157

01/22/26

678

Citigroup

GBP

6,325

EUR

7,235

01/22/26

Citigroup

GBP

USD

01/22/26

Citigroup

GBP

2,448

USD

3,294

01/22/26

Citigroup

GBP

4,280

USD

5,695

01/22/26

Citigroup

HKD

38,852

USD

4,996

11/14/25

(5) Citigroup

JPY

5,218

USD

01/22/26

—

Citigroup

JPY

421,868

USD

2,840

01/22/26

Citigroup

JPY

9,852,652

USD

67,528

01/22/26

3,093

Citigroup

KRW

2,029,343

USD

1,425

01/22/26

—

Citigroup

NZD

6,430

USD

3,704

01/22/26

Citigroup

NZD

10,918

USD

6,393

01/22/26

Citigroup

ZAR

30,031

USD

1,720

01/22/26

(3) Citigroup

ZAR

92,893

USD

5,342

01/22/26

HSBC

USD

CAD

11/10/25

—

HSBC

USD

CHF

11/10/25

—

HSBC

USD

4,174

EUR

3,608

11/10/25

(15) HSBC

USD

NOK

11/10/25

—

HSBC

USD

SEK

11/10/25

—

HSBC

GBP

USD

11/10/25

—

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
HSBC

JPY

620,502

USD

4,027

11/10/25

(1) JPMorgan

Chase

USD

15,415

EUR

13,100

11/10/25

(309) JPMorgan

Chase

EUR

6,739

USD

7,806

11/12/25

State

Street

USD

4,868

NOK

48,459

11/10/25

(85) State

Street

GBP

5,735

USD

7,701

11/12/25

State

Street

SEK

45,751

USD

4,890

11/10/25

Westpac

GBP

3,016

USD

4,047

11/10/25

Westpac

JPY

120,468

USD

822

11/10/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

4,294

#### Interest

#### Rate

#### Swap

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Notional

#### Amount

#### Fund

#### Receives

#### Fund

#### Pays

#### Termination

#### Date

#### Premiums

#### Paid
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
Citigroup

USD

35,965

3.743%

(4) SOFR

(4) 05/22/27

—

Citigroup

USD

36,185

3.768%

(4) SOFR

(4) 05/22/27

—

Citigroup

USD

36,000

3.742%

(4) SOFR

(4) 05/27/27

—

Citigroup

USD

10,713

3.389%

(4) SOFR

(4) 09/17/27

—

(16) (16) Citigroup

USD

10,713

3.390%

(4) SOFR

(4) 09/17/27

—

(15) (15) Citigroup

USD

10,713

3.386%

(4) SOFR

(4) 09/17/27

—

(17) (17) Citigroup

USD

11,860

3.382%

(4) SOFR

(4) 09/17/27

—

(19) (19) Citigroup

NZD

25,450

Month

NZD-BBR-Telerate

(3) 2.495%

(2) 10/28/27

—

Citigroup

NZD

13,020

Month

NZD-BBR-Telerate

(3) 3.568%

(2) 07/07/30

—

(252) (252) Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(135) (135) #### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Credit

#### Indices

#### -

#### Purchase

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

Emerging

Markets

Index

BNP

Paribas

USD

3,160

(1.000%)

(2) 12/20/30

(34) 48

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(34) 48

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Sovereign

#### Issues

#### -

#### Purchase

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Implied

#### Credit

#### Spread

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
Mexico

Government

International

Bond

Barclays

0.832%

USD

2,377

(1.000%)

(2) 06/20/30

(63) (20) Mexico

Government

International

Bond

Morgan

Stanley

0.832%

USD

4,280

(1.000%)

(2) 06/20/30

(113) (35) Total

Open

Sovereign

Issues

-

Purchase

Protection

Contracts

(176) (55) #### Credit

#### Indices

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

Emerging

Markets

Index

Citigroup

USD

3,160

1.000%

(2) 12/20/30

(71) 23

(48) Total

Open

Credit

Indices

-

Sell

Protection

Contracts

(71) 23

(48) Total

Open

Credit

Default

Swap

Contracts

(å)

(187) (55) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

78,148

$

—

$

—

$

78,148

Corporate

Bonds

and

Notes

—

521,436

—

—

521,436

International

Debt

—

311,348

—

—

311,348

Mortgage-Backed

Securities

—

488,827

—

—

488,827

Non-US

Bonds

—

119,589

—

—

119,589

United

States

Government

Treasuries

—

126,146

—

—

126,146

Short-Term

Investments

—

146,616

—

128,493

275,109

Total

Investments

—

1,792,110

—

128,493

1,920,603

Other

Financial

Instruments

Assets

Futures

Contracts

10,052

—

—

—

10,052

Foreign

Currency

Exchange

Contracts

—

5,155

—

—

5,155

Interest

Rate

Swap

Contracts

—

—

—

Credit

Default

Swap

Contracts

—

—

—

Liabilities

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Futures

Contracts

(1,956)

—

—

—

(1,956)

Foreign

Currency

Exchange

Contracts

(17) (844) —

—

(861) Interest

Rate

Swap

Contracts

—

(319) —

—

(319) Credit

Default

Swap

Contracts

—

(103) —

—

(103) Total

Other

Financial

Instruments

\*

$

8,079

$

4,121

$

—

$

—

$

12,200

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

13,390

.7

Bermuda

.............................................................................................

9,771

.5

Brazil

..................................................................................................

2,881

.2

Canada

................................................................................................

24,235

.3

Cayman

Islands

..................................................................................

66,527

.4

Chile

...................................................................................................

4,909

.3

China

..................................................................................................

7,636

.4

Colombia

............................................................................................

15,017

.8

Denmark

.............................................................................................

2,828

.1

Finland

...............................................................................................

2,836

.1

France

.................................................................................................

10,502

.5

Germany

.............................................................................................

9,266

.5

Hong

Kong

.........................................................................................

4,927

.3

Iceland

................................................................................................

3,453

.2

India

...................................................................................................

5,088

.3

Ireland

................................................................................................

21,256

.1

Italy

....................................................................................................

10,649

.6

Japan

..................................................................................................

65,533

.4

Jersey

..................................................................................................

31,653

.6

Kuwait

................................................................................................

10,930

.6

Luxembourg

.......................................................................................

14,285

.7

Malaysia

.............................................................................................

2,675

.1

Mexico

...............................................................................................

34,413

.8

Netherlands

........................................................................................

2,981

.2

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
New

Zealand

......................................................................................

10,065

.5

Nigeria

................................................................................................

1,154

.1

Norway

...............................................................................................

2,776

.1

Panama

...............................................................................................

1,114

.1

Peru

....................................................................................................

2,764

.1

Romania

.............................................................................................

15,367

.8

Saudi

Arabia

.......................................................................................

2,185

.1

South

Africa

.......................................................................................

2,282

.1

South

Korea

.......................................................................................

8,637

.4

Spain

..................................................................................................

2,457

.1

Switzerland

........................................................................................

1,840

.1

Thailand

.............................................................................................

4,457

.2

Turkey

................................................................................................

6,783

.4

United

Kingdom

.................................................................................

37,300

.9

United

States

......................................................................................

1,443,781

.7

Total

Investments

...............................................................................

1,920,603

.4

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

—

$

—

$

10,052

Unrealized

appreciation

on

foreign

currency

exchange

contracts

—

5,1

—

Interest

rate

swap

contracts,

at

fair

value

—

—

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

5,155

$

10,236

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

—

$

1,956

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

861

—

Interest

rate

swap

contracts,

at

fair

value

—

—

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

861

$

2,275

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

—

$

(41,528)

Interest

rate

swap

contracts

—

—

(1,440)

Credit

default

swap

contracts

(130) —

—

Foreign

currency

exchange

contracts

—

(3,205)

—

Total

$

(130) $

(3,205)

$

(42,968)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

46,398

Interest

rate

swap

contracts

—

—

2,048

Credit

default

swap

contracts

(187) —

—

Foreign

currency

exchange

contracts

—

2,984

—

Total

$

(187) $

2,984

$

48,446

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilit

ies.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

5,155

$

—

$

5,155

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Assets

5,387

—

5,387

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

5,387

$

—

$

5,387

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
BNP

Paribas

$

$

—

$

$

Citigroup

4,742

745

—

3,997

JPMorgan

Chase

—

—

State

Street

—

Westpac

—

—

Total

$

5,387

$

817

$

$

4,490

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

861

$

—

$

861

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Liabilities

1,283

—

1,283

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(16) —

(16) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,2

$

—

$

1,2

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

—

$

—

$

Barclays

—

—

Citigroup

745

745

—

—

HSBC

—

—

JPMorgan

Chase

—

—

Morgan

Stanley

—

—

State

Street

—

Total

$

1,267

$

817

$

$

^

&nbsp;&nbsp;&nbsp;&nbsp;Collateral

received

or

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

&nbsp;&nbsp;&nbsp;&nbsp;Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,950,227

Investments,

at

fair

value(>)

........................................................................................................................................................

1,920,603

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,597

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

5,155

Receivables:

Dividends

and

interest

......................................................................................................................................................

13,353

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

13,474

Fund

shares

sold

...............................................................................................................................................................

1,912

From

broker(a)(b)

............................................................................................................................................................

39,839

Variation

margin

on

futures

contracts

..............................................................................................................................

8,831

Interest

rate

swap

contracts,

at

fair

value

(•)

.................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

assets

...............................................................................................................................................................

2,005,392

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

5,391

Due

to

broker(c)

...............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

62,683

Fund

shares

redeemed

......................................................................................................................................................

2,164

Accrued

fees

to

affiliates

..................................................................................................................................................

793

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

710

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

861

Interest

rate

swap

contracts,

at

fair

value(•)

.................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

liabilities

...........................................................................................................................................................

73,391

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,932,001

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(581,686)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,073

Additional

paid-in

capital

............................................................................................................................................................

2,511,614

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,932,001

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

128,493

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,613

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

34,379

(b) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Swaps

$

5,460

(•)

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

—

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

(c) &nbsp;&nbsp;&nbsp;&nbsp;Due

to

Broker

for

Swaps

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.26 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

9.62 Class

A

—

Net

assets

...........................................................................................................................................................

$

18,748,150

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

2,023,956

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.13 Class

C

—

Net

assets

...........................................................................................................................................................

$

7,135,965

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

781,265

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.34 Class

M

—

Net

assets

..........................................................................................................................................................

$

360,802,501

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

38,632,906

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

9.20 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,786,072

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

194,185

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.35 Class

S

—

Net

assets

............................................................................................................................................................

$

1,277,339,774

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

136,662,674

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

9.18 Class

Y

—

Net

assets

...........................................................................................................................................................

$

266,188,241

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

28,987,612

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

87,214

Dividends

from

affiliated

funds

.......................................................................................................................................

8,543

Dividends

.........................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

95,764

#### Expenses
Advisory

fees

...................................................................................................................................................................

7,547

Administrative

fees

..........................................................................................................................................................

948

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

697

Transfer

agent

fees

-

Class

R6

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

2,667

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

12,959

Expense

reductions

..........................................................................................................................................................

(2,547)

Net

expenses

................................................................................................................................................................................

10,412

Net

investment

income

(loss)

.......................................................................................................................................................

85,352

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(3,340)

Investments

in

affiliated

funds

.........................................................................................................................................

(22) Futures

contracts

..............................................................................................................................................................

(41,528)

Foreign

currency

exchange

contracts

...............................................................................................................................

(3,205)

Interest

rate

swap

contracts

..............................................................................................................................................

(1,440)

Credit

default

swap

contracts

...........................................................................................................................................

(130) Foreign

currency-related

transactions

..............................................................................................................................

(154) Net

realized

gain

(loss)

................................................................................................................................................................

(49,819)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

32,425

Investments

in

affiliated

funds

.........................................................................................................................................

(15) Futures

contracts

..............................................................................................................................................................

46,398

Foreign

currency

exchange

contracts

...............................................................................................................................

2,984

Interest

rate

swap

contracts

..............................................................................................................................................

2,048

Credit

default

swap

contracts

...........................................................................................................................................

(187) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

83,841

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

34,022

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

119,374

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

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)

.......................................................................................................

$

85,352

$

103,659

Net

realized

gain

(loss)

................................................................................................................

(49,819)

4,023

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

83,841

102,218

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

119,374

209,900

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(815) (737) Class

C

.....................................................................................................................................

(272) (288) Class

M

....................................................................................................................................

(16,627)

(16,407)

Class

R6

...................................................................................................................................

(272) (130) Class

S

......................................................................................................................................

(62,520)

(63,269)

Class

Y

.....................................................................................................................................

(13,094)

(16,455)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(93,600)

(97,286)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(181,715)

(25,474)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(155,941)

87,140

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

2,087,942

2,000,802

End

of

period

......................................................................................................................................

$

1,932,001

$

2,087,942

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

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

$

4,082

$

2,508

Proceeds

from

reinvestment

of

distributions

806

726

Payments

for

shares

redeemed

(426) (3,863)

(413) (3,760)

Net

increase

(decrease)

1,025

(58) (526) Class

C

Proceeds

from

shares

sold

644

1,407

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(182) (1,628)

(264) (2,374)

Net

increase

(decrease)

(80) (712) (76) (681) Class

M

Proceeds

from

shares

sold

12,161

110,531

7,214

66,277

Proceeds

from

reinvestment

of

distributions

1,821

16,627

1,786

16,405

Payments

for

shares

redeemed

(15,998)

(146,009)

(8,253)

(75,872)

Net

increase

(decrease)

(2,016)

(18,851)

747

6,810

Class

R6

Proceeds

from

shares

sold

4,923

43,789

2,885

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(5,153)

(45,868)

(141) (1,285)

Net

increase

(decrease)

(200) (1,808)

1,730

Class

S

Proceeds

from

shares

sold

22,380

204,827

39,871

359,619

Proceeds

from

reinvestment

of

distributions

6,826

62,337

6,862

63,052

Payments

for

shares

redeemed

(45,420)

(415,413)

(37,035)

(340,367)

Net

increase

(decrease)

(16,214)

(148,249)

9,698

82,304

Class

Y

Proceeds

from

shares

sold

2,847

25,720

1,017

9,208

Proceeds

from

reinvestment

of

distributions

1,459

13,094

1,825

16,455

Payments

for

shares

redeemed

(5,768)

(51,934)

(15,598)

(140,774)

Net

increase

(decrease)

(1,462)

(13,120)

(12,756)

(115,111)

Total

increase

(decrease)

(19,859)

$

(181,715)

(2,251)

$

(25,474)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### 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

9.14 8.68 8.92 10.96 11.64 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.36

.40

.31

.14

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

.44

(.38)

(1.98)

(.07)

$

Total

from

Investment

Operations

.52

.84

(.07)

(1.84)

.05

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.40)

(.38)

(.17)

(.13)

(.14)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.40)

(.38)

(.17)

(.20)

(.73)

$

Net

Asset

Value,

End

of

Period

9.26 9.14 8.68 8.92 10.96 %

Total

Return

(±)

5.88 9.76 (.84)

(17.01)

.33

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 18,748

17,460

17,085

20,294

26,257

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.92

.95

1.02 1.01 1.01 %

Expenses,

Net

(Ƃ)

.83

.84

.84

.85

.86

%

Net

Investment

Income

(Ƃ)

4.00 4.40 3.38 1.39 1.10 %

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

9.02 8.57 8.84 10.88 11.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.29

.33

.24

.06

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

.15

.43

(.37)

(1.96)

(.06)

$

Total

from

Investment

Operations

.44

.76

(.13)

(1.90)

(.02)

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(.31)

(.14)

(.07)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.33)

(.31)

(.14)

(.14)

(.67)

$

Net

Asset

Value,

End

of

Period

9.13 9.02 8.57 8.84 10.88 %

Total

Return

5.05 8.97 (1.51)

(17.71)

(.32)

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 7,136

7,767

8,035

10,827

15,321

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.67 1.70 1.77 1.76 1.76 %

Expenses,

Net

(Ƃ)

1.58 1.59 1.59 1.60 1.61 %

Net

Investment

Income

(Ƃ)

3.25 3.65 2.61 .62

.36

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.21 8.74 8.96 11.02 11.69 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.40

.44

.34

.18

.16

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

.44

(.37)

(2.00)

(.07)

$

Total

from

Investment

Operations

.56

.88

(.03)

(1.82)

.09

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.41)

(.19)

(.17)

(.17)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.43)

(.41)

(.19)

(.24)

(.76)

$

Net

Asset

Value,

End

of

Period

9.34 9.21 8.74 8.96 11.02 %

Total

Return

6.33 10.20 (.45)

(16.79)

.74

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 360,803

374,338

348,932

507,577

657,098

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.67

.70

.77

.76

.75

%

Expenses,

Net

(Ƃ)

.46

.47

.47

.48

.49

%

Net

Investment

Income

(Ƃ)

4.37 4.77 3.74 1.76 1.41 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.08 8.62 8.84 10.87 11.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.39

.43

.34

.18

.16

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

.44

(.37)

(1.97)

(.06)

$

Total

from

Investment

Operations

.55

.87

(.03)

(1.79)

.10

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.41)

(.19)

(.17)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.43)

(.41)

(.19)

(.24)

(.77)

$

Net

Asset

Value,

End

of

Period

9.20 9.08 8.62 8.84 10.87 %

Total

Return

6.32 10.24 (.45)

(16.74)

.75

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,786

3,578

1,727

2,218

1,744

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.52

.55

.62

.61

.61

%

Expenses,

Net

(Ƃ)

.45

.46

.46

.47

.48

%

Net

Investment

Income

(Ƃ)

4.35 4.79 3.73 1.81 1.45 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### 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

9.22 8.75 8.98 11.03 11.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.39

.43

.34

.17

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

.44

(.39)

(1.99)

(.07)

$

Total

from

Investment

Operations

.55

.87

(.05)

(1.82)

.08

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.42)

(.40)

(.18)

(.16)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.42)

(.40)

(.18)

(.23)

(.75)

$

Net

Asset

Value,

End

of

Period

9.35 9.22 8.75 8.98 11.03 %

Total

Return

6.22 10.09 (.61)

(16.77)

.64

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,277,340

1,408,877

1,252,987

1,751,847

2,500,018

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.67

.70

.77

.76

.76

%

Expenses,

Net

(Ƃ)

.56

.57

.57

.58

.59

%

Net

Investment

Income

(Ƃ)

4.27 4.67 3.64 1.64 1.35 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.06 8.61 8.83 10.85 11.52 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.40

.43

.34

.18

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.16

.44

(.37)

(1.95)

(.05)

$

Total

from

Investment

Operations

.56

.87

(.03)

(1.77)

.10

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.42)

(.19)

(.18)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.07)

(.59)

$

Total

Distributions

(.44)

(.42)

(.19)

(.25)

(.77)

$

Net

Asset

Value,

End

of

Period

9.18 9.06 8.61 8.83 10.85 %

Total

Return

6.36 10.17 (.44)

(16.65)

.77

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 266,188

275,922

372,036

604,817

831,475

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.48

.50

.57

.56

.55

%

Expenses,

Net

(Ƃ)

.42

.43

.43

.44

.45

%

Net

Investment

Income

(Ƃ)

4.41 4.80 3.75 1.79 1.41 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

527,235

Administrative

fees

78,182

Distribution

fees

8,464

Shareholder

servicing

fees

1,513

Transfer

agent

fees

169,537

Trustees'

fees

7,583

$

792,514

#### 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
U.S.

Cash

Management

Fund

$

293,882

$

1,459,477

$

1,624,829

$

(22)

$

(15)

$

128,493

$

8,543

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,960,430,340

$

32,340,995

$

(71,432,109)

$

(39,091,114)

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

30,39

,040

$

(573,130,197)

$

(38,954,308)

$

—

$

(581,686

,465)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

93,600,364

$

—

$

—

$

97,285,618

$

—

$

—

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 92.4%
Asset-Backed

Securities

-

3.1%

Audax

Senior

Debt

CLO

LLC

Series

2025-12A

Class

B

5.607%

due

04/22/37

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

1,800

1,799

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

742

745

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

1,033

1,040

Churchill

Middle

Market

CLO

LLC

Series

2022-1A

Class

BR

5.584%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,700

1,699

CLI

Funding

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,433

1,443

Credit-Based

Asset

Servicing

and

Securitization

LLC

Series

2004-CB7

Class

AF5

3.387%

due

09/25/34

(~)(Ê)

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

526

533

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

2,104

2,141

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

615

627

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

1,179

1,182

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

991

1,000

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,200

1,212

Series

2025-HE5

Class

A

5.285%

due

08/25/55

(~)(Ê)(Þ)

954

956

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

6.250%

due

08/21/31

(USD

Month

SOFR

+

2.000%)(Ê)

JPMorgan

Mortgage

Trust

Series

2023-HE1

Class

A1

5.934%

due

11/25/53

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

1,076

1,079

Series

2024-HE3

Class

A1

5.384%

due

02/25/55

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,055

1,054

Series

2025-CES5

Class

A1A

5.136%

due

02/25/56

(~)(Ê)(Þ)

992

991

Series

2025-HE2

Class

A1

5.431%

due

11/20/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

2,197

2,197

OneSky

Loan

Trust

Series

A

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.875%

due

01/15/31

1,490

1,437

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,026

1,033

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

1,432

1,445

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

1,772

1,794

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

1,135

1,137

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,095

1,130

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

814

844

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

2,580

2,641

31,897

Corporate

Bonds

and

Notes

-

27.9%

Consumer

Discretionary

-

3.7%

7-Eleven,

Inc.

1.800%

due

02/10/31

(Þ)

1,525

1,327

American

Airlines

Pass-Through

Trust

4.900%

due

11/11/39

3,975

3,982

Series

AA

Class

AA

3.650%

due

02/15/29

1,502

1,465

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.100%

due

06/01/29

795

832

3.900%

due

06/01/52

1,330

873

6.700%

due

12/01/55

630

622

Series

WI

4.200%

due

03/15/28

504

501

Comcast

Corp.

6.450%

due

03/15/37

835

927

5.350%

due

05/15/53

520

Series

WI

3.999%

due

11/01/49

2.887%

due

11/01/51

Corning,

Inc.

5.450%

due

11/15/79

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

Delta

Air

Lines,

Inc.

4.950%

due

07/10/28

1,060

1,075

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

Discovery

Communications

LLC

5.000%

due

09/

20/37

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

Ford

Motor

Co.

7.400%

due

11/01/46

Ford

Motor

Credit

Co.

LLC

5.850%

due

05/17/27

1,154

1,170

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.950%

due

05/28/27

1,096

1,097

5.113%

due

05/03/29

626

623

6.054%

due

11/05/31

1,435

1,468

Fox

Corp.

Series

WI

4.709%

due

01/25/29

5.576%

due

01/25/49

General

Motors

Co.

5.350%

due

04/15/28

770

788

5.200%

due

04/01/45

General

Motors

Financial

Co.,

Inc.

2.400%

due

04/10/28

4.900%

due

10/06/29

1,375

1,395

5.750%

due

02/08/31

1,175

1,230

5.950%

due

04/04/34

1,165

1,220

Hasbro,

Inc.

3.500%

due

09/15/27

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

Marriott

International,

Inc.

5.550%

due

10/15/28

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

McDonald's

Corp.

Series

MTN

4.450%

due

09/01/48

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

Paramount

Global

6.875%

due

04/30/36

665

698

5.900%

due

10/15/40

4.600%

due

01/15/45

6.375%

due

03/30/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.999%)(Ê)

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

Starbucks

Corp.

4.300%

due

06/15/45

Stellantis

Finance

US,

Inc.

5.350%

due

03/17/28

(Þ)

870

881

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

723

840

Time

Warner

Cable

LLC

6.550%

due

05/01/37

2,538

2,600

7.300%

due

07/01/38

660

711

6.750%

due

06/15/39

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

506

507

United

Airlines

Pass-Through

Trust

5.800%

due

07/15/37

1,618

1,695

Series

AA

4.150%

due

02/25/33

712

700

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.700%

due

11/01/33

631

576

WarnerMedia

Holdings,

Inc.

Series

\*

5.050%

due

03/15/42

1,086

871

38,594

Consumer

Staples

-

0.9%

Altria

Group,

Inc.

6.200%

due

11/01/28

5.250%

due

08/06/35

750

756

3.400%

due

02/04/41

Avery

Dennison

Corp.

4.875%

due

12/06/28

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

Constellation

Brands,

Inc.

2.875%

due

05/01/30

565

529

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

4.750%

due

01/15/29

(Þ)

General

Mills,

Inc.

5.500%

due

10/17/28

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

6.500%

due

12/01/52

870

903

Keurig

Dr

Pepper,

Inc.

3.950%

due

04/15/29

694

684

Kraft

Heinz

Foods

Co.

Series

WI

4.375%

due

06/01/46

623

520

Mars,

Inc.

5.700%

due

05/01/55

(Þ)

915

932

PepsiCo,

Inc.

3.375%

due

07/29/49

561

Pernod

Ricard

International

Finance

LLC

1.250%

due

04/01/28

(Þ)

Philip

Morris

International,

Inc.

4.375%

due

11/01/27

720

725

Sysco

Corp.

5.750%

due

01/17/29

Tyson

Foods,

Inc.

4.350%

due

03/01/29

United

Rentals

NA,

Inc.

6.000%

due

12/15/29

(Þ)

9,253

Energy

-

2.0%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

3.700%

due

11/15/29

697

679

2.742%

due

12/31/39

695

581

Cheniere

Energy

Partners,

LP

Series

WI

4.500%

due

10/01/29

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

Columbia

Pipelines

Operating

Co.

LLC

6.714%

due

08/15/63

(Þ)

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

515

504

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

502

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

Energy

Transfer,

LP

4.000%

due

10/01/27

655

652

6.100%

due

12/01/28

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

EQT

Corp.

3.900%

due

10/01/27

Expand

Energy

Corp.

5.375%

due

03/15/30

Hess

Corp.

6.000%

due

01/15/40

1,500

1,634

5.600%

due

02/15/41

5.800%

due

04/01/47

HF

Sinclair

Corp.

Series

WI

5.000%

due

02/01/28

965

966

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

4.000%

due

03/15/28

521

519

4.500%

due

04/15/38

5.950%

due

04/01/55

730

711

6.200%

due

09/15/55

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

Occidental

Petroleum

Corp.

7.875%

due

09/15/31

503

5.550%

due

10/01/34

715

724

6.450%

due

09/15/36

838

889

6.050%

due

10/01/54

ONEOK,

Inc.

4.550%

due

07/15/28

1,291

1,300

5.400%

due

10/15/35

965

969

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.800%

due

09/15/30

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

515

511

Sabine

Pass

Liquefaction

LLC

Series

WI

5.000%

due

03/15/27

815

820

Targa

Resources

Corp.

6.150%

due

03/01/29

504

530

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%

due

03/01/30

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TC

PipeLines

,

LP

3.900%

due

05/25/27

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

10/15/28

8.375%

due

06/15/32

515

612

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

Western

Midstream

Operating,

LP

4.750%

due

08/15/28

5.250%

due

02/01/50

Williams

Cos.,

Inc.

(The)

4.900%

due

03/15/29

509

518

21,100

Financial

Services

-

8.4%

Aegon

,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

Air

Lease

Corp.

2.100%

due

09/01/28

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

Aon

NA,

Inc.

5.750%

due

03/01/54

875

883

Ares

Capital

Corp.

3.200%

due

11/15/31

Athene

Global

Funding

2.950%

due

11/12/26

(Þ)

1,525

1,505

2.500%

due

03/24/28

(Þ)

855

817

Athene

Holding,

Ltd.

3.950%

due

05/25/51

Bank

of

America

Corp.

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

1,620

1,625

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

510

509

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

2,745

2,839

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

1,910

1,996

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

580

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

715

776

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

Brighthouse

Financial

Global

Funding

5.550%

due

04/09/27

(Þ)

1,470

1,491

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

605

603

Capital

One

Financial

Corp.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

515

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

587

Citadel,

LP

4.875%

due

01/15/27

(Þ)

615

615

Citibank

NA

Series

.

4.914%

due

05/29/30

1,790

1,841

Series

BKNT

5.570%

due

04/30/34

Citigroup,

Inc.

4.786%

due

03/04/29

(SOFR

+

0.870%)(Ê)

840

851

5.174%

due

02/13/30

(SOFR

+

1.364%)(Ê)

845

867

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

3,720

3,357

8.125%

due

07/15/39

576

4.750%

due

05/18/46

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

Constellation

Insurance,

Inc.

6.800%

due

01/24/30

(Þ)

615

621

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

5.950%

due

09/17/30

(Þ)

775

750

EPR

Properties

Co.

4.500%

due

06/01/27

4.950%

due

04/15/28

Essent

Group,

Ltd.

6.250%

due

07/01/29

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

Farmers

Exchange

Capital

7.050%

due

07/15/28

(Þ)

705

743

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(CME

Term

SOFR

Month

+

3.716%)(Ê)(Þ)

660

619

Farmers

Insurance

Exchange

7.000%

due

10/15/64

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.864%)(Ê)(Þ)

720

750

Fifth

Third

Bank

NA

4.967%

due

01/28/28

(SOFR

+

0.810%)(Ê)

755

762

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

Fortitude

Group

Holdings

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.250%

due

04/01/30

(Þ)

650

674

FS

KKR

Capital

Corp.

2.625%

due

01/15/27

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

Goldman

Sachs

Capital

I,

Ltd.

6.345%

due

02/15/34

1,220

1,306

Goldman

Sachs

Group,

Inc.

(The)

4.692%

due

10/23/30

(SOFR

+

1.135%)(Ê)

1,275

1,290

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

540

562

6.450%

due

05/01/36

585

642

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

625

622

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

2,940

2,620

Series

VAR

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

1,165

1,161

Golub

Capital

BDC,

Inc.

7.050%

due

12/05/28

Hercules

Capital,

Inc.

3.375%

due

01/20/27

Highwoods

Realty,

LP

4.125%

due

03/15/28

HSBC

Bank

(USA),

NA

Series

BKNT

7.000%

due

01/15/39

1,435

1,690

Jackson

Financial,

Inc.

Series

WI

3.125%

due

11/23/31

505

Jackson

National

Life

Global

Funding

5.250%

due

04/12/28

(Þ)

JPMorgan

Chase

&

Co.

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

515

514

4.505%

due

10/22/28

(SOFR

+

0.860%)(Ê)

1,725

1,738

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

970

1,068

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

740

767

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

845

901

5.294%

due

07/22/35

(SOFR

+

1.460%)(Ê)

520

537

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

1,105

1,101

3.157%

due

04/22/42

(CME

Term

SOFR

Month

+

1.460%)(Ê)

1,590

1,245

Series

\*

8.750%

due

09/01/30

Kilroy

Realty,

LP

4.250%

due

08/15/29

530

518

Lehman

Brothers

Holdings,

Inc.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.857%

due

11/30/56

(Æ)(Ø)

1,450

LPL

Holdings,

Inc.

6.750%

due

11/17/28

525

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,470

912

Mercury

General

Corp.

4.400%

due

03/15/27

852

850

Morgan

Stanley

4.654%

due

10/18/30

(SOFR

+

1.100%)(Ê)

1,330

1,346

5.230%

due

01/15/31

(SOFR

+

1.108%)(Ê)

1,200

1,239

5.466%

due

01/18/35

(SOFR

+

1.730%)(Ê)

855

889

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

900

961

5.664%

due

04/17/36

(SOFR

+

1.757%)(Ê)

1,130

1,189

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

910

905

Series

MTN

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,725

1,781

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

Nationwide

Mutual

Insurance

Co.

9.375%

due

08/15/39

(Þ)

700

947

New

York

Life

Insurance

Co.

5.875%

due

05/15/33

(Þ)

680

723

NMI

Holdings,

Inc.

6.000%

due

08/15/29

940

973

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

Month

SOFR

+

2.796%)(Ê)(Þ)

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

Prologis

Targeted

US

Logistics

Fund,

LP

4.250%

due

01/15/31

(Þ)

615

610

Prologis,

LP

5.250%

due

05/15/35

720

741

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

3.700%

due

10/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.035%)(Ê)

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,865

1,812

Santander

Holdings

USA,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

6.174%

due

01/09/30

(SOFR

+

2.500%)(Ê)

Sixth

Street

Specialty

Lending,

Inc.

6.125%

due

03/01/29

Synchrony

Bank

5.625%

due

08/23/27

Synchrony

Financial

3.950%

due

12/01/27

Synovus

Financial

Corp.

5.625%

due

02/15/28

Truist

Financial

Corp.

Series

MTN

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

1,770

1,873

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

565

602

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

Webster

Financial

Corp.

4.100%

due

03/25/29

Wells

Fargo

&

Co.

4.970%

due

04/23/29

(SOFR

+

1.370%)(Ê)

810

825

5.244%

due

01/24/31

(SOFR

+

1.110%)(Ê)

1,035

1,071

Series

\*

4.666%

due

01/15/27

(CME

Term

SOFR

Month

+

0.762%)(Ê)

1,520

1,508

5.950%

due

12/01/86

Series

MTN

3.196%

due

06/17/27

(CME

Term

SOFR

Month

+

1.432%)(Ê)

2,065

2,052

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,230

1,257

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

1,040

1,091

Zions

Bancorp

NA

3.250%

due

10/29/29

86,823

Health

Care

-

2.5%

AbbVie,

Inc.

5.050%

due

03/15/34

660

679

Series

WI

4.550%

due

03/15/35

4.250%

due

11/21/49

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,374

Amgen,

Inc.

3.150%

due

02/21/40

1,200

947

5.650%

due

03/02/53

880

878

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Biogen,

Inc.

6.450%

due

05/15/55

900

960

Centene

Corp.

2.450%

due

07/15/28

560

522

3.000%

due

10/15/30

1,020

912

Series

WI

4.625%

due

12/15/29

2,000

1,940

CommonSpirit

Health

5.662%

due

09/01/55

805

801

CVS

Health

Corp.

4.780%

due

03/25/38

625

587

5.050%

due

03/25/48

3,404

3,047

Elevance

Health,

Inc.

5.700%

due

02/15/55

905

894

HCA,

Inc.

4.500%

due

02/15/27

670

671

5.200%

due

06/01/28

4.125%

due

06/15/29

5.600%

due

04/01/34

595

619

5.450%

due

09/15/34

680

699

5.500%

due

06/15/47

965

926

3.500%

due

07/15/51

765

529

Horizon

Mutual

Holdings,

Inc.

6.200%

due

11/15/34

(Þ)

1,000

979

Humana,

Inc.

3.700%

due

03/23/29

612

599

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

515

PeaceHealth

Obligated

Group

4.335%

due

11/15/28

1,070

1,075

4.855%

due

11/15/32

780

789

Pfizer

Investment

Enterprises

Pte.,

Ltd.

5.300%

due

05/19/53

940

906

Royalty

Pharma

PLC

5.200%

due

09/25/35

980

983

3.350%

due

09/02/51

5.900%

due

09/02/54

605

604

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

790

811

5.950%

due

06/15/55

590

614

Universal

Health

Services,

Inc.

Series

WI

2.650%

due

10/15/30

26,309

Materials

and

Processing

-

0.4%

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

526

509

Dow

Chemical

Co.

(The)

9.400%

due

05/15/39

Huntsman

International

LLC

4.500%

due

05/01/29

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

James

Hardie

International

Finance

Designated

Activity

Co.

5.000%

due

01/15/28

(Þ)

506

504

Rentokil

Terminix

Funding

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

04/28/30

(Þ)

1,190

1,210

Rollins,

Inc.

Series

WI

5.250%

due

02/24/35

685

696

RPM

International,

Inc.

3.750%

due

03/15/27

4.550%

due

03/01/29

4,336

Producer

Durables

-

1.1%

Avnet,

Inc.

6.250%

due

03/15/28

644

669

Boeing

Co.

(The)

2.196%

due

02/04/26

865

860

5.705%

due

05/01/40

615

627

Series

WI

6.298%

due

05/01/29

2,055

2,181

6.528%

due

05/01/34

1,275

1,411

Burlington

Northern

Santa

Fe

LLC

3.050%

due

02/15/51

5.500%

due

03/15/55

585

586

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

HEICO

Corp.

5.250%

due

08/01/28

605

623

Hexcel

Corp.

4.200%

due

02/15/27

Howmet

Aerospace,

Inc.

6.750%

due

01/15/28

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

Kirby

Corp.

4.200%

due

03/01/28

Komatsu

Finance

America,

Inc.

4.196%

due

09/18/30

(Þ)

930

927

Lennox

International,

Inc.

5.500%

due

09/15/28

Masco

Corp.

1.500%

due

02/15/28

Nordson

Corp.

5.600%

due

09/15/28

Waste

Management,

Inc.

3.900%

due

03/01/35

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

11,716

Technology

-

2.6%

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

587

576

Broadcom,

Inc.

4.800%

due

10/15/34

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.800%

due

02/15/36

1,105

1,096

4.926%

due

05/15/37

(Þ)

508

507

Series

WI

4.150%

due

11/15/30

3.419%

due

04/15/33

895

835

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

Dell

International

LLC

/

EMC

Corp.

5.100%

due

02/15/36

1,095

1,084

Fiserv,

Inc.

5.375%

due

08/21/28

Foundry

JV

Holdco

LLC

5.900%

due

01/25/33

(Þ)

1,880

1,977

6.100%

due

01/25/36

(Þ)

880

931

Gartner,

Inc.

3.750%

due

10/01/30

(Þ)

Intel

Corp.

3.750%

due

08/05/27

880

873

3.050%

due

08/12/51

770

Series

WI

3.734%

due

12/08/47

Kyndryl

Holdings,

Inc.

Series

WI

2.050%

due

10/15/26

950

930

Meta

Platforms,

Inc.

4.600%

due

11/15/32

880

884

4.875%

due

11/15/35

1,050

1,053

5.400%

due

08/15/54

710

683

5.550%

due

08/15/64

665

644

Series

.

5.625%

due

11/15/55

670

665

Series

WI

4.450%

due

08/15/52

840

703

4.650%

due

08/15/62

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

MSCI,

Inc.

3.625%

due

09/01/30

(Þ)

News

Corp.

3.875%

due

05/15/29

(Þ)

Oracle

Corp.

6.150%

due

11/09/29

4.450%

due

09/26/30

1,120

1,110

4.800%

due

09/26/32

860

851

3.900%

due

05/15/35

5.200%

due

09/26/35

1,090

1,073

3.800%

due

11/15/37

3.600%

due

04/01/40

1,526

1,196

5.375%

due

09/27/54

1,145

1,003

4.375%

due

05/15/55

5.950%

due

09/26/55

905

858

Paychex,

Inc.

5.350%

due

04/15/32

735

762

Qorvo

,

Inc.

Series

WI

4.375%

due

10/15/29

Roper

Technologies,

Inc.

4.200%

due

09/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Verisk

Analytics,

Inc.

4.500%

due

08/15/30

805

808

VMware

LLC

1.800%

due

08/15/28

Western

Digital

Corp.

2.850%

due

02/01/29

27,003

Utilities

-

6.3%

AEP

Texas,

Inc.

5.450%

due

05/15/29

1,335

1,386

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

Ameren

Corp.

5.000%

due

01/15/29

American

Electric

Power

Co.,

Inc.

5.625%

due

03/01/33

1,405

1,479

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

958

5.700%

due

08/15/34

895

941

AT&T,

Inc.

6.800%

due

05/15/36

525

585

3.500%

due

06/01/41

760

601

5.700%

due

11/01/54

780

763

Series

\*

4.300%

due

02/15/30

865

864

8.750%

due

11/15/31

501

Series

WI

4.900%

due

08/15/37

780

760

3.500%

due

09/15/53

695

3.550%

due

09/15/55

1,285

878

Basin

Electric

Power

Cooperative

5.850%

due

10/15/55

(Þ)

680

681

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

Black

Hills

Corp.

3.150%

due

01/15/27

Brooklyn

Union

Gas

Co.

(The)

6.415%

due

07/18/54

(Þ)

855

903

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.116%)(Ê)

Consolidated

Edison

Co.

of

New

York,

Inc.

4.625%

due

12/01/54

870

752

Dayton

Power

&

Light

Co.

(The)

4.550%

due

08/15/30

(Þ)

1,280

1,274

Dominion

Energy,

Inc.

5.450%

due

03/15/35

1,155

1,186

6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.207%)(Ê)

990

1,032

Series

\*\*

6.000%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.262%)(Ê)

680

690

DTE

Energy

Co.

4.950%

due

07/01/27

895

906

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.850%

due

06/01/34

1,230

1,310

Duke

Energy

Corp.

4.950%

due

09/15/35

1,050

1,044

5.000%

due

08/15/52

1,278

1,156

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.321%)(Ê)

East

Ohio

Gas

Co.

(The)

3.000%

due

06/15/50

(Þ)

FirstEnergy

Pennsylvania

Electric

Co.

3.250%

due

03/15/28

(Þ)

511

500

FirstEnergy

Transmission

LLC

2.866%

due

09/15/28

(Þ)

Florida

Power

&

Light

Co.

5.960%

due

04/01/39

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

Interstate

Power

and

Light

Co.

5.600%

due

06/29/35

1,030

1,075

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

Series

WI

3.350%

due

11/15/27

Kentucky

Utilities

Co.

Series

KENT

5.450%

due

04/15/33

690

722

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

665

659

5.850%

due

02/15/34

(Þ)

600

637

National

Fuel

Gas

Co.

4.750%

due

09/01/28

NextEra

Energy

Capital

Holdings,

Inc.

4.685%

due

09/01/27

1,055

1,067

5.900%

due

03/15/55

1,135

1,172

4.800%

due

12/01/77

(USD

Month

SOFR

+

2.409%)(Ê)

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

NiSource,

Inc.

5.350%

due

04/01/34

1,035

1,065

5.850%

due

04/01/55

610

622

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

558

535

5.407%

due

10/15/35

(Þ)

835

833

OGE

Energy

Corp.

5.450%

due

05/15/29

735

762

Ohio

Edison

Co.

4.950%

due

12/15/29

(Þ)

740

757

Oklahoma

Gas

and

Electric

Co.

5.800%

due

04/01/55

Oncor

Electric

Delivery

Co.

LLC

Series

WI

5.550%

due

06/15/54

865

861

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

1,325

1,274

5.000%

due

06/04/28

880

892

6.100%

due

01/15/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.500%

due

02/01/31

635

568

5.900%

due

06/15/32

890

931

4.500%

due

07/01/40

4.200%

due

06/01/41

PacifiCorp

2.900%

due

06/15/52

865

526

Pinnacle

West

Capital

Corp.

5.150%

due

05/15/30

PSEG

Power

LLC

5.200%

due

05/15/30

(Þ)

795

815

5.750%

due

05/15/35

(Þ)

1,095

1,145

Public

Service

Co.

of

Colorado

5.750%

due

05/15/54

895

916

Public

Service

Co.

of

Oklahoma

5.200%

due

01/15/35

686

695

Series

G

6.625%

due

11/15/37

Public

Service

Electric

and

Gas

Co.

5.450%

due

08/01/53

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

Sempra

3.700%

due

04/01/29

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

Southern

California

Edison

Co.

5.300%

due

03/01/28

Southern

Power

Co.

Series

B

4.900%

due

10/01/35

875

865

Southwestern

Electric

Power

Co.

Series

M

4.100%

due

09/15/28

Sprint

Capital

Corp.

6.875%

due

11/15/28

628

675

8.750%

due

03/15/32

1,345

1,636

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

09/20/29

(Þ)

1,460

1,469

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

574

596

5.300%

due

12/15/34

600

606

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

5.700%

due

01/15/56

875

865

Series

WI

2.050%

due

02/15/28

4.500%

due

04/15/50

1,330

1,114

Trans-Allegheny

Interstate

Line

Co.

5.000%

due

01/15/31

(Þ)

580

596

Verizon

Communications,

Inc.

7.750%

due

12/01/30

640

735

Series

WI

2.355%

due

03/15/32

1,990

1,743

4.272%

due

01/15/36

Virginia

Electric

and

Power

Co.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

01/15/34

840

852

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

509

505

4.300%

due

10/15/28

(Þ)

1,140

1,136

4.600%

due

10/15/30

(Þ)

1,200

1,193

5.700%

due

12/30/34

(Þ)

1,325

1,360

5.250%

due

10/15/35

(Þ)

775

770

65,678

290,812

International

Debt

-

13.0%

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

due

10/29/28

575

555

4.625%

due

09/10/29

985

993

4.375%

due

11/15/30

1,105

1,099

4.950%

due

09/10/34

680

677

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.720%)(Ê)

785

826

AGL

CLO,

Ltd.

Series

2022-21A

Class

A1R

5.230%

due

10/21/37

(~)(Ê)(Þ)

4,600

4,612

Series

2022-23A

Class

A1R

5.034%

due

04/20/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

2,740

2,737

Algonquin

Power

&

Utilities

Corp.

5.365%

due

06/15/26

(~)(Ê)

1,325

1,331

America

Movil

SAB

de

CV

3.625%

due

04/22/29

Anglo

American

Capital

PLC

5.750%

due

04/05/34

(Þ)

640

672

Anheuser-Busch

Cos

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

Series

\*

4.900%

due

02/01/46

885

832

Anheuser-Busch

InBev

Worldwide,

Inc.

8.200%

due

01/15/39

5.450%

due

01/23/39

Series

WI

4.439%

due

10/06/48

ArcelorMittal

SA

6.350%

due

06/17/54

514

Ares

CLO,

Ltd.

Series

2022-67A

Class

A1R

5.048%

due

01/25/38

(CME

Term

SOFR

Month

+

1.190%)(Ê)(Þ)

1,640

1,640

Series

2025-56A

Class

A1R2

5.108%

due

01/25/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

2,000

2,001

Avolon

Holdings

Funding,

Ltd.

4.950%

due

01/15/28

(Þ)

1,970

1,989

6.375%

due

05/04/28

(Þ)

1,150

1,198

5.750%

due

03/01/29

(Þ)

1,400

1,446

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.750%

due

11/15/29

(Þ)

5.375%

due

05/30/30

(Þ)

520

532

BAE

Systems

PLC

5.300%

due

03/26/34

(Þ)

1,030

1,067

Bain

Capital

Credit

CLO,

Ltd.

Series

2025-4A

Class

D1

6.459%

due

01/17/39

(CME

Term

SOFR

Month

+

2.600%)(Ê)(Þ)

1,850

1,851

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

539

540

Banco

Santander

SA

1.722%

due

09/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.900%)(Ê)

1,310

1,282

6.607%

due

11/07/28

5.439%

due

07/15/31

1,200

1,258

Bangkok

Bank

PCL

4.450%

due

09/19/28

(Þ)

9.025%

due

03/15/29

(Þ)

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

Barclays

PLC

5.086%

due

02/25/29

(SOFR

+

0.960%)(Ê)

4.470%

due

11/11/29

(SOFR

+

1.080%)(Ê)

1,825

1,828

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

656

665

4.942%

due

09/10/30

(SOFR

+

1.560%)(Ê)

1,635

1,661

Barings

CLO,

Ltd.

Series

2020-1A

Class

A1R2

5.165%

due

01/15/38

(CME

Term

SOFR

Month

+

1.260%)(Ê)(Þ)

3,260

3,263

Series

2025-1A

Class

A

5.014%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

1,410

1,411

Barrick

North

America

Finance

LLC

5.750%

due

05/01/43

500

517

BAT

Capital

Corp.

2.259%

due

03/25/28

895

856

5.350%

due

08/15/32

1,065

1,101

6.421%

due

08/02/33

665

730

Series

WI

4.390%

due

08/15/37

800

732

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bellemeade

Re,

Ltd.

Series

2023-1

Class

M1A

6.383%

due

10/25/33

(SOFR

Day

Average

+

2.200%)(Ê)(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

BNP

Paribas

SA

4.625%

due

03/13/27

(Þ)

5.176%

due

01/09/30

(SOFR

+

1.520%)(Ê)(Þ)

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.483%)(Ê)(Þ)

British

Airways

Pass-Through

Trust

4.250%

due

05/15/34

(Þ)

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-2A

Class

AR2

5.374%

due

07/20/37

(CME

Term

SOFR

Month

+

1.490%)(Ê)(Þ)

2,000

2,006

Celulosa

Arauco

y

Constitucion

SA

4.200%

due

01/29/30

(Þ)

Series

WI

3.875%

due

11/02/27

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

Chile

Electricity

MPC

SARL

6.010%

due

01/20/33

(Þ)

958

1,001

CI

Financial

Corp.

3.200%

due

12/17/30

2,197

1,979

CIFC

Funding,

Ltd.

Series

2024-5A

Class

A1R3

5.262%

due

07/17/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

700

702

Coca-Cola

Icecek

AS

4.500%

due

01/20/29

(Þ)

Credit

Agricole

SA

5.335%

due

01/10/30

(SOFR

+

1.690%)(Ê)(Þ)

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

Danske

Bank

A/S

4.613%

due

10/02/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

905

910

Deutsche

Bank

AG

6.819%

due

11/20/29

(SOFR

+

2.510%)(Ê)

1,100

1,174

4.999%

due

09/11/30

(SOFR

+

1.700%)(Ê)

565

573

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Element

Fleet

Management

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.319%

due

12/04/28

(Þ)

521

Elmwood

CLO,

Ltd.

Series

2024-2A

Class

ARR

5.254%

due

10/20/37

(CME

Term

SOFR

Month

+

1.370%)(Ê)(Þ)

3,600

3,606

Series

2025-2A

Class

A1

5.022%

due

04/17/38

(CME

Term

SOFR

Month

+

1.140%)(Ê)(Þ)

1,300

1,299

EMD

Finance

LLC

4.625%

due

10/15/32

(Þ)

1,365

1,366

Emera

US

Finance,

LP

Series

WI

2.639%

due

06/15/31

Enbridge,

Inc.

5.700%

due

03/08/33

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

Enel

Finance

International

NV

3.500%

due

04/06/28

(Þ)

2.125%

due

07/12/28

(Þ)

4.125%

due

09/30/28

(Þ)

1,305

1,302

5.000%

due

09/30/35

(Þ)

635

629

Eni

USA,

Inc.

7.300%

due

11/15/27

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

Flatiron

CLO,

Ltd.

Series

2024-4A

Class

A

5.235%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

2,900

2,907

Series

2025-30A

Class

A1

5.065%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

1,200

1,198

Flutter

Treasury

DAC

6.375%

due

04/29/29

(Þ)

Freeport

Indonesia

PT

4.763%

due

04/14/27

(Þ)

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.750%

due

06/15/29

(Þ)

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

2.940%

due

09/30/40

(Þ)

702

599

Glencore

Funding

LLC

5.186%

due

04/01/30

(Þ)

855

880

Greensaif

Pipelines

Bidco

SARL

6.103%

due

08/23/42

(Þ)

690

733

Home

RE,

Ltd.

Series

2022-1

Class

B1

13.183%

due

10/25/34

(SOFR

Day

Average

+

9.000%)(Ê)(Þ)

2,940

3,341

HSBC

Holdings

PLC

4.041%

due

03/13/28

(CME

Term

SOFR

Month

+

1.808%)(Ê)

508

506

5.210%

due

08/11/28

(SOFR

+

2.610%)(Ê)

730

742

5.130%

due

11/19/28

(SOFR

+

1.040%)(Ê)

1,385

1,408

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.619%

due

11/06/31

(SOFR

+

1.190%)(Ê)

1,365

1,367

Imperial

Brands

Finance

PLC

4.500%

due

06/30/28

(Þ)

870

875

3.875%

due

07/26/29

(Þ)

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

Intercorp

Financial

Services,

Inc.

4.125%

due

10/19/27

(Þ)

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

546

527

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

760

770

4.425%

due

11/04/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.820%)(Ê)

1,095

1,093

LLPL

Capital

Pte

,

Ltd.

6.875%

due

02/04/39

(Þ)

LSEGA

Financing

PLC

2.000%

due

04/06/28

(Þ)

Magnetite

CLO,

Ltd.

Series

2025-26A

Class

AR2

5.008%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

1,510

1,509

Mexico

Government

International

Bond

5.375%

due

03/22/33

935

937

6.625%

due

01/29/38

1,235

1,305

MF1,

Ltd.

Series

2022-FL8

Class

A

5.352%

due

02/19/37

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

2,344

2,345

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

NatWest

Group

PLC

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.900%)(Ê)

585

576

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.270%)(Ê)

780

799

Nokia

Oyj

4.375%

due

06/12/27

509

509

Nordea

Bank

Abp

4.625%

due

09/13/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.690%)(Ê)(Þ)

NTT

Finance

Corp.

4.620%

due

07/16/28

(Þ)

1,070

1,081

4.876%

due

07/16/30

(Þ)

895

911

5.171%

due

07/16/32

(Þ)

915

940

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

Series

WI

4.300%

due

06/18/29

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

7.183%

due

10/25/33

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.234%

due

10/20/37

(~)(Ê)(Þ)

1,600

1,603

Series

2025-45A

Class

D1

6.371%

due

10/15/38

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

1,400

1,402

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

Prosus

NV

3.257%

due

01/19/27

(Þ)

4.850%

due

07/06/27

(Þ)

PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

Raizen

Fuels

Finance

SA

6.250%

due

07/08/32

(Þ)

785

672

Regatta

XX

Funding,

Ltd.

Series

2021-2A

Class

AR

5.085%

due

01/15/38

(CME

Term

SOFR

Month

+

1.180%)(Ê)(Þ)

3,440

3,437

Regatta

XXVII

Funding,

Ltd.

Series

2024-1A

Class

A1

5.388%

due

04/26/37

(CME

Term

SOFR

Month

+

1.530%)(Ê)(Þ)

1,000

1,001

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

Repsol

E&P

Capital

Markets

LLC

5.204%

due

09/16/30

(Þ)

790

794

Reynolds

American,

Inc.

Series

\*

8.125%

due

05/01/40

695

834

Rogers

Communications,

Inc.

7.500%

due

08/15/38

Royal

Bank

of

Canada

Series

GMTN

5.153%

due

02/04/31

(SOFR

+

1.030%)(Ê)

1,220

1,256

RWE

Finance

US

LLC

5.875%

due

09/18/55

(Þ)

965

951

Santander

UK

Group

Holdings

PLC

3.823%

due

11/03/28

(USD

Month

SOFR

+

1.400%)(Ê)

4.320%

due

09/22/29

(SOFR

+

1.070%)(Ê)

1,420

1,416

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

6.375%

due

06/02/55

(Þ)

990

1,069

Scentre

Group

Trust

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

1,050

1,056

SK

Hynix,

Inc.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

01/16/27

(Þ)

5.500%

due

01/16/29

(Þ)

Societe

Generale

SA

5.250%

due

02/19/27

(Þ)

1,380

1,394

4.750%

due

09/14/28

(Þ)

7.132%

due

01/19/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.950%)(Ê)(Þ)

Standard

Chartered

PLC

6.750%

due

02/08/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.850%)(Ê)(Þ)

Suncor

Energy,

Inc.

7.000%

due

11/15/28

535

Suzano

Austria

GmbH

Series

WI

6.000%

due

01/15/29

TELUS

Corp.

2.800%

due

02/16/27

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

1,961

1,969

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransCanada

Trust

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,215

1,202

UBS

Group

AG

4.751%

due

05/12/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

6.246%

due

09/22/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.800%)(Ê)(Þ)

UniCredit

SpA

5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

3.703%)(Ê)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

Vale

Overseas,

Ltd.

6.400%

due

06/28/54

580

604

Var

Energi

ASA

8.000%

due

11/15/32

(Þ)

503

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

D1

1.000%

due

01/24/39

(CME

Term

SOFR

Month

+

2.450%)(Ê)(Þ)

1,900

1,903

Yara

International

ASA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

06/01/28

(Þ)

134,913

Mortgage-Backed

Securities

-

22.8%

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2025-FL1

Class

AS

5.864%

due

01/20/43

(CME

Term

SOFR

Month

+

1.833%)(Ê)(Þ)

2,120

2,129

Series

2025-FL1

Class

B

6.323%

due

01/20/43

(CME

Term

SOFR

Month

+

2.292%)(Ê)(Þ)

1,300

1,311

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.497%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

1,658

1,661

Series

2022-FL1

Class

A

5.684%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

2,596

2,596

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

6.455%

due

05/25/34

(~)(Ê)

Series

2006-B

Class

1A1

6.622%

due

10/20/46

(~)(Ê)

BRAVO

Residential

Funding

Trust

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

5,212

5,254

BX

Commercial

Mortgage

Trust

Series

2024-MDHS

Class

A

5.674%

due

05/15/41

(CME

Term

SOFR

Month

+

1.641%)(Ê)(Þ)

2,043

2,045

Series

2024-MDHS

Class

B

5.873%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

2,973

2,974

BX

Trust

Series

2024-BIO

Class

C

6.672%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

7,432

7,362

Series

2024-VLT4

Class

B

5.973%

due

06/15/41

(CME

Term

SOFR

Month

+

1.941%)(Ê)(Þ)

650

650

Series

2024-VLT4

Class

C

6.173%

due

06/15/41

(CME

Term

SOFR

Month

+

2.140%)(Ê)(Þ)

Series

2025-ROIC

Class

C

5.575%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

1,034

1,030

Series

2025-ROIC

Class

D

6.025%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

3,485

3,471

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,315

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

6.356%

due

10/25/57

(CME

Term

SOFR

Month

+

2.364%)(Ê)(Þ)

860

886

Series

2024-1

Class

A6

6.500%

due

01/25/55

(~)(Ê)(Þ)

2,174

2,204

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.195%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,603

DK

Trust

Series

2024-SPBX

Class

A

5.532%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

2,292

2,294

Eagle

RE,

Ltd.

Series

2023-1

Class

M1A

6.183%

due

09/26/33

(SOFR

Day

Average

+

2.000%)(Ê)(Þ)

616

616

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,447

1,456

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

5.667%

due

11/15/38

(CME

Term

SOFR

Month

+

1.634%)(Ê)(Þ)

3,518

3,509

Fannie

Mae

2.600%

due

2031

5.500%

due

2033

5.500%

due

2034

4.500%

due

2035

6.000%

due

2035

5.500%

due

2036

5.500%

due

2037

5.500%

due

2038

6.000%

due

2039

4.500%

due

2040

5.500%

due

2040

4.000%

due

2041

3.500%

due

2043

582

558

4.000%

due

2043

4.000%

due

2044

3.500%

due

2045

4.000%

due

2045

4.000%

due

2046

648

629

4.500%

due

2046

4.000%

due

2047

4.500%

due

2047

4.000%

due

2048

5.000%

due

2048

674

680

3.000%

due

2049

2,345

2,086

4.000%

due

2049

2.000%

due

2051

3,846

3,167

4.000%

due

2052

6,795

6,481

5.000%

due

2052

2,633

2,635

5.500%

due

2052

4,430

4,515

5.000%

due

2053

5,719

5,729

5.500%

due

2053

9,253

9,410

5.500%

due

2054

6,725

6,853

5.000%

due

2055

2,876

2,868

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

Fannie

Mae

REMICS

Series

1999-56

Class

Z

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.000%

due

12/18/29

FIGRE

Trust

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,404

1,421

Freddie

Mac

5.500%

due

2032

7.500%

due

2032

5.500%

due

2034

4.000%

due

2040

5.500%

due

2041

3.500%

due

2044

4.000%

due

2044

4.000%

due

2045

3.500%

due

2046

4.000%

due

2047

4.500%

due

2048

3.000%

due

2050

5,296

4,757

2.500%

due

2051

1,175

1,017

3.500%

due

2051

1,676

1,555

3.500%

due

2052

3,619

3,352

4.000%

due

2052

5,144

4,907

5.000%

due

2052

2,709

2,714

5.500%

due

2053

18,486

18,794

6.000%

due

2054

4,300

4,402

5.500%

due

2055

6,671

6,796

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

Series

2006-3123

Class

HT

5.000%

due

03/15/26

—

—

Series

2010-3632

Class

PK

5.000%

due

02/15/40

Series

2012-4019

Class

JD

3.000%

due

05/15/41

Ginnie

Mae

II

4.500%

due

2042

2.500%

due

2052

3,685

3,192

5.500%

due

2053

1,217

1,234

5.500%

due

2055

6,871

6,959

6.000%

due

2055

9,451

9,648

Year

TBA(Ï)

5.000%

4,000

3,986

5.500%

3,139

3,165

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

2,328

2,321

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.678%

due

01/13/40

(~)(Ê)(Þ)

1,657

1,712

JPMorgan

Mortgage

Trust

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

Series

2021-6

Class

A4

2.500%

due

10/25/51

(~)(Ê)(Þ)

1,799

1,611

Series

2021-6

Class

A6

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.500%

due

10/25/51

(~)(Ê)(Þ)

2,526

2,350

Series

2021-8

Class

A4

2.500%

due

12/25/51

(~)(Ê)(Þ)

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

1,929

1,795

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

2,531

2,281

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,191

1,068

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,216

1,079

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

522

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

742

677

Series

2024-HE2

Class

A1

5.384%

due

10/20/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,237

1,236

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

736

740

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(Þ)

2,161

2,172

Series

2025-HE1

Class

A1

5.334%

due

07/20/55

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

2,574

2,569

Series

2025-HE1

Class

M1

5.584%

due

07/20/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

2,230

2,230

MF1

LLC

Series

2022-FL9

Class

A

6.152%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

2,636

2,638

Series

2024-FL14

Class

A

5.768%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

3,312

3,326

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

4.947%

due

04/15/38

(CME

Term

SOFR

Month

+

0.915%)(Ê)(Þ)

723

722

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.050%

due

09/13/39

(~)(Ê)(Þ)

6,248

PRPM

LLC

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

2,669

2,648

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

1,574

1,578

Series

2025-RCF4

Class

A1

4.500%

due

08/25/55

(~)(Ê)(Þ)

2,310

2,287

RCKT

Mortgage

Trust

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

768

773

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

3,109

3,128

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

3,147

3,174

Series

2025-CES4

Class

A1A

5.811%

due

04/25/55

(~)(Ê)(Þ)

992

1,003

RFR

Trust

Series

2025-SGRM

Class

B

5.670%

due

03/11/41

(~)(Ê)(Þ)

3,086

3,156

Series

2025-SGRM

Class

C

5.816%

due

03/11/41

(~)(Ê)(Þ)

2,425

2,467

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

1,092

1,112

Series

2025-LOC4

Class

A1A

5.933%

due

06/25/55

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

2,573

2,575

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

5.275%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

1,117

1,117

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

5.304%

due

07/13/44

(~)(Ê)(Þ)

1,480

1,490

Series

2025-AZ

Class

C

5.838%

due

07/13/44

(~)(Ê)(Þ)

2,863

2,891

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

5.398%

due

02/15/40

(CME

Term

SOFR

Month

+

1.264%)(Ê)(Þ)

1,351

1,350

237,081

Municipal

Bonds

-

0.1%

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

7.375%

due

10/01/29

(Þ)

610

639

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

1,049

Non-US

Bonds

-

1.3%

Apna

Park

CLO

DAC

Series

2025-1A

Class

A

1.000%

due

12/15/38

(3

Month

EURIBOR

+

1.290%)(Ê)(Þ)

EUR

5,900

6,801

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

5.284%

due

05/17/31

(SONIA

+

1.300%)(Ê)(Þ)

GBP

652

Vantage

Data

Centers

Germany

Borrower

SARL

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

2,941

3,463

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

2,090

2,822

13,738

United

States

Government

Treasuries

-

24.2%

United

States

Treasury

Notes

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.000%

due

11/15/26

8,371

8,224

4.625%

due

11/15/26

6.500%

due

11/15/26

4.125%

due

01/31/27

5,941

5,971

0.625%

due

03/31/27

5,327

5,108

2.375%

due

05/15/27

4,803

4,713

0.500%

due

05/31/27

4,958

4,723

6.375%

due

08/15/27

7,500

7,844

0.625%

due

12/31/27

5,471

5,136

4.250%

due

01/15/28

9,600

9,730

2.750%

due

02/15/28

6,391

6,273

1.250%

due

03/31/28

8,100

7,665

2.875%

due

05/15/28

6,246

6,138

3.875%

due

06/15/28

4,420

4,451

3.375%

due

09/15/28

782

777

1.250%

due

09/30/28

6,597

6,172

3.500%

due

10/15/28

4,230

4,218

3.125%

due

11/15/28

6,937

6,842

1.500%

due

11/30/28

8,744

8,209

2.375%

due

05/15/29

4,850

4,648

1.625%

due

08/15/29

3,558

3,310

3.625%

due

08/31/29

6,598

6,590

4.000%

due

10/31/29

1,771

1,793

0.625%

due

05/15/30

5,001

4,366

0.625%

due

08/15/30

5,923

5,129

3.625%

due

09/30/30

1,780

1,774

3.625%

due

10/31/30

570

568

0.875%

due

11/15/30

6,400

5,574

4.375%

due

11/30/30

5,456

5,618

1.125%

due

02/15/31

4,548

3,992

1.625%

due

05/15/31

4,069

3,638

1.250%

due

08/15/31

4,753

4,130

1.875%

due

02/15/32

4,959

4,419

2.875%

due

05/15/32

4,530

4,274

2.750%

due

08/15/32

1,697

1,583

3.875%

due

09/30/32

841

841

4.125%

due

11/15/32

2,371

2,405

3.500%

due

02/15/33

5,011

4,882

3.375%

due

05/15/33

2,498

2,409

4.500%

due

11/15/33

3,609

3,742

4.000%

due

02/15/34

1,900

1,901

4.375%

due

05/15/34

2,773

2,847

4.250%

due

11/15/34

2,665

2,706

4.625%

due

02/15/35

1,265

1,320

4.250%

due

05/15/35

6,934

7,028

4.250%

due

08/15/35

2,665

2,698

4.500%

due

02/15/36

949

984

1.125%

due

08/15/40

3,097

1,971

1.375%

due

11/15/40

1,254

826

1.875%

due

02/15/41

2.250%

due

05/15/41

2,192

1,637

1.750%

due

08/15/41

1,448

992

3.125%

due

11/15/41

1,780

1,494

2.750%

due

11/15/42

3,977

3,105

3.750%

due

11/15/43

1,515

1,354

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.125%

due

08/15/44

1,692

1,368

4.625%

due

11/15/44

1,287

1,285

5.000%

due

05/15/45

551

577

2.875%

due

08/15/45

3,070

2,357

4.875%

due

08/15/45

4,515

4,650

3.000%

due

02/15/48

3,342

2,551

3.125%

due

05/15/48

3,256

2,537

3.375%

due

11/15/48

1,567

1,271

2.375%

due

11/15/49

648

1.250%

due

05/15/50

1,475

733

1.375%

due

08/15/50

1,126

574

1.625%

due

11/15/50

4,172

2,269

1.875%

due

02/15/51

4,234

2,448

2.000%

due

08/15/51

4,074

2,415

1.875%

due

11/15/51

3,879

2,220

2.250%

due

02/15/52

2,498

1,567

2.875%

due

05/15/52

1,485

1,071

3.625%

due

05/15/53

1,856

1,548

4.750%

due

11/15/53

1,710

1,730

4.750%

due

05/15/55

6,803

6,892

4.750%

due

08/15/55

2,685

2,721

252,343

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$965,158)

961,833

#### Short-Term

#### Investments

#### -

#### 8.9%
U.S.

Cash

Management

Fund(@)

92,805,014(∞)

92,786

#### Total

#### Short-Term

#### Investments
(cost

$92,779)

92,786

#### Total

#### Investments

#### -

#### 101.3%
(identified

cost

$1,057,937)

1,054,619

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (1.3)%
(13,238)

#### Net

#### Assets

#### -

#### 100.0%
1,041,381

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $28.4%

Medical,

Inc.

10/14/25

396,000

96.84 383

7-Eleven,

Inc.

07/30/25

1,525,000

86.19 1,314

1,327

Adani

Ports

&

Special

Economic

Zone,

Ltd.

10/14/25

426,000

97.60 416

AGL

CLO,

Ltd.

01/31/25

2,740,000

100.00 2,740

2,737

AGL

CLO,

Ltd.

04/01/25

4,600,000

99.97 4,599

4,612

Aircastle

,

Ltd.

08/07/24

187,000

94.73 177

Alliant

Energy

Finance

LLC

07/07/25

441,000

104.23 460

Anglo

American

Capital

PLC

04/03/24

640,000

99.69 638

672

Antero

Resources

Corp.

12/11/24

289,000

98.74 285

Apna

Park

CLO

DAC

10/07/25

EUR

5,900,000

116.51 6,874

6,801

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

2,120,000

99.75 2,115

2,129

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

1,300,000

99.75 1,297

1,311

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/23/22

1,657,626

97.19 1,611

1,660

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

2,595,791

100.03 2,597

2,596

Ares

CLO,

Ltd.

12/27/24

2,000,000

100.00 2,000

2,001

Ares

CLO,

Ltd.

01/21/25

1,640,000

100.00 1,640

1,640

Athene

Global

Funding

11/06/19

1,525,000

97.92 1,493

1,505

Athene

Global

Funding

09/24/24

855,000

95.43 816

817

Audax

Senior

Debt

CLO

LLC

02/21/25

1,800,000

100.00 1,800

1,799

Avolon

Holdings

Funding,

Ltd.

12/05/23

1,150,000

100.18 1,152

1,198

Avolon

Holdings

Funding,

Ltd.

01/16/24

1,400,000

100.76 1,411

1,446

Avolon

Holdings

Funding,

Ltd.

05/08/24

290,000

100.21 291

Avolon

Holdings

Funding,

Ltd.

12/03/24

1,970,000

99.64 1,963

1,989

Avolon

Holdings

Funding,

Ltd.

03/24/25

520,000

99.64 518

532

BAE

Systems

PLC

03/19/24

1,030,000

99.54 1,025

1,067

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,850,000

100.00 1,850

1,851

Banco

de

Bogota

SA

05/06/24

367,000

96.44 354

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

06/04/24

539,000

98.07 529

540

Bangkok

Bank

PCL

01/07/25

330,000

110.60 365

Bangkok

Bank

PCL

08/01/25

241,000

99.92 241

Barings

CLO,

Ltd.

12/20/24

3,260,000

100.00 3,260

3,263

Barings

CLO,

Ltd.

02/14/25

1,410,000

100.00 1,410

1,411

Basin

Electric

Power

Cooperative

10/06/25

680,000

99.85 679

681

Bellemeade

Re,

Ltd.

10/18/23

298,891

100.00 299

Bimbo

Bakeries

USA,

Inc.

10/14/25

421,000

104.97 442

BNP

Paribas

SA

05/06/24

233,000

98.81 230

BNP

Paribas

SA

08/07/24

177,000

96.69 171

BNP

Paribas

SA

08/01/25

259,000

102.13 264

Booz

Allen

Hamilton,

Inc.

06/12/25

587,000

96.53 567

576

BRAVO

Residential

Funding

Trust

10/09/24

741,670

99.99 742

745

BRAVO

Residential

Funding

Trust

04/08/25

5,211,975

99.99 5,212

5,254

Brighthouse

Financial

Global

Funding

04/04/24

1,470,000

100.08 1,471

1,491

British

Airways

Pass-Through

Trust

11/17/20

187,260

100.00 187

Broadcom,

Inc.

05/05/20

508,000

93.79 476

507

Brooklyn

Union

Gas

Co.

(The)

07/15/24

855,000

100.00 855

903

Business

Jet

Securities

LLC

09/06/24

1,033,232

100.00 1,033

1,040

BX

Commercial

Mortgage

Trust

05/02/24

2,043,236

99.77 2,038

2,045

BX

Commercial

Mortgage

Trust

05/02/24

2,973,223

99.77 2,966

2,974

BX

Trust

01/24/24

7,432,000

99.77 7,415

7,362

BX

Trust

02/20/25

3,485,406

99.78 3,478

3,471

BX

Trust

02/20/25

1,033,967

99.78 1,032

1,030

BX

Trust

07/24/25

650,000

100.03 650

650

BX

Trust

07/24/25

485,000

99.91 485

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.55 2,684

2,315

Cantor

Fitzgerald,

LP

11/14/22

605,000

97.64 591

603

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/23/25

2,000,000

99.90 1,998

2,006

Carnival

Corp.

06/12/25

351,000

97.46 342

Celulosa

Arauco

y

Constitucion

SA

08/01/25

249,000

95.60 238

Cemex

SAB

de

CV

12/12/24

431,000

99.57 429

Cencosud

SA

12/11/23

477,000

97.05 463

Chase

Home

Lending

Mortgage

Trust

07/22/20

859,532

100.00 859

886

Chase

Home

Lending

Mortgage

Trust

01/25/24

2,173,646

100.37 2,182

2,204

Chile

Electricity

MPC

SARL

08/14/23

957,650

100.01 958

1,001

Churchill

Middle

Market

CLO

LLC

02/24/25

1,700,000

100.00 1,700

1,699

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
CIFC

Funding,

Ltd.

04/24/25

700,000

99.90 699

702

Citadel

Finance

LLC

03/03/21

590,000

99.96 590

587

Citadel,

LP

09/11/19

615,000

99.95 615

615

CLI

Funding

LLC

07/24/24

1,432,890

100.48 1,440

1,443

Coca-Cola

Icecek

AS

07/12/24

280,000

94.96 266

Columbia

Pipelines

Holding

Co.

LLC

10/02/24

307,000

103.52 318

Columbia

Pipelines

Operating

Co.

LLC

10/17/23

104,000

94.85 99

Constellation

Insurance,

Inc.

01/16/20

615,000

103.03 634

621

Continental

Resources,

Inc.

10/25/24

515,000

97.11 500

503

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

06/12/25

278,000

97.21 270

Credit

Agricole

SA

09/13/23

196,000

93.16 183

Credit

Agricole

SA

08/01/25

476,000

102.44 488

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/12/25

311,000

96.00 299

Danske

Bank

A/S

09/25/24

905,000

100.00 905

910

Dayton

Power

&

Light

Co.

(The)

08/14/25

1,280,000

99.91 1,279

1,275

DBGS

Mortgage

Trust

04/03/19

1,961,000

100.94 1,979

1,603

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/16/24

357,000

97.42 348

DK

Trust

03/01/24

2,292,000

100.00 2,292

2,294

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

09/10/25

775,000

99.46 771

750

DT

Midstream,

Inc.

06/12/25

324,000

96.19 312

Eagle

RE,

Ltd.

09/20/23

615,626

100.00 616

616

East

Ohio

Gas

Co.

(The)

07/12/24

445,000

63.90 284

Element

Fleet

Management

Corp.

08/01/25

494,000

105.31 520

521

Ellington

Financial

Mortgage

Trust

12/10/24

1,447,032

99.99 1,447

1,456

Elmwood

CLO,

Ltd.

02/18/25

1,300,000

100.00 1,300

1,299

Elmwood

CLO,

Ltd.

04/24/25

3,600,000

99.86 3,595

3,606

ELP

Commercial

Mortgage

Trust

09/19/23

3,517,690

97.89 3,444

3,509

EMD

Finance

LLC

08/12/25

1,365,000

99.52 1,358

1,366

Enel

Finance

International

NV

07/12/24

214,000

96.37 206

Enel

Finance

International

NV

07/07/25

426,000

93.88 400

Enel

Finance

International

NV

09/23/25

635,000

99.17 630

629

Enel

Finance

International

NV

09/23/25

1,305,000

99.77 1,302

1,302

Farmers

Exchange

Capital

03/27/25

705,000

103.45 729

743

Farmers

Exchange

Capital

III

10/12/16

660,000

93.80 619

619

Farmers

Insurance

Exchange

10/02/24

720,000

100.00 720

750

Ferguson

Finance

PLC

03/06/24

346,000

98.80 342

FIGRE

Trust

04/28/23

526,230

99.44 523

533

FIGRE

Trust

03/19/24

2,104,288

100.03 2,105

2,141

FIGRE

Trust

07/19/24

615,491

101.25 623

627

FIGRE

Trust

09/09/24

1,179,449

100.00 1,179

1,182

FIGRE

Trust

10/31/24

991,248

100.10 992

1,000

FIGRE

Trust

12/11/24

1,403,684

99.99 1,404

1,421

FIGRE

Trust

02/20/25

370,671

103.45 383

FIGRE

Trust

03/20/25

1,199,963

99.99 1,200

1,212

FIGRE

Trust

08/21/25

953,597

100.00 954

956

FirstEnergy

Pennsylvania

Electric

Co.

08/01/25

511,000

97.45 498

500

FirstEnergy

Transmission

LLC

07/07/25

270,000

95.48 258

Flatiron

CLO,

Ltd.

11/01/24

2,900,000

100.00 2,900

2,907

Flatiron

CLO,

Ltd.

03/24/25

1,200,000

100.00 1,200

1,198

Flutter

Treasury

DAC

10/08/25

325,000

103.20 335

Fortitude

Group

Holdings

LLC

03/26/25

650,000

99.86 649

674

Foundry

JV

Holdco

LLC

02/04/25

1,880,000

103.04 1,937

1,977

Foundry

JV

Holdco

LLC

02/04/25

880,000

99.95 880

931

Freeport

Indonesia

PT

06/12/25

462,000

99.99 462

Fresenius

Medical

Care

US

Finance

III,

Inc.

05/08/25

486,000

96.81 470

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

09/20/23

701,768

80.42 564

599

Gartner,

Inc.

05/08/25

418,000

93.14 389

GFL

Environmental,

Inc.

05/08/25

285,000

96.04 274

Glencore

Funding

LLC

03/24/25

855,000

100.00 855

880

Greensaif

Pipelines

Bidco

SARL

07/17/24

690,000

100.00 690

733

GS

Mortgage

Securities

Trust

08/04/23

2,328,000

96.29 2,242

2,321

Home

RE,

Ltd.

05/09/25

2,940,000

113.17 3,327

3,341

Horizon

Mutual

Holdings,

Inc.

10/31/24

1,000,000

99.75 997

979

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Hudson

Yards

Mortgage

Trust

01/07/25

1,657,000

100.66 1,668

1,712

Imperial

Brands

Finance

PLC

06/24/25

870,000

99.76 868

875

Imperial

Brands

Finance

PLC

10/14/25

467,000

98.73 461

Indianapolis

Power

&

Light

Co.

03/07/24

395,000

99.85 394

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

96.31 297

InRetail

Consumer

12/11/23

272,000

92.53 252

Intercorp

Financial

Services,

Inc.

10/14/25

432,000

99.38 429

International

Flavors

&

Fragrances,

Inc.

07/24/24

145,000

93.97 136

Intesa

Sanpaolo

SpA

11/14/24

353,000

97.86 345

ITC

Holdings

Corp.

06/12/25

328,000

100.60 330

Jackson

National

Life

Global

Funding

08/01/25

403,000

101.87 411

James

Hardie

International

Finance

Designated

Activity

Co.

02/10/25

506,000

97.95 496

504

JDE

Peet's

NV

02/07/24

546,000

95.67 522

527

JPMorgan

Mortgage

Trust

03/30/21

131,003

101.87 133

JPMorgan

Mortgage

Trust

04/26/21

2,526,474

101.55 2,565

2,350

JPMorgan

Mortgage

Trust

06/24/21

1,929,320

102.27 1,973

1,795

JPMorgan

Mortgage

Trust

02/24/22

521,738

97.71 510

JPMorgan

Mortgage

Trust

04/27/22

741,898

95.95 712

677

JPMorgan

Mortgage

Trust

01/19/23

1,216,206

90.28 1,098

1,079

JPMorgan

Mortgage

Trust

01/30/23

1,799,340

89.55 1,611

1,611

JPMorgan

Mortgage

Trust

01/31/23

424,583

89.68 381

JPMorgan

Mortgage

Trust

03/10/23

2,530,704

88.79 2,247

2,281

JPMorgan

Mortgage

Trust

04/20/23

1,190,826

88.77 1,057

1,068

JPMorgan

Mortgage

Trust

06/22/23

1,076,141

100.00 1,076

1,079

JPMorgan

Mortgage

Trust

05/29/24

1,237,216

100.21 1,240

1,236

JPMorgan

Mortgage

Trust

01/29/25

736,286

99.99 736

740

JPMorgan

Mortgage

Trust

02/26/25

2,574,434

100.00 2,574

2,569

JPMorgan

Mortgage

Trust

02/26/25

2,230,000

100.00 2,230

2,230

JPMorgan

Mortgage

Trust

03/18/25

2,160,819

99.99 2,161

2,172

JPMorgan

Mortgage

Trust

07/30/25

2,197,417

100.00 2,197

2,197

JPMorgan

Mortgage

Trust

09/26/25

991,869

100.00 992

991

JPMorgan

Mortgage

Trust

10/22/25

1,055,282

100.00 1,055

1,054

Komatsu

Finance

America,

Inc.

09/10/25

930,000

100.00 930

927

LLPL

Capital

Pte

,

Ltd.

02/10/25

285,836

101.38 290

LSEGA

Financing

PLC

08/01/25

473,000

94.75 448

Magnetite

CLO,

Ltd.

01/28/25

1,510,000

100.00 1,510

1,509

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

11/22/24

610,000

100.00 610

639

Mars,

Inc.

03/05/25

915,000

99.46 910

932

Massachusetts

Mutual

Life

Insurance

Co.

11/18/21

1,470,000

73.49 1,080

912

Mattel,

Inc.

02/25/25

402,000

95.79 385

Meritage

Homes

Corp.

06/12/25

408,000

96.31 393

MF1

LLC

05/13/22

2,635,500

99.21 2,615

2,638

MF1

LLC

01/30/24

3,312,000

100.05 3,314

3,326

MF1,

Ltd.

10/16/25

2,344,069

100.03 2,345

2,345

MHC

Commercial

Mortgage

Trust

04/06/21

723,330

99.41 719

722

Midwest

Connector

Capital

Co.

LLC

03/25/25

307,000

98.99 304

MISC

Capital

Two

Labuan,

Ltd.

11/14/24

251,000

98.28 247

Monongahela

Power

Co.

07/26/23

665,000

97.18 646

660

Monongahela

Power

Co.

09/12/23

600,000

99.49 597

637

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.13 8

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

0.48 49

MSCI,

Inc.

03/25/25

312,000

92.92 290

Nationwide

Mutual

Insurance

Co.

09/15/23

700,000

124.44 871

947

New

York

Life

Insurance

Co.

07/07/25

680,000

104.19 708

723

News

Corp.

06/12/25

420,000

95.49 401

NGPL

PipeCo

LLC

10/02/19

297,000

122.31 363

Nordea

Bank

Abp

08/01/25

492,000

99.35 489

NRG

Energy,

Inc.

04/16/24

558,000

93.63 522

535

NRG

Energy,

Inc.

09/24/25

835,000

100.00 835

834

NTT

Finance

Corp.

07/09/25

915,000

100.00 915

940

NTT

Finance

Corp.

07/09/25

895,000

100.00 895

911

NTT

Finance

Corp.

07/09/25

1,070,000

100.00 1,070

1,081

Oaktown

Re,

Ltd.

08/23/23

123,861

101.42 126

OCP

CLO,

Ltd.

04/01/25

1,600,000

99.95 1,599

1,603

OCP

CLO,

Ltd.

09/17/25

1,400,000

100.00 1,400

1,402

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Ohio

Edison

Co.

07/11/25

740,000

100.77 746

757

Open

Text

Corp.

08/01/23

290,000

100.99 293

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.49 236

Pernod

Ricard

International

Finance

LLC

06/12/25

420,000

92.56 389

Prologis

Targeted

US

Logistics

Fund,

LP

10/27/25

615,000

99.69 613

610

Prosus

NV

08/01/23

260,000

97.99 255

Prosus

NV

06/12/25

304,000

98.28 299

PRPM

LLC

06/09/23

2,668,943

94.14 2,512

2,648

PRPM

LLC

02/03/25

1,574,259

97.91 1,541

1,578

PRPM

LLC

08/08/25

2,309,967

98.70 2,280

2,287

PSEG

Power

LLC

05/14/25

1,095,000

99.64 1,091

1,145

PSEG

Power

LLC

07/07/25

795,000

101.46 807

815

PTTEP

Treasury

Center

Co.,

Ltd.

11/14/24

232,000

96.43 224

Raizen

Fuels

Finance

SA

06/26/25

785,000

98.80 775

672

RCKT

Mortgage

Trust

02/15/24

1,025,579

99.97 1,025

1,033

RCKT

Mortgage

Trust

03/19/24

1,431,817

99.97 1,431

1,445

RCKT

Mortgage

Trust

06/27/24

1,772,339

101.10 1,792

1,794

RCKT

Mortgage

Trust

08/14/24

1,134,931

99.98 1,135

1,137

RCKT

Mortgage

Trust

12/12/24

767,605

100.65 773

773

RCKT

Mortgage

Trust

12/12/24

3,109,227

99.99 3,109

3,128

RCKT

Mortgage

Trust

02/26/25

3,146,903

99.99 3,147

3,174

RCKT

Mortgage

Trust

04/24/25

992,477

100.44 997

1,003

Regatta

XX

Funding,

Ltd.

01/28/25

3,440,000

100.00 3,440

3,437

Regatta

XXVII

Funding,

Ltd.

04/08/25

1,000,000

99.81 998

1,001

Reliance

Industries,

Ltd.

02/07/24

364,000

97.27 354

Rentokil

Terminix

Funding

LLC

04/23/25

1,190,000

99.28 1,181

1,211

Repsol

E&P

Capital

Markets

LLC

09/09/25

790,000

100.00 790

794

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

98.61 389

RFR

Trust

02/18/25

3,086,000

100.13 3,090

3,156

RFR

Trust

02/18/25

2,425,000

99.99 2,425

2,467

RWE

Finance

US

LLC

09/15/25

965,000

99.36 959

951

Sabal

Trail

Transmission

LLC

08/07/24

515,000

98.51 507

511

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

814,117

102.03 831

844

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

2,580,285

99.99 2,580

2,641

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

1,091,949

101.36 1,107

1,112

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

1,095,184

102.46 1,122

1,130

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

2,572,737

100.00 2,573

2,575

Saudi

Arabian

Oil

Co.

08/01/23

336,000

88.92 299

Saudi

Arabian

Oil

Co.

05/27/25

990,000

98.07 971

1,069

Scentre

Group

Trust

09/25/24

1,050,000

99.16 1,041

1,056

SK

Hynix,

Inc.

11/14/24

155,000

100.57 156

SK

Hynix,

Inc.

07/07/25

318,000

102.29 325

Societe

Generale

SA

11/12/24

1,380,000

100.00 1,380

1,394

Societe

Generale

SA

06/12/25

269,000

100.70 271

Societe

Generale

SA

10/14/25

405,000

101.21 410

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

04/16/20

1,460,000

99.78 1,457

1,469

Standard

Chartered

PLC

11/14/24

203,000

102.55 208

Stellantis

Finance

US,

Inc.

03/12/25

870,000

99.92 869

881

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62 698

652

TCO

Commercial

Mortgage

Trust

12/06/24

1,117,000

99.76 1,114

1,117

Texas

Eastern

Transmission,

LP

11/13/19

178,000

101.06 180

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

1,960,567

100.00 1,960

1,969

Trans-Allegheny

Interstate

Line

Co.

04/14/25

580,000

99.91 579

596

Transportadora

de

Gas

Internacional

SA

ESP

06/12/25

449,000

101.30 455

Triton

Container

International,

Ltd.

04/06/21

1,215,000

98.89 1,201

1,202

UBS

Group

AG

11/14/24

199,000

99.57 198

UBS

Group

AG

08/01/25

428,000

104.95 449

UniCredit

SpA

06/12/25

253,000

100.32 254

United

Rentals

NA,

Inc.

05/07/25

374,000

101.38 379

Vantage

Data

Centers

Germany

Borrower

SARL

05/22/25

EUR

2,941,000

112.78 3,317

3,463

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

05/17/24

GBP

2,090,000

127.07 2,656

2,822

Var

Energi

ASA

08/01/23

436,000

106.02 462

503

VDCM

Commercial

Mortgage

Trust

06/24/25

1,480,000

100.00 1,480

1,490

VDCM

Commercial

Mortgage

Trust

06/24/25

2,863,000

100.00 2,863

2,891

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

03/25/25

223,000

96.03 214

Videotron,

Ltd.

05/07/25

276,000

95.00 262

Vistra

Operations

Co.

LLC

05/06/24

509,000

97.59 497

505

Vistra

Operations

Co.

LLC

11/19/24

1,325,000

100.06 1,326

1,360

Vistra

Operations

Co.

LLC

10/01/25

775,000

99.69 773

770

Vistra

Operations

Co.

LLC

10/01/25

1,200,000

99.93 1,199

1,193

Vistra

Operations

Co.

LLC

10/01/25

1,140,000

99.97 1,140

1,136

Wellesley

Park

CLO,

Ltd.

10/10/25

1,900,000

100.00 1,900

1,903

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,350,660

94.42 1,275

1,350

XPO,

Inc.

12/11/24

202,000

101.62 205

Yara

International

ASA

12/11/24

177,000

99.42 176

295,593

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

Year

Treasury

Bond

Futures

AUD

17,383

12/25

Long

Gilt

Futures

GBP

7,022

12/25

United

States

Year

Treasury

Note

Futures

USD

57,058

12/25

(46) United

States

Year

Treasury

Note

Futures

USD

25,009

12/25

United

States

Year

Treasury

Note

Futures

591

USD

66,589

12/25

United

States

Year

Ultra

Treasury

Note

Futures

1,045

USD

120,681

12/25

1,664

United

States

Treasury

Long

Bond

Futures

USD

15,485

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

31,169

12/25

1,001

Short

Positions

Euro-

Bobl

Futures

EUR

2,602

12/25

(8) Euro-Bund

Futures

EUR

9,834

12/25

(117) Japanese

Year

Government

Bond

Futures

JPY

2,040,600

12/25

Japanese

Year

Mini

Government

Bond

Futures

JPY

27,200

12/25

—

Long

Gilt

Futures

GBP

749

12/25

(34) United

States

Year

Treasury

Note

Futures

USD

31,652

12/25

United

States

Year

Treasury

Note

Futures

USD

26,538

12/25

(22) United

States

Year

Ultra

Treasury

Note

Futures

USD

30,950

12/25

(382) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,078

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

3,449

CAD

4,808

11/10/25

(20) BNP

Paribas

CHF

4,146

USD

5,226

11/10/25

HSBC

USD

CAD

11/10/25

—

HSBC

USD

1,523

EUR

1,316

11/10/25

(6) HSBC

USD

NOK

11/10/25

—

HSBC

CHF

USD

11/10/25

—

HSBC

GBP

USD

11/10/25

—

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
HSBC

JPY

223,008

USD

1,447

11/10/25

—

HSBC

SEK

USD

11/10/25

—

JPMorgan

Chase

USD

5,510

EUR

4,683

11/10/25

(111) JPMorgan

Chase

EUR

2,999

USD

3,474

11/12/25

Royal

Bank

of

Canada

GBP

2,838

USD

3,810

11/12/25

State

Street

USD

1,740

NOK

17,324

11/10/25

(30) State

Street

SEK

16,355

USD

1,748

11/10/25

Westpac

GBP

1,078

USD

1,447

11/10/25

Westpac

JPY

43,066

USD

11/10/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

31,897

$

—

$

—

$

31,897

Corporate

Bonds

and

Notes

—

290,812

—

—

290,812

International

Debt

—

134,913

—

—

134,913

Mortgage-Backed

Securities

—

237,081

—

—

237,081

Municipal

Bonds

—

1,049

—

—

1,049

Non-US

Bonds

—

13,738

—

—

13,738

United

States

Government

Treasuries

—

252,343

—

—

252,343

Short-Term

Investments

—

—

—

92,786

92,786

Total

Investments

—

961,833

—

92,786

1,054,619

Other

Financial

Instruments

Assets

Futures

Contracts

3,687

—

—

—

3,687

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(609) —

—

—

(609) Foreign

Currency

Exchange

Contracts

—

(167) —

—

(167) Total

Other

Financial

Instruments

\*

$

3,078

$

$

—

$

—

$

3,150

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

1,936

.2

Belgium

..............................................................................................

1,913

.2

Bermuda

.............................................................................................

4,966

.5

Brazil

..................................................................................................

1,867

.2

Canada

................................................................................................

9,800

.9

Cayman

Islands

..................................................................................

29,535

.8

Chile

...................................................................................................

2,107

.2

China

..................................................................................................

2,530

.2

Colombia

............................................................................................

821

.1

Denmark

.............................................................................................

910

.1

Finland

...............................................................................................

999

.1

France

.................................................................................................

3,446

.3

Germany

.............................................................................................

5,011

.5

India

...................................................................................................

775

.1

Indonesia

............................................................................................

763

.1

Ireland

................................................................................................

17,405

.7

Italy

....................................................................................................

3,454

.3

Japan

..................................................................................................

2,933

.3

Jersey

..................................................................................................

15,720

.5

Luxembourg

.......................................................................................

3,977

.4

Malaysia

.............................................................................................

—

\*\*

Mexico

...............................................................................................

4,347

.4

Netherlands

........................................................................................

844

.1

Norway

...............................................................................................

503

—

\*\*

Peru

....................................................................................................

694

.1

Saudi

Arabia

.......................................................................................

2,108

.2

South

Africa

.......................................................................................

672

.1

South

Korea

.......................................................................................

—

\*\*

Spain

..................................................................................................

3,720

.4

Switzerland

........................................................................................

652

.1

Thailand

.............................................................................................

840

.1

Turkey

................................................................................................

—

\*\*

United

Arab

Emirates

.........................................................................

599

—

\*\*

United

Kingdom

.................................................................................

21,792

.1

United

States

......................................................................................

905,968

.0

Total

Investments

...............................................................................

1,054,619

.3

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

Variation

margin

on

futures

contracts\*

—

3,687

Total

$

$

3,687

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

609

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

609

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

(10,379)

Foreign

currency

exchange

contracts

(445) —

Total

$

(445) $

(10,379)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

12,355

Foreign

currency

exchange

contracts

—

Total

$

$

12,355

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received

#### ^

#### Net

#### Amount
BNP

Paribas

$

$

—

$

—

$

JPMorgan

Chase

—

—

Royal

Bank

of

Canada

—

—

State

Street

—

—

Westpac

—

—

Total

$

$

$

—

$

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

Amounts

in

thousands

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

—

$

—

$

HSBC

—

—

JPMorgan

Chase

—

—

State

Street

—

Total

$

$

$

—

$

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,057,937

Investments,

at

fair

value(>)

........................................................................................................................................................

1,054,619

Foreign

currency

holdings(^)

.......................................................................................................................................................

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

7,854

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

9,657

Fund

shares

sold

...............................................................................................................................................................

1,266

From

broker(a)

.................................................................................................................................................................

3,348

Variation

margin

on

futures

contracts

..............................................................................................................................

3,085

Total

assets

...............................................................................................................................................................

1,080,528

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

1,193

Due

to

broker

(b) ...............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

36,394

Fund

shares

redeemed

......................................................................................................................................................

648

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

39,147

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,041,381

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(76,447)

Shares

of

beneficial

interest

.........................................................................................................................................................

560

Additional

paid-in

capital

............................................................................................................................................................

1,117,268

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,041,381

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

92,786

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

3,348

(b) Due

to

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

18.59 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

19.31 Class

A

—

Net

assets

...........................................................................................................................................................

$

12,129,335

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

652,610

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

18.30 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,808,130

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

153,421

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

18.59 Class

M

—

Net

assets

..........................................................................................................................................................

$

181,441,592

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

9,761,776

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

18.68 Class

R6

—

Net

assets

.........................................................................................................................................................

$

4,278,548

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

229,098

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.58 Class

S

—

Net

assets

............................................................................................................................................................

$

668,399,052

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

35,968,798

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

18.64 Class

Y

—

Net

assets

...........................................................................................................................................................

$

172,323,936

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

9,244,635

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

44,028

Dividends

from

affiliated

funds

.......................................................................................................................................

4,462

Total

investment

income

..............................................................................................................................................................

48,490

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,484

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

R6

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,253

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

5,202

Expense

reductions

..........................................................................................................................................................

(590) Net

expenses

................................................................................................................................................................................

4,612

Net

investment

income

(loss)

.......................................................................................................................................................

43,878

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(1,368)

Investments

in

affiliated

funds

.........................................................................................................................................

(5) Futures

contracts

..............................................................................................................................................................

(10,379)

Foreign

currency

exchange

contracts

...............................................................................................................................

(445) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(12,187)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

16,268

Investments

in

affiliated

funds

.........................................................................................................................................

(9) Futures

contracts

..............................................................................................................................................................

12,355

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

29,160

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

16,973

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

60,851

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

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)

.......................................................................................................

$

43,878

$

50,050

Net

realized

gain

(loss)

................................................................................................................

(12,187)

(1,14

7)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

29,160

58,974

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

60,851

107,87

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(552) (393) Class

C

.....................................................................................................................................

(115) (89) Class

M

....................................................................................................................................

(8,501)

(7,138)

Class

R6

...................................................................................................................................

(287) (137) Class

S

......................................................................................................................................

(30,741)

(25,771)

Class

Y

.....................................................................................................................................

(8,863)

(7,208)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(49,059)

(40,736)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(29,895)

(60,960)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(18,103)

6,18

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,059,484

1,053,303

End

of

period

......................................................................................................................................

$

1,041,381

$

1,059,484

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

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

$

687

$

1,063

Proceeds

from

reinvestment

of

distributions

551

Payments

for

shares

redeemed

(67) (1,214)

(62) (1,119)

Net

increase

(decrease)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(36) (653) (69) (1,240)

Net

increase

(decrease)

(16) (290) (39) (703) Class

M

Proceeds

from

shares

sold

3,638

65,902

2,275

41,588

Proceeds

from

reinvestment

of

distributions

8,501

7,137

Payments

for

shares

redeemed

(4,2

79)

(77,896)

(3,908)

(70,877)

Net

increase

(decrease)

(17

4)

(3,493)

(1,242)

(22,152)

Class

R6

Proceeds

from

shares

sold

1,416

25,649

1,064

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(1,416)

(25,606)

(37) (678) Net

increase

(decrease)

523

Class

S

Proceeds

from

shares

sold

9,297

169,643

8,188

147,636

Proceeds

from

reinvestment

of

distributions

1,685

30,647

1,410

25,694

Payments

for

shares

redeemed

(11,722)

(213,660)

(11,153)

(202,485)

Net

increase

(decrease)

(740) (13,370)

(1,555)

(29,155)

Class

Y

Proceeds

from

shares

sold

894

16,268

3,432

Proceeds

from

reinvestment

of

distributions

8,863

7,208

Payments

for

shares

redeemed

(2,087)

(38,227)

(1,111)

(20,450)

Net

increase

(decrease)

(707) (13,096)

(530) (9,810)

Total

increase

(decrease)

(1,62

0)

$

(29,895)

(3,319)

$

(60,960)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### 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

18.38 17.28 17.93 22.02 22.98 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.75

.77

.67

.35

.28

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.95

(.78)

(4.07)

(.20)

$

Total

from

Investment

Operations

1.05 1.72 (.11)

(3.72)

.08

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.84)

(.62)

(.54)

(.29)

(.23)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.84)

(.62)

(.54)

(.37)

(1.04)

$

Net

Asset

Value,

End

of

Period

18.59 18.38 17.28 17.93 22.02 %

Total

Return

(±)

5.92 10.03 (.76)

(17.16)

.32

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,129

11,968

10,934

10,828

6,911

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.80

.80

.81

.84

.82

%

Expenses,

Net

(Ƃ)

.79

.78

.77

.77

.77

%

Net

Investment

Income

(Ƃ)

4.09 4.20 3.65 1.75 1.24 %

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

18.11 17.04 17.69 21.78 22.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.60

.63

.52

.19

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.93

(.77)

(4.02)

(.19)

$

Total

from

Investment

Operations

.90

1.56 (.25)

(3.83)

(.08)

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.71)

(.49)

(.40)

(.18)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.71)

(.49)

(.40)

(.26)

(.89)

$

Net

Asset

Value,

End

of

Period

18.30 18.11 17.04 17.69 21.78 %

Total

Return

5.11 9.18 (1.50)

(17.78)

(.41)

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,808

3,072

3,562

4,176

6,041

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.55 1.55 1.56 1.58 1.57 %

Expenses,

Net

(Ƃ)

1.54 1.53 1.52 1.52 1.52 %

Net

Investment

Income

(Ƃ)

3.34 3.48 2.88 .97

.50

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.38 17.28 17.93 21.99 22.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.82

.84

.74

.43

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.95

(.78)

(4.07)

(.19)

$

Total

from

Investment

Operations

1.12 1.79 (.04)

(3.64)

.17

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.91)

(.69)

(.61)

(.34)

(.32)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.91)

(.69)

(.61)

(.42)

(1.13)

$

Net

Asset

Value,

End

of

Period

18.59 18.38 17.28 17.93 21.99 %

Total

Return

6.33 10.45 (.37)

(16.84)

.72

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 181,442

182,613

193,112

53,538

59,008

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.55

.55

.56

.59

.57

%

Expenses,

Net

(Ƃ)

.40

.39

.38

.38

.38

%

Net

Investment

Income

(Ƃ)

4.48 4.61 4.05 2.13 1.60 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.47 17.36 18.01 22.08 23.04 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.81

.85

.76

.43

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

.32

.95

(.80)

(4.08)

(.19)

$

Total

from

Investment

Operations

1.13 1.80 (.04)

(3.65)

.18

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.92)

(.69)

(.61)

(.34)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.92)

(.69)

(.61)

(.42)

(1.14)

$

Net

Asset

Value,

End

of

Period

18.68 18.47 17.36 18.01 22.08 %

Total

Return

6.33 10.49 (.34)

(16.80)

.75

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,279

3,933

3,193

852

1,045

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.40

.40

.42

.44

.42

%

Expenses,

Net

(Ƃ)

.37

.36

.35

.35

.35

%

Net

Investment

Income

(Ƃ)

4.47 4.65 4.15 2.15 1.65 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### 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

18.37 17.27 17.93 21.99 22.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.80

.83

.72

.40

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

.31

.94

(.79)

(4.06)

(.19)

$

Total

from

Investment

Operations

1.11 1.77 (.07)

(3.66)

.15

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.90)

(.67)

(.59)

(.32)

(.30)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.90)

(.67)

(.59)

(.40)

(1.11)

$

Net

Asset

Value,

End

of

Period

18.58 18.37 17.27 17.93 21.99 %

Total

Return

6.23 10.35 (.53)

(16.90)

.62

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 668,399

674,506

660,950

408,587

648,787

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.55

.55

.56

.58

.57

%

Expenses,

Net

(Ƃ)

.50

.49

.48

.48

.48

%

Net

Investment

Income

(Ƃ)

4.38 4.52 3.93 1.99 1.53 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.43 17.32 17.98 22.04 23.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.83

.86

.78

.44

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

.30

.95

(.82)

(4.07)

(.19)

$

Total

from

Investment

Operations

1.13 1.81 (.04)

(3.63)

.18

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.92)

(.70)

(.62)

(.35)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.08)

(.81)

$

Total

Distributions

(.92)

(.70)

(.62)

(.43)

(1.14)

$

Net

Asset

Value,

End

of

Period

18.64 18.43 17.32 17.98 22.04 %

Total

Return

6.37 10.54 (.38)

(16.77)

.78

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 172,324

183,392

181,552

31,536

48,672

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.35

.36

.38

.39

.37

%

Expenses,

Net

(Ƃ)

.34

.33

.33

.32

.32

%

Net

Investment

Income

(Ƃ)

4.54 4.67 4.37 2.17 1.66 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

212,167

Administrative

fees

41,944

Distribution

fees

4,380

Shareholder

servicing

fees

597

Transfer

agent

fees

103,140

Trustees'

fees

3,582

$

365,810

#### 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
U.S.

Cash

Management

Fund

$

165,912

$

492,852

$

565,964

$

(5)

$

(9)

$

92,786

$

4,462

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,062,843,054

$

33,294,848

$

(41,418,124)

$

(8,123,276)

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

14,744,655

$

(83,152,192)

$

(8,039,078)

$

—

$

(76,446,615)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

49,058,866

$

—

$

—

$

40,735,967

$

—

$

—

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 90.9%
Asset-Backed

Securities

-

13.6%

American

Express

Credit

Account

Master

Trust

Series

2024-1

Class

A

5.230%

due

04/15/29

700

713

Series

2025-2

Class

A

4.280%

due

04/15/30

1,860

1,878

Series

2025-4

Class

A

4.300%

due

07/15/30

3,380

3,419

AMSR

Trust

Series

2021-SFR2

Class

A

1.527%

due

08/17/38

(Þ)

2,650

2,589

Series

2024-SFR2

Class

A

4.150%

due

11/17/41

(Þ)

AutoNation

Finance

Trust

Series

2025-1A

Class

A3

4.620%

due

11/13/29

(Þ)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-5A

Class

A

5.780%

due

04/20/28

(Þ)

890

906

Series

2025-4A

Class

A

4.400%

due

02/20/32

(Þ)

780

776

Bank

of

America

Credit

Card

Trust

Series

2022-A2

Class

A2

5.000%

due

04/15/28

Series

2025-A1

Class

A

4.310%

due

05/15/30

BMW

Vehicle

Lease

Trust

Series

2025-1

Class

A4

4.490%

due

10/25/28

Series

2025-2

Class

A3

3.970%

due

09/25/28

1,725

1,724

CarMax

Auto

Owner

Trust

Series

2024-1

Class

B

5.170%

due

08/15/29

Series

2025-1

Class

A3

4.840%

due

01/15/30

Carvana

Auto

Receivables

Trust

Series

2025-P3

Class

A4

4.240%

due

08/11/31

Chase

Issuance

Trust

Series

2023-A1

Class

A

5.160%

due

09/15/28

1,685

1,702

Series

2025-A1

Class

A

4.160%

due

07/15/30

500

504

CoreVest

American

Finance,

Ltd.

Series

2022-1

Class

A

4.744%

due

06/17/55

(~)(Ê)(Þ)

502

505

Credit

Acceptance

Auto

Loan

Trust

Series

2025-1A

Class

A

5.020%

due

03/15/35

(Þ)

700

700

DLLAA

LLC

Series

2025-1A

Class

A3

4.950%

due

09/20/29

(Þ)

FirstKey

Homes

Trust

Series

2022-SFR3

Class

A

4.250%

due

07/17/38

(Þ)

1,982

1,975

Ford

Credit

Auto

Owner

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2022-B

Class

A4

3.930%

due

08/15/27

Series

2025-B

Class

A3

3.910%

due

04/15/30

1,240

1,238

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2025-2

Class

B

4.330%

due

09/15/30

GM

Financial

Automobile

Leasing

Trust

Series

2025-3

Class

B

4.410%

due

08/20/29

Hertz

Vehicle

Financing

LLC

Series

2021-2A

Class

A

1.680%

due

12/27/27

(Þ)

3,910

3,814

Series

2022-2A

Class

A

2.330%

due

06/26/28

(Þ)

890

865

Series

2022-5A

Class

A

3.890%

due

09/25/28

(Þ)

Series

2023-4A

Class

A

6.150%

due

03/25/30

(Þ)

975

1,017

Series

2025-1A

Class

A

4.910%

due

09/25/29

(Þ)

845

853

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

Series

2025-1A

Class

A

4.880%

due

05/27/42

(Þ)

581

585

HINNT

LLC

Series

2024-A

Class

A

5.490%

due

03/15/43

(Þ)

Home

Partners

of

America

Trust

Series

2019-2

Class

B

2.922%

due

10/19/39

(Þ)

888

860

Series

2020-2

Class

A

1.532%

due

01/17/41

(Þ)

909

831

Series

2021-2

Class

B

2.302%

due

12/17/26

(Þ)

Honda

Auto

Receivables

Owner

Trust

Series

2024-2

Class

A2

5.480%

due

11/18/26

Hyundai

Auto

Receivables

Trust

Series

2024-A

Class

A2A

5.290%

due

04/15/27

Series

2025-C

Class

A2A

3.970%

due

07/17/28

600

600

Hyundai

Floorplan

Master

Owner

Trust

Series

2025-1A

Class

A

4.410%

due

10/15/30

(Þ)

885

885

Invitation

Homes

Trust

Series

2024-SFR1

Class

A

4.000%

due

09/17/41

(Þ)

John

Deere

Owner

Trust

Series

2024-A

Class

A2A

5.190%

due

02/16/27

Series

2025-B

Class

A2A

4.280%

due

07/17/28

900

902

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.556%

due

01/25/37

(CME

Term

SOFR

Month

+

0.414%)(Ê)

Mercedes-Benz

Auto

Lease

Trust

Series

2025-B

Class

A3

3.880%

due

04/16/29

930

927

Mercedes-Benz

Auto

Receivables

Trust

Series

2025-1

Class

A2A

4.500%

due

02/15/28

767

768

Merchants

Fleet

Funding

LLC

Series

2024-1A

Class

A

5.820%

due

04/20/37

(Þ)

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

Series

2004-HE3

Class

M1

4.961%

due

03/25/34

(CME

Term

SOFR

Month

+

0.969%)(Ê)

MVW

LLC

Series

2021-1WA

Class

A

1.140%

due

01/22/41

(Þ)

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA

Class

A

1.220%

due

07/15/69

(Þ)

Series

2021-BA

Class

A

0.940%

due

07/15/69

(Þ)

Series

2021-EA

Class

A

0.970%

due

12/16/69

(Þ)

Series

2022-BA

Class

A

4.160%

due

10/15/70

(Þ)

Nelnet

Student

Loan

Trust

Series

2021-CA

Class

AFX

1.320%

due

04/20/62

(Þ)

NextGear

Floorplan

Master

Owner

Trust

Series

2024-2A

Class

A2

4.420%

due

09/15/29

(Þ)

856

860

Nissan

Auto

Lease

Trust

Series

2025-A

Class

B

5.030%

due

02/15/29

Series

2025-A

Class

C

5.110%

due

06/15/29

Nissan

Master

Owner

Trust

Receivables

Series

2024-B

Class

A

5.050%

due

02/15/29

(Þ)

Progress

Residential

Trust

Series

2021-SFR5

Class

A

1.427%

due

07/17/38

(Þ)

Series

2022-SFR2

Class

A

2.950%

due

04/17/27

(Þ)

530

518

Series

2025-SFR4

Class

A

4.300%

due

08/17/42

(Þ)

525

520

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

Series

2025-CES10

Class

A1B

4.995%

due

11/25/55

(~)(Ê)(Þ)

675

673

Sierra

Timeshare

Receivables

Funding

LLC

Series

2025-2A

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.720%

due

04/20/44

(Þ)

Series

2025-3A

Class

A

4.440%

due

08/22/44

(Þ)

605

603

SLM

Private

Credit

Student

Loan

Trust

Series

2006-B

Class

A5

4.569%

due

12/15/39

(CME

Term

SOFR

Month

+

0.532%)(Ê)

SMB

Private

Education

Loan

Trust

Series

2021-B

Class

A

1.310%

due

07/17/51

(Þ)

Series

2023-B

Class

A1B

6.034%

due

10/16/56

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

Series

2024-A

Class

A1A

5.240%

due

03/15/56

(Þ)

STAR

Trust

Series

2022-SFR3

Class

A

5.682%

due

05/17/39

(CME

Term

SOFR

Month

+

1.650%)(Ê)(Þ)

1,623

1,626

Series

2024-SFR4

Class

A

5.782%

due

10/17/41

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

2,205

2,215

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

Series

2025-BA

Class

A4

4.290%

due

06/20/29

(Þ)

Tesla

Sustainable

Energy

Trust

Series

2024-1A

Class

A2

5.080%

due

06/21/50

(Þ)

509

510

Toyota

Auto

Receivables

Owner

Trust

Series

2024-A

Class

A3

4.830%

due

10/16/28

565

569

Series

2025-D

Class

A3

3.840%

due

06/17/30

1,025

1,023

Tricon

American

Homes

Trust

Series

2020-SFR2

Class

A

1.482%

due

11/17/39

(Þ)

1,759

1,667

USB

Auto

Owner

Trust

Series

2025-1A

Class

A3

4.490%

due

06/17/30

(Þ)

Series

2025-1A

Class

A4

4.620%

due

12/16/30

(Þ)

Series

2025-1A

Class

B

4.810%

due

01/15/31

(Þ)

Verizon

Master

Trust

Series

2024-3

Class

A1A

5.340%

due

04/22/30

775

790

Series

2024-6

Class

A1A

4.170%

due

08/20/30

1,190

1,194

Series

2024-6

Class

B

4.420%

due

08/20/30

Series

2025-1

Class

B

4.940%

due

01/21/31

Series

2025-1

Class

C

5.090%

due

01/21/31

Western

Funding

Auto

Loan

Trust

Series

2025-1

Class

A

4.750%

due

07/16/35

(Þ)

690

684

Series

2025-1

Class

B

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.980%

due

09/17/35

(Þ)

Westlake

Automobile

Receivables

Trust

Series

2025-P1

Class

A3

4.580%

due

06/15/29

(Þ)

Series

2025-P1

Class

A4

4.660%

due

04/15/30

(Þ)

WF

Card

Issuance

Trust

Series

2024-A2

Class

A

4.290%

due

10/15/29

935

943

Wheels

Fleet

Lease

Funding

LLC

Series

2025-3A

Class

A1

4.080%

due

09/18/40

(Þ)

1,000

998

57,614

Corporate

Bonds

and

Notes

-

35.9%

Consumer

Discretionary

-

4.4%

Alaska

Airlines

Pass-Through

Trust

4.800%

due

02/15/29

(Þ)

American

Honda

Finance

Corp.

Series

GMTN

4.950%

due

01/09/26

1,300

1,301

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

Series

WI

3.750%

due

02/15/28

703

692

Cummins,

Inc.

4.250%

due

05/09/28

655

660

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

1,663

1,674

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

619

608

Ferguson

Finance

PLC

4.500%

due

10/24/28

(Þ)

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

1,170

1,183

4.950%

due

05/28/27

855

856

General

Motors

Financial

Co.,

Inc.

5.400%

due

05/08/27

915

930

5.050%

due

04/04/28

595

605

4.300%

due

04/06/29

735

732

Hasbro,

Inc.

3.900%

due

11/19/29

Home

Depot,

Inc.

(The)

4.875%

due

06/25/27

660

671

Hyundai

Capital

America

4.875%

due

06/23/27

(Þ)

690

696

5.275%

due

06/24/27

(Þ)

Las

Vegas

Sands

Corp.

5.900%

due

06/01/27

Lennar

Corp.

Series

WI

4.750%

due

11/29/27

Lowe's

Cos.,

Inc.

Series

10YR

3.650%

due

04/05/29

1,095

1,076

McDonald's

Corp.

Series

MTN

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

07/01/27

710

705

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

PACCAR

Financial

Corp.

4.550%

due

03/03/28

1,200

1,219

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

United

Airlines

Pass-Through

Trust

Series

A

4.000%

due

10/11/27

3.750%

due

03/03/28

766

761

WMG

Acquisition

Corp.

3.750%

due

12/01/29

(Þ)

YMCA

of

Greater

New

York

2.303%

due

08/01/26

Series

2021

2.303%

due

08/01/26

18,738

Consumer

Staples

-

2.7%

Altria

Group,

Inc.

4.875%

due

02/04/28

Avery

Dennison

Corp.

4.875%

due

12/06/28

590

601

Campbell's

Co.

(The)

2.375%

due

04/24/30

Conagra

Brands,

Inc.

1.375%

due

11/01/27

622

587

Constellation

Brands,

Inc.

4.350%

due

05/09/27

3.150%

due

08/01/29

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

503

ERAC

USA

Finance

LLC

4.600%

due

05/01/28

(Þ)

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/27

550

545

Kraft

Heinz

Foods

Co.

Series

WI

3.750%

due

04/01/30

723

703

Mars,

Inc.

4.450%

due

03/01/27

(Þ)

915

921

4.600%

due

03/01/28

(Þ)

660

668

McCormick

&

Co.,

Inc.

2.500%

due

04/15/30

Mondelez

International,

Inc.

4.250%

due

05/06/28

665

667

Nestle

Holdings,

Inc.

5.250%

due

03/13/26

(Þ)

1,500

1,506

Philip

Morris

International,

Inc.

4.750%

due

02/12/27

945

954

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

600

592

Sysco

Corp.

2.400%

due

02/15/30

766

710

Tyson

Foods,

Inc.

3.550%

due

06/02/27

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $11,511

Energy

-

3.7%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

Chevron

Corp.

2.954%

due

05/16/26

1,800

1,790

Chevron

USA,

Inc.

4.475%

due

02/26/28

1,120

1,135

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

565

588

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

563

560

Enterprise

Products

Operating

LLC

4.600%

due

01/11/27

700

705

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

711

709

EQT

Corp.

7.000%

due

02/01/30

Exxon

Mobil

Corp.

3.043%

due

03/01/26

1,800

1,794

Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27

(Þ)

819

807

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

Series

0005

4.125%

due

03/01/27

715

714

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

536

537

Northwest

Pipeline

LLC

Series

WI

4.000%

due

04/01/27

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

1,865

1,891

6.625%

due

09/01/30

537

576

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.550%

due

12/15/29

Targa

Resources

Corp.

5.200%

due

07/01/27

TC

PipeLines,

LP

3.900%

due

05/25/27

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

15,430

Financial

Services

-

12.6%

Air

Lease

Corp.

5.850%

due

12/15/27

769

790

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

731

706

American

Express

Co.

1.650%

due

11/04/26

1,900

1,859

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.098%

due

02/16/28

(SOFR

+

1.000%)(Ê)

530

537

4.731%

due

04/25/29

(SOFR

+

1.260%)(Ê)

705

716

Ares

Capital

Corp.

7.000%

due

01/15/27

506

520

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.186%)(Ê)

Bank

of

America

Corp.

6.204%

due

11/10/28

(SOFR

+

1.990%)(Ê)

800

832

5.162%

due

01/24/31

(SOFR

+

1.000%)(Ê)

1,455

1,502

Series

frn

5.000%

due

01/24/29

(SOFR

+

0.830%)(Ê)

1,585

1,587

Series

MTN

2.551%

due

02/04/28

(SOFR

+

1.050%)(Ê)

1,000

980

Bank

of

New

York

Mellon

(The)

4.729%

due

04/20/29

(SOFR

+

1.135%)(Ê)

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

527

513

Capital

One

Financial

Corp.

4.927%

due

05/10/28

(SOFR

+

2.057%)(Ê)

784

791

Citigroup,

Inc.

4.643%

due

05/07/28

(SOFR

+

1.143%)(Ê)

990

996

4.786%

due

03/04/29

(SOFR

+

0.870%)(Ê)

1,255

1,271

4.075%

due

04/23/29

(CME

Term

SOFR

Month

+

1.454%)(Ê)

770

768

3.980%

due

03/20/30

(CME

Term

SOFR

Month

+

1.600%)(Ê)

695

687

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

665

676

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

Corebridge

Global

Funding

4.900%

due

01/07/28

(Þ)

Equifax,

Inc.

5.100%

due

12/15/27

779

793

Equitable

America

Global

Funding

4.650%

due

06/09/28

(Þ)

565

571

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

568

596

FS

KKR

Capital

Corp.

2.625%

due

01/15/27

586

567

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

500

514

Goldman

Sachs

Group,

Inc.

(The)

4.937%

due

04/23/28

(SOFR

+

1.319%)(Ê)

710

718

3.691%

due

06/05/28

(CME

Term

SOFR

Month

+

1.772%)(Ê)

950

943

4.153%

due

10/21/29

(SOFR

+

0.900%)(Ê)

735

733

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

Healthcare

Realty

Holdings,

LP

2.400%

due

03/15/30

888

805

Hercules

Capital,

Inc.

3.375%

due

01/20/27

706

692

Highwoods

Realty,

LP

4.200%

due

04/15/29

JPMorgan

Chase

&

Co.

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

1,000

999

5.040%

due

01/23/28

(SOFR

+

1.190%)(Ê)

1,455

1,470

4.979%

due

07/22/28

(SOFR

+

0.930%)(Ê)

920

933

4.915%

due

01/24/29

(SOFR

+

0.800%)(Ê)

710

722

Series

VAR

2.947%

due

02/24/28

(SOFR

+

1.170%)(Ê)

745

734

Lehman

Brothers

Holdings

Capital

Trust

VII

Series

MTN

0.000%

due

11/29/49

(Æ)(Ø)(Š)(ž)

—

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

779

762

M&T

Bank

Corp.

4.553%

due

08/16/28

(SOFR

+

1.780%)(Ê)

641

643

Series

MTN

4.833%

due

01/16/29

(SOFR

+

0.930%)(Ê)

725

733

Markel

Group,

Inc.

3.500%

due

11/01/27

805

794

Marsh

&

McLennan

Cos.,

Inc.

4.550%

due

11/08/27

610

616

Mercury

General

Corp.

4.400%

due

03/15/27

668

666

Morgan

Stanley

6.407%

due

11/01/29

(SOFR

+

1.830%)(Ê)

895

949

Series

.

4.994%

due

04/12/29

(SOFR

+

1.380%)(Ê)

640

652

Series

MTN

5.652%

due

04/13/28

(SOFR

+

1.010%)(Ê)

2,030

2,072

Morgan

Stanley

Direct

Lending

Fund

Series

WI

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

02/11/27

608

605

Mutual

of

Omaha

Cos.

Global

Funding

4.514%

due

06/09/28

(Þ)

690

696

Northern

Trust

Corp.

3.375%

due

05/08/32

(USD

Month

SOFR

+

1.131%)(Ê)

542

533

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

687

666

Omega

Healthcare

Investors,

Inc.

3.625%

due

10/01/29

738

709

PNC

Financial

Services

Group,

Inc.

(The)

5.300%

due

01/21/28

(SOFR

+

1.342%)(Ê)

960

973

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

612

618

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

769

801

Sixth

Street

Specialty

Lending,

Inc.

6.950%

due

08/14/28

6.125%

due

03/01/29

State

Street

Corp.

4.993%

due

03/18/27

1,925

1,953

Synchrony

Bank

5.625%

due

08/23/27

Synchrony

Financial

3.950%

due

12/01/27

646

641

Synovus

Financial

Corp.

5.625%

due

02/15/28

Truist

Bank

Series

BKNT

4.136%

due

10/23/29

(SOFR

+

0.911%)(Ê)

1,190

1,185

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

Wells

Fargo

&

Co.

4.078%

due

09/15/29

(SOFR

+

0.880%)(Ê)

735

733

Series

MTN

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,090

1,114

Series

W

4.900%

due

01/24/28

(SOFR

+

0.780%)(Ê)

1,270

1,281

Zions

Bancorp

NA

3.250%

due

10/29/29

725

675

53,290

Health

Care

-

1.8%

AbbVie,

Inc.

4.800%

due

03/15/27

715

722

Bon

Secours

Mercy

Health,

Inc.

Series

2018

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.302%

due

07/01/28

Centene

Corp.

2.450%

due

07/15/28

730

680

CommonSpirit

Health

6.073%

due

11/01/27

CVS

Health

Corp.

1.300%

due

08/21/27

635

603

HCA,

Inc.

5.140%

due

03/01/28

(SOFR

+

0.870%)(Ê)

1,115

1,120

5.200%

due

06/01/28

585

599

Merck

&

Co.,

Inc.

1.900%

due

12/10/28

1,400

1,318

Orlando

Health

Obligated

Group

3.777%

due

10/01/28

865

836

Regeneron

Pharmaceuticals,

Inc.

1.750%

due

09/15/30

909

806

7,388

Materials

and

Processing

-

0.8%

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

709

687

Georgia-Pacific

LLC

4.400%

due

06/30/28

(Þ)

695

700

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

847

808

RPM

International,

Inc.

3.750%

due

03/15/27

672

667

Sherwin-Williams

Co.

(The)

2.950%

due

08/15/29

644

615

3,477

Producer

Durables

-

3.1%

Allegion

US

Holding

Co.,

Inc.

3.550%

due

10/01/27

Avnet,

Inc.

6.250%

due

03/15/28

666

691

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

Caterpillar

Financial

Services

Corp.

4.800%

due

01/06/26

1,765

1,767

Hexcel

Corp.

4.200%

due

02/15/27

607

604

Honeywell

International,

Inc.

2.500%

due

11/01/26

1,400

1,380

Howmet

Aerospace,

Inc.

6.750%

due

01/15/28

551

582

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

John

Deere

Capital

Corp.

Series

MTN

5.150%

due

09/08/26

1,725

1,743

Keysight

Technologies,

Inc.

3.000%

due

10/30/29

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

1,450

1,471

Lennox

International,

Inc.

5.500%

due

09/15/28

541

559

Masco

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

11/15/27

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

595

586

Vontier

Corp.

Series

WI

2.400%

due

04/01/28

671

640

Waste

Management,

Inc.

4.500%

due

03/15/28

965

976

12,857

Technology

-

2.0%

Booz

Allen

Hamilton,

Inc.

4.000%

due

07/01/29

(Þ)

Broadcom,

Inc.

4.150%

due

02/15/28

560

561

5.050%

due

07/12/29

1,095

1,128

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

3.250%

due

02/15/29

Fiserv,

Inc.

3.500%

due

07/01/29

721

694

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

Hubbell,

Inc.

3.150%

due

08/15/27

Meta

Platforms,

Inc.

4.600%

due

05/15/28

700

712

Microsoft

Corp.

3.125%

due

11/03/25

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

News

Corp.

3.875%

due

05/15/29

(Þ)

Oracle

Corp.

5.067%

due

08/03/28

(SOFR

+

0.760%)(Ê)

530

532

2.950%

due

04/01/30

Synopsys,

Inc.

4.650%

due

04/01/28

1,045

1,056

VMware

LLC

3.900%

due

08/21/27

784

782

8,530

Utilities

-

4.8%

AEP

Texas,

Inc.

Series

WI

3.950%

due

06/01/28

603

600

American

Electric

Power

Co.,

Inc.

2.300%

due

03/01/30

526

AT&T,

Inc.

1.700%

due

03/25/26

1,800

1,782

4.350%

due

03/01/29

1,315

1,319

Series

\*

2.300%

due

06/01/27

735

714

Avangrid,

Inc.

3.800%

due

06/01/29

585

575

CMS

Energy

Corp.

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.116%)(Ê)

Consumers

Energy

Co.

4.900%

due

02/15/29

775

795

DTE

Energy

Co.

4.950%

due

07/01/27

765

774

2.950%

due

03/01/30

Duke

Energy

Corp.

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.321%)(Ê)

562

542

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

508

Georgia

Power

Co.

5.004%

due

02/23/27

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

770

780

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

1,826

1,811

NextEra

Energy

Capital

Holdings,

Inc.

4.685%

due

09/01/27

5.107%

due

02/04/28

(SOFR

+

0.800%)(Ê)

560

563

4.800%

due

12/01/77

(USD

Month

SOFR

+

2.409%)(Ê)

NRG

Energy,

Inc.

4.450%

due

06/15/29

(Þ)

576

572

Pacific

Gas

and

Electric

Co.

3.000%

due

06/15/28

656

633

Sempra

3.250%

due

06/15/27

3.700%

due

04/01/29

Southern

California

Edison

Co.

4.875%

due

02/01/27

538

541

Sprint

Capital

Corp.

6.875%

due

11/15/28

649

697

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

581

603

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

825

840

Verizon

Communications,

Inc.

2.100%

due

03/22/28

750

716

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26

(Þ)

3.700%

due

01/30/27

(Þ)

684

678

Xcel

Energy,

Inc.

2.600%

due

12/01/29

851

796

20,233

151,454

International

Debt

-

12.9%

Adani

Electricity

Mumbai,

Ltd.

3.949%

due

02/12/30

(Þ)

555

521

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.100%

due

01/15/27

1,755

1,791

4.875%

due

04/01/28

620

629

Alimentation

Couche-Tard,

Inc.

2.950%

due

01/25/30

(Þ)

America

Movil

SAB

de

CV

3.625%

due

04/22/29

Apidos

CLO,

Ltd.

Series

2024-12A

Class

ARR

4.985%

due

04/15/31

(CME

Term

SOFR

Month

+

1.080%)(Ê)(Þ)

ArcelorMittal

SA

6.550%

due

11/29/27

651

677

Ares

CLO,

Ltd.

Series

2017-44A

Class

A1RR

5.035%

due

04/15/34

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

1,025

1,024

BAE

Systems

PLC

5.000%

due

03/26/27

(Þ)

850

859

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

634

635

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.000%)(Ê)

6.607%

due

11/07/28

600

640

Bangkok

Bank

PCL

4.300%

due

06/15/27

(Þ)

579

579

Bank

of

Montreal

5.266%

due

12/11/26

1,300

1,317

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

Bank

of

Nova

Scotia

(The)

4.750%

due

02/02/26

1,450

1,451

4.404%

due

09/08/28

(SOFR

+

1.000%)(Ê)

1,120

1,126

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

620

656

Barclays

PLC

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

670

679

Bardot

CLO,

Ltd.

Series

2025-2A

Class

ARR

4.837%

due

10/22/32

(CME

Term

SOFR

Month

+

0.980%)(Ê)(Þ)

790

790

BAT

Capital

Corp.

4.700%

due

04/02/27

526

529

3.462%

due

09/06/29

595

578

Series

WI

3.557%

due

08/15/27

650

643

Battery

Park

CLO,

Ltd.

Series

2024-1A

Class

AR

5.305%

due

07/15/36

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.646%

due

01/15/35

(CME

Term

SOFR

Month

+

1.742%)(Ê)(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

658

690

BNP

Paribas

SA

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

850

798

Caisse

d'Amortissement

de

la

Dette

Sociale

3.750%

due

05/24/28

(Þ)

500

Canadian

Imperial

Bank

of

Commerce

5.615%

due

07/17/26

1,740

1,758

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

Carlyle

US

CLO,

Ltd.

Series

2025-9A

Class

AR

4.994%

due

10/20/34

(CME

Term

SOFR

Month

+

1.110%)(Ê)(Þ)

1,040

1,040

CarVal

CLO,

Ltd.

Series

2024-3A

Class

A1

5.274%

due

10/20/37

(CME

Term

SOFR

Month

+

1.390%)(Ê)(Þ)

Cedar

Funding

CLO,

Ltd.

Series

2016-5A

Class

AFRR

1.937%

due

07/17/31

(Þ)

Series

2025-12A

Class

ARR

5.058%

due

01/25/38

(CME

Term

SOFR

Month

+

1.200%)(Ê)(Þ)

Celulosa

Arauco

y

Constitucion

SA

4.250%

due

04/30/29

(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

796

797

Coca-Cola

Europacific

Partners

PLC

1.500%

due

01/15/27

(Þ)

717

695

Cooperatieve

Rabobank

UA

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.220%)(Ê)(Þ)

Credit

Agricole

SA

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

521

513

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

508

508

Dryden

Senior

Loan

Fund

Series

2018-55A

Class

A1

5.186%

due

04/15/31

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

Elmwood

CLO,

Ltd.

Series

2024-1A

Class

A1RR

5.404%

due

04/20/37

(CME

Term

SOFR

Month

+

1.520%)(Ê)(Þ)

Enbridge,

Inc.

4.600%

due

06/20/28

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

618

638

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Enel

Finance

International

NV

3.625%

due

05/25/27

(Þ)

3.500%

due

04/06/28

(Þ)

584

574

Equinor

ASA

3.000%

due

04/06/27

Evergreen

Credit

Card

Trust

Series

2025-CRT5

Class

B

5.240%

due

05/15/29

(Þ)

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.750%

due

06/15/29

(Þ)

710

691

Golden

Credit

Card

Trust

Series

2021-1A

Class

A

1.140%

due

08/15/28

(Þ)

1,000

977

Honda

Motor

Co.,

Ltd.

2.534%

due

03/10/27

HSBC

Holdings

PLC

5.597%

due

05/17/28

(SOFR

+

1.060%)(Ê)

4.755%

due

06/09/28

(SOFR

+

2.110%)(Ê)

5.210%

due

08/11/28

(SOFR

+

2.610%)(Ê)

558

567

Imperial

Brands

Finance

PLC

6.125%

due

07/27/27

(Þ)

3.875%

due

07/26/29

(Þ)

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

513

Inversiones

CMPC

SA

4.375%

due

04/04/27

(Þ)

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

722

696

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

1.647%)(Ê)

MEGlobal

BV

4.250%

due

11/03/26

(Þ)

MF1,

Ltd.

Series

2021-FL7

Class

A

5.218%

due

10/16/36

(CME

Term

SOFR

Month

+

1.194%)(Ê)(Þ)

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

Nokia

Oyj

4.375%

due

06/12/27

674

673

NTT

Finance

Corp.

4.567%

due

07/16/27

(Þ)

960

967

4.372%

due

07/27/27

(Þ)

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

534

535

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

630

656

Prosus

NV

3.257%

due

01/19/27

(Þ)

647

637

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

680

662

Royal

Bank

of

Canada

1.200%

due

04/27/26

1,800

1,775

Series

GMTN

4.875%

due

01/19/27

4.522%

due

10/18/28

(SOFR

+

0.860%)(Ê)

785

792

Sands

China,

Ltd.

Series

WI

2.300%

due

03/08/27

Santander

UK

Group

Holdings

PLC

3.823%

due

11/03/28

(USD

Month

SOFR

+

1.400%)(Ê)

Saudi

Government

International

Bond

5.125%

due

01/13/28

(Þ)

610

623

SK

Hynix,

Inc.

5.500%

due

01/16/27

(Þ)

764

775

Societe

Generale

SA

5.519%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)(Þ)

596

603

Standard

Chartered

PLC

2.608%

due

01/12/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.180%)(Ê)(Þ)

801

785

Sumitomo

Mitsui

Financial

Group,

Inc.

1.402%

due

09/17/26

Suzano

Austria

GmbH

Series

WI

5.000%

due

01/15/30

Telefonica

Emisiones

SA

4.103%

due

03/08/27

TELUS

Corp.

2.800%

due

02/16/27

698

685

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

Toronto-Dominion

Bank

(The)

4.109%

due

10/13/28

705

705

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

Series

MTN

4.693%

due

09/15/27

755

764

TransCanada

Trust

5.300%

due

03/15/77

(USD

Month

SOFR

+

3.208%)(Ê)

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

Trillium

Credit

Card

Trust

Series

2025-1A

Class

B

4.405%

due

09/26/30

(Þ)

UBS

Group

AG

4.864%

due

01/10/28

(SOFR

+

0.720%)(Ê)

815

822

7.500%

due

02/15/28

750

809

UniCredit

SpA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

Year

Rate

+

4.914%)(Ê)(Þ)

Unilever

Capital

Corp.

3.500%

due

03/22/28

650

645

Vale

Overseas,

Ltd.

3.750%

due

07/08/30

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Yamana

Gold,

Inc.

Series

WI

4.625%

due

12/15/27

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

593

597

Zais

CLO,

Ltd.

Series

2024-13A

Class

A1AR

5.205%

due

07/15/32

(CME

Term

SOFR

Month

+

1.300%)(Ê)(Þ)

54,538

Mortgage-Backed

Securities

-

15.7%

A&D

Mortgage

Trust

Series

2025-NQM4

Class

A1

5.225%

due

10/25/70

(~)(Ê)(Þ)

Angel

Oak

Mortgage

Trust

Series

2025-10

Class

A1

4.960%

due

09/25/70

(~)(Ê)(Þ)

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2021-MF3

Class

A2

2.213%

due

10/15/54

(Þ)

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2019-BN22

Class

ASB

2.897%

due

11/15/62

Series

2019-BN24

Class

ASB

2.929%

due

11/15/62

Series

2025-5YR17

Class

A3

5.225%

due

11/15/58

505

521

Barclays

Commercial

Mortgage

Trust

Series

2020-C8

Class

ASB

1.867%

due

10/15/53

Series

2025-5C37

Class

A3

5.015%

due

09/15/58

506

Barclays

Mortgage

Loan

Trust

Series

2024-NQM4

Class

A1

4.794%

due

12/26/64

(~)(Ê)(Þ)

1,842

1,832

Benchmark

Mortgage

Trust

Series

2019-B15

Class

AAB

2.859%

due

12/15/72

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.233%

due

07/15/54

(~)(Ê)

4,040

Series

2025-V17

Class

A3

5.075%

due

09/15/58

615

630

Series

2025-V18

Class

A3

5.184%

due

10/15/58

BMO

Mortgage

Trust

Series

2025-5C12

Class

A3

5.180%

due

10/15/58

585

602

BOCA

Commercial

Mortgage

Trust

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2024-BOCA

Class

A

5.953%

due

08/15/41

(CME

Term

SOFR

Month

+

1.921%)(Ê)(Þ)

BRAVO

Residential

Funding

Trust

Series

2025-CES2

Class

A1

4.960%

due

07/26/55

(~)(Ê)(Þ)

1,348

1,345

Series

2025-NQM9

Class

A1

5.043%

due

09/25/65

(~)(Ê)(Þ)

1,101

1,101

BX

Commercial

Mortgage

Trust

Series

2021-VOLT

Class

C

5.247%

due

09/15/36

(CME

Term

SOFR

Month

+

1.214%)(Ê)(Þ)

BX

Trust

Series

2021-ARIA

Class

A

5.046%

due

10/15/36

(CME

Term

SOFR

Month

+

1.014%)(Ê)(Þ)

Series

2022-LBA6

Class

A

5.032%

due

01/15/39

(CME

Term

SOFR

Month

+

1.000%)(Ê)(Þ)

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

A3

2.646%

due

07/10/49

840

833

Series

2019-GC41

Class

AAB

2.720%

due

08/10/56

COLT

Mortgage

Loan

Trust

Series

2024-INV3

Class

A1

5.443%

due

09/25/69

(~)(Ê)(Þ)

574

576

Series

2025-10

Class

A1

5.088%

due

10/25/70

(~)(Ê)(Þ)

1,110

1,110

Connecticut

Avenue

Securities

Trust

Series

2025-R03

Class

2M2

6.433%

due

03/25/45

(SOFR

Day

Average

+

2.250%)(Ê)(Þ)

Credit

Suisse

Mortgage

Trust

Series

2018-RPL9

Class

A1

3.850%

due

09/25/57

(~)(Ê)(Þ)

Cross

Mortgage

Trust

Series

2023-H2

Class

A1A

7.135%

due

11/25/68

(~)(Ê)(Þ)

CSAIL

Commercial

Mortgage

Trust

Series

2020-C19

Class

A1

1.296%

due

03/15/53

DBC

Mortgage

Trust

Series

2025-DBC

Class

A

5.400%

due

11/15/42

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

755

757

ELM

Trust

Series

2024-ELM

Class

A15

5.801%

due

06/10/39

(~)(Ê)(Þ)

Series

2024-ELM

Class

B15

5.995%

due

06/10/39

(~)(Ê)(Þ)

Fannie

Mae

2.280%

due

2026

3.000%

due

2033

2.000%

due

2036

4.882%

due

2053

(~)(Ê)

5.298%

due

2055

(~)(Ê)

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-R03

Class

1M2

5.833%

due

12/25/41

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2023-R08

Class

1M2

6.683%

due

10/25/43

(SOFR

Day

Average

+

2.500%)(Ê)(Þ)

Series

2024-R02

Class

1M2

5.983%

due

02/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

Fannie

Mae

REMICS

Series

2007-73

Class

A1

4.250%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2024-25

Class

AD

5.000%

due

03/25/44

848

850

Series

2024-90

Class

B

5.000%

due

07/25/51

Series

2024-103

Class

FH

5.433%

due

01/25/55

(SOFR

Day

Average

+

1.250%)(Ê)

2,107

2,112

Series

2025-46

5.000%

due

03/25/52

1,665

1,670

Series

2025-61

Class

DA

4.500%

due

09/25/51

1,327

1,319

Freddie

Mac

REMICS

Series

2020-5050

Class

YA

1.000%

due

01/15/46

Series

2024-5487

Class

EA

5.000%

due

12/25/51

2,078

2,085

Series

2024-5488

Class

HA

5.000%

due

01/25/52

890

892

Series

2025-5543

Class

DC

5.000%

due

11/25/52

2,427

2,444

Series

2025-5543

Class

HE

5.000%

due

02/25/52

2,214

2,216

Series

2025-5568

Class

DA

5.000%

due

03/25/51

684

685

Series

2025-5569

Class

BA

5.000%

due

07/25/52

1,442

1,444

Series

2025-5572

Class

GB

4.500%

due

09/25/37

1,464

1,459

Series

2025-5582

Class

LA

4.500%

due

08/25/52

1,529

1,519

Series

2025-5585

Class

EC

4.500%

due

09/25/54

1,845

1,839

Series

2025-5588

Class

BA

4.500%

due

11/25/52

1,629

1,616

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA6

Class

M2

5.683%

due

10/25/41

(SOFR

Day

Average

+

1.500%)(Ê)(Þ)

Series

2022-DNA2

Class

M1A

5.483%

due

02/25/42

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

Series

2022-DNA2

Class

M1B

6.583%

due

02/25/42

(SOFR

Day

Average

+

2.400%)(Ê)(Þ)

FRESB

Mortgage

Trust

Series

2018-SB52

Class

A10F

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.448%

due

06/25/28

(~)(Ê)

Series

2018-SB53

Class

A10F

3.610%

due

06/25/28

(~)(Ê)

Series

2018-SB54

Class

A10F

3.520%

due

05/25/28

(~)(Ê)

GCAT

Trust

Series

2025-NQM6

Class

A1

4.935%

due

10/25/70

(~)(Ê)(Þ)

875

872

Government

National

Mortgage

Association

Series

2015-52

Class

EA

2.000%

due

01/16/43

Series

2022-174

Class

AG

3.000%

due

07/20/44

GS

Mortgage-Backed

Securities

Trust

Series

2025-NQM5

5.013%

due

07/25/65

(~)(Ê)(Þ)

1,030

1,027

Series

2025-PJ4

Class

A5

5.500%

due

09/25/55

(~)(Ê)(Þ)

743

746

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

Series

2017-JP7

Class

A3

3.379%

due

09/15/50

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2019-COR6

Class

ASB

2.982%

due

11/13/52

JPMorgan

Mortgage

Trust

Series

2024-CCM1

Class

A4A

5.500%

due

04/25/55

(~)(Ê)(Þ)

2,313

2,326

Series

2025-3

Class

A1A

5.603%

due

09/25/55

(~)(Ê)(Þ)

1,002

1,005

Series

2025-5MPR

Class

A1D

5.500%

due

11/25/55

(~)(Ê)(Þ)

801

804

Series

2025-7MPR

Class

A1D

5.324%

due

02/25/56

(~)(Ê)(Þ)

Series

2025-NQM4

4.954%

due

03/25/66

(~)(Ê)(Þ)

MFRA

TRUST

Series

2025-NQM4

Class

A1

5.229%

due

08/25/70

(~)(Ê)(Þ)

2,212

2,214

Mill

City

Mortgage

Loan

Trust

Series

2019-1

Class

A1

3.250%

due

10/25/69

(~)(Ê)(Þ)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2025-C35

Class

A1

4.609%

due

08/15/58

NYC

Commercial

Mortgage

Trust

Series

2025-3BP

Class

A

5.245%

due

02/15/42

(CME

Term

SOFR

Month

+

1.213%)(Ê)(Þ)

730

725

OBX

Trust

Series

2025-NQM19

Class

A1

4.869%

due

10/25/65

(~)(Ê)(Þ)

Series

2025-NQM20

Class

A1

5.021%

due

10/25/65

(~)(Ê)(Þ)

820

820

PMT

Loan

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-J3

Class

A8

5.500%

due

11/27/56

(~)(Ê)(Þ)

785

788

PRPM

LLC

Series

2024-RCF1

Class

A1

4.000%

due

01/25/54

(~)(Ê)(Þ)

586

578

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

528

529

Series

2025-RCF5

Class

A1

4.839%

due

10/25/55

(~)(Ê)(Þ)

Rate

Mortgage

Trust

Series

2024-J1

Class

J7

6.000%

due

07/25/54

(~)(Ê)(Þ)

Series

2024-J4

Class

A5

5.500%

due

12/25/54

(~)(Ê)(Þ)

2,695

2,715

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

Series

2024-CES8

Class

A1A

5.490%

due

11/25/44

(~)(Ê)(Þ)

782

785

Series

2025-CES1

Class

A1A

5.653%

due

01/25/45

(~)(Ê)(Þ)

798

804

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

745

752

Series

2025-CES7

Class

A1A

5.377%

due

07/25/55

(~)(Ê)(Þ)

Series

2025-CES7

Class

A1B

5.478%

due

07/25/55

(~)(Ê)(Þ)

Series

2025-CES8

Class

A1B

5.249%

due

08/25/55

(~)(Ê)(Þ)

Sequoia

Mortgage

Trust

Series

2024-INV1

Class

A6

5.500%

due

10/25/54

(~)(Ê)(Þ)

1,882

1,887

Series

2025-4

Class

A5

5.500%

due

04/25/55

(~)(Ê)(Þ)

1,007

1,012

Towd

Point

Mortgage

Trust

Series

2019-4

Class

A1

2.900%

due

10/25/59

(~)(Ê)(Þ)

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

Series

2021-SJ2

Class

A1A

2.250%

due

12/25/61

(~)(Ê)(Þ)

Verus

Securitization

Trust

Series

2025-9

Class

A1

4.935%

due

10/27/70

(~)(Ê)(Þ)

555

554

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C35

Class

A3

2.674%

due

07/15/48

601

597

Series

2019-C52

Class

ASB

2.833%

due

08/15/52

Series

2020-C55

Class

ASB

2.651%

due

02/15/53

Series

2025-5C6

Class

A3

5.186%

due

10/15/58

560

576

66,146

Municipal

Bonds

-

0.4%

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1.522%

due

10/01/27

(µ)

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
New

York

State

Dormitory

Authority

Revenue

Bonds

4.150%

due

03/15/27

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.861%

due

11/01/26

(µ)

605

611

Redevelopment

Authority

of

the

City

of

Philadelphia

Revenue

Bonds

4.518%

due

09/01/27

Taxable

Municipal

Funding

Trust

Revenue

Bonds

4.350%

due

09/01/30

(~)(Ê)(Þ)

1,870

United

States

Government

Agencies

-

2.7%

Federal

Farm

Credit

Bank

Funding

Corp.

4.250%

due

03/30/27

620

620

4.400%

due

02/04/28

500

500

3.880%

due

03/23/28

825

824

3.950%

due

09/25/28

600

597

4.720%

due

05/28/30

2,275

2,274

Federal

Home

Loan

Bank

4.220%

due

09/29/27

(SOFR

+

0.180%)(Ê)

2,800

2,800

4.550%

due

05/06/30

2,000

1,996

Federal

Home

Loan

Bank

Discount

Notes

4.041%

due

01/02/26

(ž)

500

Federal

Home

Loan

Mortgage

Corp.

4.550%

due

02/11/28

1,200

1,201

11,308

United

States

Government

Treasuries

-

9.7%

United

States

Treasury

Floating

Rate

Notes

4.011%

due

01/31/26

(U.S.

Treasury

Month

Bill

Money

Market

Yield

+

0.245%)(Ê)

2,000

2,000

United

States

Treasury

Notes

2.500%

due

03/31/27

4.500%

due

04/15/27

4,500

4,553

3.250%

due

06/30/27

1,560

1,551

3.750%

due

08/15/27

2,000

2,004

3.125%

due

08/31/27

3.375%

due

09/15/27

4,350

4,332

0.500%

due

10/31/27

2,125

2,000

2.250%

due

11/15/27

700

682

4.250%

due

02/15/28

1,160

1,176

3.625%

due

05/31/28

7,395

7,400

2.875%

due

08/15/28

2,215

2,173

3.125%

due

11/15/28

2,000

1,973

4.375%

due

11/30/28

3,745

3,827

3.625%

due

08/31/30

6,745

6,722

41,095

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$380,785)

384,025

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 8.9%
Cabot

Trail

Funding

LLC

3.993%

due

11/12/25

(ç)(Þ)(ž)

600

599

4.249%

due

12/16/25

(ç)(Þ)(ž)

600

597

Caisse

des

Depots

et

Consignations

4.079%

due

11/26/25

(ç)(Þ)(ž)

600

598

3.994%

due

01/30/26

(Þ)(ž)

600

594

Credit

Agricole

Corp.

4.510%

due

11/07/25

(ç)

Fairway

Finance

Corp.

4.163%

due

12/10/25

(ç)(Þ)(ž)

580

577

Gotham

Funding

Corp.

4.042%

due

01/16/26

(Þ)(ž)

600

595

Mont

Blanc

Capital

Corp.

3.514%

due

11/05/25

(ç)(Þ)(ž)

Nieuw

Amsterdam

Receivables

Corp.

4.032%

due

01/20/26

(Þ)(ž)

Sheffield

Receivables

Co.

LLC

3.992%

due

12/12/25

(ç)(Þ)(ž)

600

597

Skandinaviska

Enskilda

Banken

AB

Series

GLOB

4.019%

due

05/06/26

(Þ)(ž)

500

4.015%

due

06/15/26

(Þ)(ž)

Starbird

Funding

Corp.

3.474%

due

11/05/25

(ç)(Þ)(ž)

700

700

Toronto-Dominion

Bank

(The)

4.110%

due

01/07/26

(Þ)(ž)

500

4.088%

due

02/10/26

(Þ)(ž)

TotalEnergies

Capital

SA

0.000%

due

12/29/25

(ž)

Toyota

Credit

de

Puerto

Rico

Corp.

4.114%

due

04/07/26

(ž)

600

590

U.S.

Cash

Management

Fund(@)

29,052,593(∞)

29,047

United

States

Treasury

Bills

3.455%

due

11/28/25

(ž)

#### Total

#### Short-Term

#### Investments
(cost

$37,516)

37,519

#### Total

#### Investments

#### -

#### 99.8%
(identified

cost

$418,301)

421,544

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%
753

#### Net

#### Assets

#### -

#### 100.0%
422,297

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $29.6%

A&D

Mortgage

Trust

09/25/25

7,478

.00

Adani

Electricity

Mumbai,

Ltd.

05/14/25

555,000

.48

521

Aircastle,

Ltd.

09/14/23

731,000

.15

688

706

Alaska

Airlines

Pass-Through

Trust

11/17/23

392,198

.84

Alimentation

Couche-Tard,

Inc.

05/14/25

327,000

.30

AMSR

Trust

06/07/24

2,649,522

.31

2,446

2,589

AMSR

Trust

10/29/24

150,000

.88

Angel

Oak

Mortgage

Trust

10/06/25

245,000

.00

Antero

Resources

Corp.

09/05/25

381,000

.06

Apidos

CLO,

Ltd.

06/24/24

27,110

.00

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

.66

Ares

CLO,

Ltd.

07/30/25

1,025,000

.00

1,025

1,024

AutoNation

Finance

Trust

05/13/25

475,000

.24

Avis

Budget

Rental

Car

Funding

AESOP

LLC

05/24/23

890,000

.11

891

906

Avis

Budget

Rental

Car

Funding

AESOP

LLC

09/25/25

780,000

.27

774

776

BAE

Systems

PLC

03/19/24

850,000

.76

848

859

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

11/13/24

634,000

.58

625

635

Bangkok

Bank

PCL

05/14/25

579,000

.13

574

579

Barclays

Mortgage

Loan

Trust

04/01/25

1,842,154

.92

1,822

1,832

Bardot

CLO,

Ltd.

10/07/25

790,270

.09

791

790

Battery

Park

CLO,

Ltd.

10/31/24

100,000

.23

BCRED

MML

CLO

LLC

11/10/21

200,000

.00

Bimbo

Bakeries

USA,

Inc.

05/14/25

658,000

.96

677

690

BNP

Paribas

SA

05/14/25

850,000

.00

782

798

BOCA

Commercial

Mortgage

Trust

08/07/24

370,000

.13

Booz

Allen

Hamilton,

Inc.

05/14/25

370,000

.43

BRAVO

Residential

Funding

Trust

09/04/25

1,348,101

.00

1,348

1,345

BRAVO

Residential

Funding

Trust

09/29/25

1,101,456

.00

1,101

1,101

BX

Commercial

Mortgage

Trust

12/13/24

460,193

.42

BX

Trust

10/13/21

310,000

.81

BX

Trust

11/12/24

250,000

.65

Cabot

Trail

Funding

LLC

07/23/25

600,000

.46

597

597

Cabot

Trail

Funding

LLC

07/23/25

600,000

.87

599

599

Caisse

d'Amortissement

de

la

Dette

Sociale

10/27/25

500,000

.98

500

Caisse

des

Depots

et

Consignations

09/02/25

600,000

.71

598

598

Caisse

des

Depots

et

Consignations

10/24/25

600,000

.03

594

594

Carlyle

US

CLO,

Ltd.

07/18/25

1,040,000

.00

1,040

1,040

Carnival

Corp.

05/14/25

352,000

.81

CarVal

CLO,

Ltd.

08/14/24

180,000

.00

Cedar

Funding

CLO,

Ltd.

07/23/21

144,877

.00

Cedar

Funding

CLO,

Ltd.

02/13/25

375,000

.00

Celulosa

Arauco

y

Constitucion

SA

05/14/25

314,000

.35

Cencosud

SA

08/14/23

796,000

.16

781

797

Coca-Cola

Europacific

Partners

PLC

09/12/24

717,000

.75

694

695

COLT

Mortgage

Loan

Trust

08/12/24

574,086

.99

574

576

COLT

Mortgage

Loan

Trust

09/25/25

1,110,000

.00

1,110

1,110

Columbia

Pipelines

Holding

Co.

LLC

09/14/23

565,000

.35

567

588

Connecticut

Avenue

Securities

Trust

09/30/25

100,000

.62

Continental

Resources,

Inc.

04/25/22

190,000

.95

Cooperatieve

Rabobank

UA

04/05/22

450,000

.60

Corebridge

Global

Funding

07/02/25

340,000

.27

CoreVest

American

Finance,

Ltd.

06/23/25

502,297

.31

504

505

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

09/05/25

490,000

.95

504

503

Credit

Acceptance

Auto

Loan

Trust

03/18/25

700,000

.00

700

700

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Credit

Agricole

SA

01/22/24

521,000

.13

513

Credit

Suisse

Mortgage

Trust

10/03/25

161,074

.63

Cross

Mortgage

Trust

01/08/25

184,313

.84

DBC

Mortgage

Trust

10/20/25

755,000

.02

755

757

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

08/13/24

1,663,000

.26

1,650

1,674

DLLAA

LLC

01/14/25

420,000

.44

Dryden

Senior

Loan

Fund

07/26/21

62,370

.00

ELM

Trust

11/01/24

450,000

.04

ELM

Trust

06/10/25

100,000

.52

Elmwood

CLO,

Ltd.

02/01/24

130,000

.00

Enel

Finance

International

NV

04/29/24

584,000

.38

557

574

Enel

Finance

International

NV

07/09/25

224,000

.83

Equitable

America

Global

Funding

06/02/25

565,000

.97

565

571

ERAC

USA

Finance

LLC

04/26/23

335,000

.80

Evergreen

Credit

Card

Trust

01/08/25

320,000

.00

Fairway

Finance

Corp.

08/13/25

580,000

.54

577

577

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/13/24

185,000

.66

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/14/25

450,000

.57

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/15/25

230,000

.09

Ferguson

Finance

PLC

05/14/25

298,000

.04

FirstKey

Homes

Trust

05/06/24

1,981,837

.73

1,937

1,975

Freddie

Mac

STACR

REMIC

Trust

02/07/22

14,664

.00

Freddie

Mac

STACR

REMIC

Trust

02/07/22

300,000

.93

Freddie

Mac

STACR

REMIC

Trust

12/27/24

317,998

.48

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/13/24

710,000

.19

676

691

Gartner,

Inc.

05/14/25

408,000

.71

GCAT

Trust

10/16/25

875,000

.00

875

872

Georgia-Pacific

LLC

05/28/25

695,000

.82

694

700

Golden

Credit

Card

Trust

11/13/24

1,000,000

.56

956

977

Gotham

Funding

Corp.

09/30/25

600,000

.14

595

595

Gray

Oak

Pipeline

LLC

10/16/25

819,000

.94

810

807

GS

Mortgage-Backed

Securities

Trust

04/16/25

742,996

.70

741

746

GS

Mortgage-Backed

Securities

Trust

10/28/25

1,030,000

.00

1,030

1,027

Hertz

Vehicle

Financing

LLC

05/27/22

3,910,000

.49

3,713

3,814

Hertz

Vehicle

Financing

LLC

12/26/23

975,000

.53

1,000

1,017

Hertz

Vehicle

Financing

LLC

02/06/24

890,000

.02

846

865

Hertz

Vehicle

Financing

LLC

03/05/25

845,000

.99

845

853

Hertz

Vehicle

Financing

LLC

09/10/25

210,000

.37

Hilton

Grand

Vacations

Trust

06/02/20

71,455

.00

Hilton

Grand

Vacations

Trust

06/10/25

581,250

.97

581

585

HINNT

LLC

03/19/24

114,427

.98

Home

Partners

of

America

Trust

02/13/24

908,964

.66

788

831

Home

Partners

of

America

Trust

01/30/25

888,375

.33

856

860

Home

Partners

of

America

Trust

02/06/25

311,836

.93

Hyundai

Capital

America

06/18/24

200,000

.05

Hyundai

Capital

America

06/17/25

690,000

.99

690

696

Hyundai

Floorplan

Master

Owner

Trust

10/28/25

885,000

.99

885

885

Imperial

Brands

Finance

PLC

05/14/25

341,000

.08

Imperial

Brands

Finance

PLC

08/04/25

452,000

.96

InRetail

Consumer

02/14/24

513,000

.24

International

Flavors

&

Fragrances,

Inc.

08/04/25

847,000

.42

808

808

Inversiones

CMPC

SA

08/23/23

230,000

.78

Invitation

Homes

Trust

08/16/24

189,675

.18

ITC

Holdings

Corp.

05/14/25

770,000

.81

776

780

JDE

Peet's

NV

09/12/24

722,000

.42

696

696

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
JPMorgan

Mortgage

Trust

11/13/24

2,312,773

.65

2,282

2,326

JPMorgan

Mortgage

Trust

04/15/25

1,001,652

.00

1,002

1,005

JPMorgan

Mortgage

Trust

05/28/25

801,250

.23

795

804

JPMorgan

Mortgage

Trust

08/19/25

450,600

.69

JPMorgan

Mortgage

Trust

10/24/25

490,000

.00

LPL

Holdings,

Inc.

10/09/24

779,000

.07

748

762

Mars,

Inc.

03/05/25

660,000

.00

660

668

Mars,

Inc.

03/05/25

915,000

.94

914

921

MEGlobal

BV

08/23/23

260,000

.58

Merchants

Fleet

Funding

LLC

06/11/24

235,296

.99

Meritage

Homes

Corp.

05/14/25

425,000

.19

MF1,

Ltd.

09/10/21

65,794

.00

MFRA

TRUST

09/26/25

2,212,080

.00

2,212

2,214

Midwest

Connector

Capital

Co.

LLC

05/14/25

344,000

.14

Mill

City

Mortgage

Loan

Trust

01/29/25

113,693

.75

MISC

Capital

Two

Labuan,

Ltd.

07/09/25

348,000

.79

Monongahela

Power

Co.

12/12/23

1,826,000

.54

1,798

1,811

Mont

Blanc

Capital

Corp.

07/08/25

400,000

.95

MSCI,

Inc.

05/14/25

276,000

.58

Mutual

of

Omaha

Cos.

Global

Funding

06/04/25

690,000

.00

690

696

MVW

LLC

11/19/24

61,712

.21

Navient

Private

Education

Refi

Loan

Trust

01/27/23

234,348

.30

Navient

Private

Education

Refi

Loan

Trust

11/22/24

337,601

.65

Navient

Private

Education

Refi

Loan

Trust

03/24/25

33,342

.66

Navient

Private

Education

Refi

Loan

Trust

03/26/25

193,286

.53

Nelnet

Student

Loan

Trust

07/01/25

304,458

.59

Nestle

Holdings,

Inc.

02/29/24

1,500,000

.11

1,502

1,506

News

Corp.

05/14/25

357,000

.44

NextGear

Floorplan

Master

Owner

Trust

11/22/24

856,000

.17

849

860

NGPL

PipeCo

LLC

04/26/23

536,000

.97

531

537

Nieuw

Amsterdam

Receivables

Corp.

08/13/25

300,000

.07

Nissan

Master

Owner

Trust

Receivables

11/04/24

235,000

.68

NRG

Energy,

Inc.

12/05/24

576,000

.39

561

572

NTT

Finance

Corp.

07/09/25

960,000

.00

960

967

NTT

Finance

Corp.

07/09/25

315,000

.80

NYC

Commercial

Mortgage

Trust

02/05/25

730,000

.76

728

725

OBX

Trust

10/17/25

365,000

.00

OBX

Trust

10/30/25

820,000

.00

820

820

Open

Text

Corp.

08/13/24

630,000

.02

649

656

PMT

Loan

Trust

10/03/25

785,000

.24

787

788

Progress

Residential

Trust

02/29/24

174,824

.24

Progress

Residential

Trust

11/21/24

529,777

.88

513

518

Progress

Residential

Trust

07/28/25

525,000

.46

512

520

Prosus

NV

02/15/23

647,000

.65

625

637

PRPM

LLC

01/07/25

585,992

.36

571

578

PRPM

LLC

02/03/25

527,685

.91

517

529

PRPM

LLC

10/14/25

490,000

.00

PTTEP

Treasury

Center

Co.,

Ltd.

02/10/25

680,000

.40

656

662

Rate

Mortgage

Trust

06/28/24

14,000

.47

Rate

Mortgage

Trust

11/14/24

2,695,337

.88

2,665

2,715

RCKT

Mortgage

Trust

11/12/24

781,530

.41

777

785

RCKT

Mortgage

Trust

11/19/24

188,247

.67

RCKT

Mortgage

Trust

12/03/24

164,208

.45

RCKT

Mortgage

Trust

01/17/25

797,564

.99

797

804

RCKT

Mortgage

Trust

02/26/25

745,161

.99

745

752

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
RCKT

Mortgage

Trust

07/17/25

288,594

.00

RCKT

Mortgage

Trust

07/17/25

144,297

.00

RCKT

Mortgage

Trust

08/14/25

170,355

.00

RCKT

Mortgage

Trust

10/17/25

675,000

.00

675

673

Saudi

Government

International

Bond

01/06/25

610,000

.89

609

623

Sealed

Air

Corp.

09/15/21

345,000

.00

Sequoia

Mortgage

Trust

11/15/24

1,881,909

.21

1,867

1,887

Sequoia

Mortgage

Trust

04/16/25

1,006,893

.73

1,004

1,012

Sheffield

Receivables

Co.

LLC

10/14/25

600,000

.54

597

597

Sierra

Timeshare

Receivables

Funding

LLC

07/14/25

297,746

.00

Sierra

Timeshare

Receivables

Funding

LLC

10/06/25

605,000

.99

605

603

SK

Hynix,

Inc.

06/20/25

764,000

.91

771

775

Skandinaviska

Enskilda

Banken

AB

08/08/25

500,000

.90

Skandinaviska

Enskilda

Banken

AB

09/16/25

280,000

.59

SMB

Private

Education

Loan

Trust

05/12/23

192,018

.00

SMB

Private

Education

Loan

Trust

03/07/24

186,128

.97

SMB

Private

Education

Loan

Trust

06/17/25

51,112

.21

Societe

Generale

SA

06/20/25

596,000

.69

600

603

Standard

Chartered

PLC

05/14/25

801,000

.83

776

785

STAR

Trust

07/06/23

1,623,478

.79

1,620

1,626

STAR

Trust

09/18/24

2,205,122

.01

2,205

2,215

Starbird

Funding

Corp.

07/01/25

700,000

.95

700

700

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

08/12/25

235,000

.99

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

110,000

.00

Tennessee

Gas

Pipeline

Co.

LLC

05/14/25

427,000

.41

Tesla

Sustainable

Energy

Trust

11/01/24

508,693

.00

509

510

Toronto-Dominion

Bank

(The)

08/08/25

370,000

.82

Toronto-Dominion

Bank

(The)

10/06/25

500,000

.25

Towd

Point

Mortgage

Trust

11/18/21

232,568

.89

Towd

Point

Mortgage

Trust

12/15/21

154,484

.29

Towd

Point

Mortgage

Trust

11/19/24

302,156

.36

Transportadora

de

Gas

Internacional

SA

ESP

01/22/24

484,000

.47

Tricon

American

Homes

Trust

01/12/24

1,758,631

.58

1,575

1,667

Trillium

Credit

Card

Trust

10/06/25

175,000

.00

UniCredit

SpA

05/14/25

272,000

.01

USB

Auto

Owner

Trust

06/10/25

205,000

.00

USB

Auto

Owner

Trust

06/10/25

65,000

.97

USB

Auto

Owner

Trust

06/10/25

185,000

.98

Vertiv

Group

Corp.

10/16/25

595,000

.25

585

586

Verus

Securitization

Trust

10/03/25

555,000

.00

555

554

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

05/14/25

284,000

.68

Videotron,

Ltd.

12/05/24

348,000

.15

Vistra

Operations

Co.

LLC

09/14/23

684,000

.08

671

678

Vistra

Operations

Co.

LLC

11/19/24

365,000

.97

Western

Funding

Auto

Loan

Trust

07/18/25

305,000

.98

Western

Funding

Auto

Loan

Trust

07/18/25

690,000

.98

690

684

Westlake

Automobile

Receivables

Trust

05/20/25

185,000

.98

Westlake

Automobile

Receivables

Trust

05/20/25

200,000

.99

Wheels

Fleet

Lease

Funding

LLC

10/28/25

1,000,000

.99

1,000

998

WMG

Acquisition

Corp.

05/14/25

376,000

.20

Yara

International

ASA

08/14/23

593,000

.87

574

597

Zais

CLO,

Ltd.

08/07/24

58,222

.00

125,129

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

Year

Treasury

Bond

Futures

AUD

10,339

12/25

Long

Gilt

Futures

GBP

4,119

12/25

United

States

Year

Treasury

Note

Futures

USD

68,720

12/25

(52) United

States

Year

Treasury

Note

Futures

USD

10,157

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

12/25

Short

Positions

Euro-Bund

Futures

EUR

5,823

12/25

(69) Japanese

Year

Government

Bond

Futures

JPY

1,224,360

12/25

United

States

Year

Treasury

Note

Futures

USD

3,748

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

3,827

CAD

5,334

11/10/25

(22) HSBC

USD

CAD

11/10/25

—

HSBC

USD

1,244

EUR

1,075

11/10/25

(4) HSBC

USD

NOK

11/10/25

—

HSBC

CHF

USD

11/10/25

—

HSBC

CHF

4,461

USD

5,622

11/10/25

HSBC

GBP

USD

11/10/25

—

HSBC

JPY

176,843

USD

1,148

11/10/25

—

HSBC

SEK

USD

11/10/25

—

JPMorgan

Chase

USD

5,499

EUR

4,674

11/10/25

(110) State

Street

USD

1,755

NOK

17,472

11/10/25

(31) State

Street

SEK

16,495

USD

1,763

11/10/25

Westpac

USD

JPY

69,496

11/10/25

(23) Westpac

GBP

1,392

USD

1,868

11/10/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(49) #### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Credit

#### Indices

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

High

Yield

Index

Goldman

Sachs

USD

4,585

5.000%

(2) 12/20/30

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

(å)

Total

Open

Credit

Default

Swap

Contracts

(å)

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

57,614

$

—

$

—

$

57,614

Corporate

Bonds

and

Notes

—

151,454

—

—

151,454

International

Debt

—

54,538

—

—

54,538

Mortgage-Backed

Securities

—

66,146

—

—

66,146

Municipal

Bonds

—

1,870

—

—

1,870

United

States

Government

Agencies

—

11,308

—

—

11,308

United

States

Government

Treasuries

—

41,095

—

—

41,095

Short-Term

Investments

—

8,472

—

29,047

37,519

Total

Investments

—

392,497

—

29,047

421,544

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Credit

Default

Swap

Contracts

—

—

—

Liabilities

Futures

Contracts

(121) —

—

—

(121) Foreign

Currency

Exchange

Contracts

—

(190) —

—

(190) Total

Other

Financial

Instruments

\*

$

$

$

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Brazil

..................................................................................................

1,088

.2

Canada

................................................................................................

18,045

.3

Cayman

Islands

..................................................................................

4,196

.0

Chile

...................................................................................................

1,333

.3

China

..................................................................................................

637

.1

Colombia

............................................................................................

.1

Finland

...............................................................................................

673

.2

France

.................................................................................................

4,277

.0

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Germany

.............................................................................................

1,199

.3

India

...................................................................................................

521

.1

Ireland

................................................................................................

2,420

.6

Israel

...................................................................................................

—

\*\*

Italy

....................................................................................................

1,088

.2

Japan

..................................................................................................

2,047

.5

Kuwait

................................................................................................

.1

Luxembourg

.......................................................................................

677

.2

Macao

.................................................................................................

—

\*\*

Malaysia

.............................................................................................

.1

Mexico

...............................................................................................

1,589

.4

Netherlands

........................................................................................

1,710

.4

Norway

...............................................................................................

.1

Peru

....................................................................................................

.1

Saudi

Arabia

.......................................................................................

623

.1

South

Korea

.......................................................................................

775

.2

Spain

..................................................................................................

1,302

.3

Sweden

...............................................................................................

763

.2

Switzerland

........................................................................................

1,630

.4

Thailand

.............................................................................................

1,240

.3

United

Kingdom

.................................................................................

8,695

.1

United

States

......................................................................................

362,621

.9

Total

Investments

...............................................................................

421,544

.8

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

$

—

Variation

margin

on

futures

contracts\*

—

—

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

Total

$

—

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

—

$

(787) Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

—

Total

$

$

$

(787) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

,359

Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

—

Total

$

$

$

1,359

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Assets

500

—

500

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

500

$

—

$

500

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Goldman

Sachs

$

$

—

$

—

$

HSBC

—

State

Street

—

—

Westpac

—

Total

$

500

$

$

—

$

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

Amounts

in

thousands

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

—

$

—

$

HSBC

—

—

JPMorgan

Chase

—

—

State

Street

—

Westpac

—

—

Total

$

$

$

—

$

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

418,301

Investments,

at

fair

value(>)

........................................................................................................................................................

421,544

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,972

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

793

Variation

margin

on

futures

contracts

..............................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

assets

...............................................................................................................................................................

426,427

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

3,082

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

4,130

#### Net

#### Assets

#### ...............................................................................................................................................................
$

422,297

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(5,367)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

427,443

#### Net

#### Assets

#### ...............................................................................................................................................................
$

422,297

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

29,047

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

784

(b) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Swaps

$

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

19.02 Maximum

offering

price

per

share

(Net

as

set

value

plus

sales

charge

of

2.50 %):

Class

A

.....................................................

$

19. 51

Class

A

—

Net

assets

...........................................................................................................................................................

$

8,589,392

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

451,643

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

18.63 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,812,689

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

365,600

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

19.08 Class

M

—

Net

assets

..........................................................................................................................................................

$

39,329,355

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,060,908

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

19.11 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,110,542

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

58,099

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

19.07 Class

S

—

Net

assets

............................................................................................................................................................

$

170,792,099

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,956,893

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

19.09 Class

Y

—

Net

assets

...........................................................................................................................................................

$

195,662,731

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

10,250,438

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

19,082

Dividends

from

affiliated

funds

.......................................................................................................................................

992

Total

investment

income

..............................................................................................................................................................

20,074

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,498

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,685

Expense

reductions

..........................................................................................................................................................

(543) Net

expenses

................................................................................................................................................................................

2,142

Net

investment

income

(loss)

.......................................................................................................................................................

17,932

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

1,545

Investments

in

affiliated

funds

.........................................................................................................................................

(6) Futures

contracts

..............................................................................................................................................................

(787) Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,260

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

2,955

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,359

Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

4,486

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

5,746

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

23,678

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

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)

.......................................................................................................

$

17,932

$

16,561

Net

realized

gain

(loss)

................................................................................................................

1,260

(474)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

4,486

11,994

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

23,678

28,081

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(341)

(317)

Class

C

.....................................................................................................................................

(192)

(219)

Class

M

....................................................................................................................................

(1,676)

(1,769)

Class

R6

...................................................................................................................................

(36)

(23)

Class

S

......................................................................................................................................

(7,107)

(7,072)

Class

Y

.....................................................................................................................................

(8,394)

(6,230)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(17,746)

(15,630)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(42,330)

(16,441)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(36,398)

(3,990)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

458,695

462,685

End

of

period

......................................................................................................................................

$

422,297

$

458,695

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

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

$

634

$

944

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(71)

(1,339)

(108)

(1,999)

Net

increase

(decrease)

(20)

(373)

(41)

(746)

Class

C

Proceeds

from

shares

sold

2,481

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(120)

(2,222)

(185)

(3,374)

Net

increase

(decrease)

(150)

(2,727)

Class

M

Proceeds

from

shares

sold

955

17,993

7,981

Proceeds

from

reinvestment

of

distributions

1,676

1,769

Payments

for

shares

redeemed

(1,309)

(24,681)

(1,029)

(19,092)

Net

increase

(decrease)

(265)

(5,012)

(506)

(9,342)

Class

R6

Proceeds

from

shares

sold

912

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(25)

(472)

(15)

(286)

Net

increase

(decrease)

Class

S

Proceeds

from

shares

sold

2,104

39,709

4,866

91,270

Proceeds

from

reinvestment

of

distributions

7,099

7,057

Payments

for

shares

redeemed

(2,889)

(54,505)

(9,736)

(180,463)

Net

increase

(decrease)

(408)

(7,697)

(4,490)

(82,136)

Class

Y

Proceeds

from

shares

sold

3,874

4,057

76,352

Proceeds

from

reinvestment

of

distributions

8,394

6,230

Payments

for

shares

redeemed

(2,255)

(42,443)

(222)

(4,147)

Net

increase

(decrease)

(1,605)

(30,175)

4,169

78,435

Total

increase

(decrease)

(2,249)

$

(42,330)

(1,014)

$

(16,441)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### 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

18.75 18.17 18.00 19.56 19.74 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.74

.71

.48

.18

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.26

.54

.09

(1.48)

(.15)

$

Total

from

Investment

Operations

1.00 1.25 .57

(1.30)

—

(Ɵ)

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.73)

(.67)

(.40)

(.06)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.03)

—

$

Total

Distributions

(.73)

(.67)

(.40)

(.26)

(.18)

$

Net

Asset

Value,

End

of

Period

19.02 18.75 18.17 18.00 19.56 %

Total

Return

(±)

5.44 6.98 3.17 (6.72)

.01

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,589

8,839

9,304

9,274

13,720

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.95

1.01 1.08 1.07 1.06 %

Expenses,

Net

(Ƃ)

.77

.81

.81

.81

.80

%

Net

Investment

Income

(Ƃ)

3.92 3.83 2.64 .97

.75

%

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

18.39 17.83 17.68 19.31 19.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.58

.56

.34

.04

(—)

(Ɵ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25

.53

.09

(1.46)

(.14)

$

Total

from

Investment

Operations

.83

1.09 .43

(1.42)

(.14)

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.59)

(.53)

(.28)

(.02)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.02)

—

$

Total

Distributions

(.59)

(.53)

(.28)

(.21)

(.10)

$

Net

Asset

Value,

End

of

Period

18.63 18.39 17.83 17.68 19.31 %

Total

Return

4.61 6.20 2.42 (7.45)

(.74)

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,813

6,285

8,766

12,863

19,621

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.70 1.76 1.83 1.82 1.81 %

Expenses,

Net

(Ƃ)

1.52 1.56 1.56 1.56 1.55 %

Net

Investment

Income

(Ƃ)

3.17 3.06 1.86 .21

(.01)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.82 18.23 18.04 19.59 19.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.80

.77

.55

.26

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

.24

.54

.09

(1.52)

(.14)

$

Total

from

Investment

Operations

1.04 1.31 .64

(1.26)

.06

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.78)

(.72)

(.45)

(.08)

(.24)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.04)

—

$

Total

Distributions

(.78)

(.72)

(.45)

(.29)

(.24)

$

Net

Asset

Value,

End

of

Period

19.08 18.82 18.23 18.04 19.59 %

Total

Return

5.68 7.33 3.55 (6.50)

.31

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 39,329

43,771

51,631

34,488

18,909

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.70

.76

.82

.82

.81

%

Expenses,

Net

(Ƃ)

.47

.51

.51

.51

.50

%

Net

Investment

Income

(Ƃ)

4.22 4.12 3.03 1.42 1.01 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.84 18.25 18.07 19.61 19.80 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.80

.77

.55

.25

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25

.54

.08

(1.50)

(.15)

$

Total

from

Investment

Operations

1.05 1.31 .63

(1.25)

.05

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.78)

(.72)

(.45)

(.08)

(.24)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.04)

—

$

Total

Distributions

(.78)

(.72)

(.45)

(.29)

(.24)

$

Net

Asset

Value,

End

of

Period

19.11 18.84 18.25 18.07 19.61 %

Total

Return

5.73 7.32 3.49 (6.44)

.26

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,111

622

530

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.55

.61

.68

.67

.66

%

Expenses,

Net

(Ƃ)

.47

.51

.51

.51

.50

%

Net

Investment

Income

(Ƃ)

4.24 4.13 2.98 1.33 1.03 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### 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

18.80 18.21 18.03 19.58 19.76 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.79

.76

.53

.24

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

.25

.54

.09

(1.50)

(.14)

$

Total

from

Investment

Operations

1.04 1.30 .62

(1.26)

.05

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.77)

(.71)

(.44)

(.08)

(.23)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.04)

—

$

Total

Distributions

(.77)

(.71)

(.44)

(.29)

(.23)

$

Net

Asset

Value,

End

of

Period

19.07 18.80 18.21 18.03 19.58 %

Total

Return

5.69 7.28 3.45 (6.53)

.26

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 170,792

176,077

252,345

235,416

221,213

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.70

.76

.83

.82

.81

%

Expenses,

Net

(Ƃ)

.52

.56

.56

.56

.55

%

Net

Investment

Income

(Ƃ)

4.17 4.07 2.92 1.31 .99

%

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.82 18.23 18.05 19.59 19.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.80

.78

.55

.25

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

.26

.54

.08

(1.49)

(.14)

$

Total

from

Investment

Operations

1.06 1.32 .63

(1.24)

.07

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.79)

(.73)

(.45)

(.09)

(.25)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

(.04)

—

$

Total

Distributions

(.79)

(.73)

(.45)

(.30)

(.25)

$

Net

Asset

Value,

End

of

Period

19.09 18.82 18.23 18.05 19.59 %

Total

Return

5.76 7.35 3.52 (6.43)

.33

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 195,663

223,101

140,109

114,263

129,318

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.50

.56

.63

.62

.61

%

Expenses,

Net

(Ƃ)

.44

.48

.49

.48

.47

%

Net

Investment

Income

(Ƃ)

4.24 4.17 3.01 1.33 1.06 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

104,736

Administrative

fees

17,020

Distribution

fees

6,008

Shareholder

servicing

fees

1,392

Transfer

agent

fees

14,410

Trustees'

fees

1,584

$

145,150

#### 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
U.S.

Cash

Management

Fund

$

24,217

$

370,323

$

365,489

$

(6)

$

$

29,047

$

992

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

418,760,306

$

3,814,112

$

(627,601)

$

3,186,511

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

3,958,351

$

(12,515,830)

$

3,190,061

$

—

$

(5,367,418)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

17,745,501

$

—

$

—

$

15,62

9,

500

$

—

$

—

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 90.5%
Alabama

-

2.6%

Alabama

State

University

Revenue

Bonds

5.750 09/01/50

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

4.625 06/01/55

1,002

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,250

5.000 06/01/55

1,283

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000 12/01/49

1,000

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.250 02/01/53

2,646

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

500

5.250 12/01/53

545

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,550

5.250 05/01/55

1,695

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250 09/01/42

2,162

County

of

Jefferson

Sewer

Revenue

Bonds

6,000

5.250 10/01/45

6,306

County

of

Jefferson

Sewer

Revenue

Bonds

4,205

5.250 10/01/49

4,371

County

of

Jefferson

Sewer

Revenue

Bonds

3,615

5.500 10/01/53

3,800

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

5.750 04/01/54

Homewood

Educational

Building

Authority

Revenue

Bonds

2,500

4.000 12/01/38

2,371

Homewood

Educational

Building

Authority

Revenue

Bonds

1,900

5.500 10/01/54

1,948

Homewood

Educational

Building

Authority

Revenue

Bonds

5.000 10/01/56

Hoover

Industrial

Development

Board

Revenue

Bonds

1,905

5.750 10/01/49

1,927

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375 11/01/50

869

Houston

County

Health

Care

Authority

Revenue

Bonds

1,085

5.000 10/01/30

1,089

MidCity

Improvement

District

Special

Assessment

1,000

4.500 11/01/42

857

MidCity

Improvement

District

Special

Assessment

(Þ)

6.500 11/01/44

MidCity

Improvement

District

Special

Assessment

4.750 11/01/49

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

1,250

5.000 06/01/54

1,220

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

3,225

4.750 12/01/54

3,009

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000 10/01/36

820

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

690

4.000 11/01/49

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000 12/01/51

5,103

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,735

5.250 03/01/55

1,898

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,130

5.000 05/01/55

1,219

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

2,550

5.000 01/01/56

2,678

Sumter

County

Industrial

Development

Authority

Revenue

Bonds

(Š)

1,100

6.000 07/15/52

—

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

9,685

5.250 05/01/44

9,726

60,844

Alaska

-

0.1%

Alaska

Industrial

Development

and

Export

Authority

Revenue

Bonds

2,000

4.000 10/01/49

1,757

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,835

Zero

coupon

06/01/66

1,959

Arizona

-

1.4%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,795

2.870 01/01/37

4,710

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500 07/15/29

1,209

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,290

6.000 07/01/37

1,326

Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 07/01/41

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 12/15/41

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/43

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

675

7.125 05/01/44

732

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000 07/01/46

796

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/48

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/49

Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 11/01/50

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/51

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000 07/01/51

2,665

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/15/51

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,275

4.000 11/01/51

2,804

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 12/15/51

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.375 07/01/53

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000 07/15/53

656

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,050

7.625 05/01/54

1,158

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/54

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500 07/01/54

1,300

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/15/56

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 07/01/58

Arizona

Industrial

Development

Authority

Revenue

Bonds

2,014

5.125 01/01/59

1,809

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,160

5.000 07/01/44

1,190

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

600

5.000 07/01/35

600

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,000

5.000 07/01/44

1,005

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,650

5.000 07/01/46

1,637

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

3.500 07/01/29

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

4.100 07/01/34

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

4.750 07/01/43

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000 05/15/41

665

Glendale

Industrial

Development

Authority

Revenue

Bonds

1,360

5.000 05/15/56

1,153

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

5.500 05/01/40

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

5.750 05/01/50

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.875 11/15/52

538

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

7.000 11/15/57

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

6.000 08/01/28

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

1,000

6.250 08/01/40

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.250 10/01/40

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)(Þ)

3.500 07/01/44

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4.250 07/01/44

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 10/15/47

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 07/01/50

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/01/51

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 10/01/51

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.250 07/01/53

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 07/01/54

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

6.375 10/01/54

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/01/56

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.375 07/01/58

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

2.400 06/01/35

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.750 06/01/45

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/59

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

600

7.000 06/01/65

618

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/50

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/54

31,968

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arkansas

-

0.5%

Arkansas

Development

Finance

Authority

Revenue

Bonds

810

5.000 02/01/34

853

Arkansas

Development

Finance

Authority

Revenue

Bonds

800

5.000 02/01/36

836

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.500 07/01/38

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.250 07/01/41

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500 07/01/46

616

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

5,750

4.500 09/01/49

5,372

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,625

4.750 09/01/49

1,574

Arkansas

Development

Finance

Authority

Revenue

Bonds

1,325

5.450 09/01/52

1,308

Arkansas

Development

Finance

Authority

Revenue

Bonds

5.700 05/01/53

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000 10/01/33

1,745

12,908

California

-

6.4%

Alameda

Community

Facilities

District

Special

Tax

5.000 09/01/53

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

1.000 10/01/47

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

1.000 10/01/48

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

800

1.000 10/01/49

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

1.000 10/01/50

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

(µ)

1.000 10/01/51

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

Zero

coupon

08/01/37

775

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

500

4.500 07/01/54

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2.900 02/01/52

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250 01/01/54

3,185

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 02/01/55

1,082

California

Community

College

Financing

Authority

Revenue

Bonds

(Þ)

5.750 07/01/60

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

4.000 08/01/50

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

3,095

4.000 02/01/56

2,401

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

3.000 02/01/57

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

14,520

Zero

coupon

06/01/55

2,256

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000 06/01/61

814

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/64

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 02/01/42

1,018

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000 04/01/45

1,837

California

Health

Facilities

Financing

Authority

Revenue

Bonds

530

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(ae)

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.000 05/15/51

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(Þ)

730

4.125 01/01/35

700

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(~)(ae)

(Ê)(Þ)

4,900

9.500 01/01/65

3,902

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000 12/31/27

661

California

Municipal

Finance

Authority

Revenue

Bonds

1,325

4.000 07/15/29

1,334

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/30

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/32

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/36

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000 11/01/36

1,505

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,130

5.000 10/01/39

1,084

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.375 11/01/40

1,000

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 02/01/42

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Municipal

Finance

Authority

Revenue

Bonds

6,650

5.000 12/31/43

6,624

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

775

5.375 11/01/45

781

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

3.536 06/20/49

California

Municipal

Finance

Authority

Revenue

Bonds

2,000

4.000 10/01/49

1,722

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/49

California

Municipal

Finance

Authority

Revenue

Bonds

3,700

5.000 06/01/50

3,667

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000 05/15/51

756

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/51

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 07/01/52

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/52

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/54

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.375 01/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.500 01/01/60

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 07/01/62

California

Municipal

Finance

Authority

Special

Tax

5.500 09/01/48

California

Municipal

Finance

Authority

Special

Tax

5.000 09/01/52

California

Municipal

Finance

Authority

Special

Tax

575

5.000 09/01/57

568

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

5.000 07/01/35

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

500

5.000 07/01/37

531

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,590

5.000 11/21/45

2,604

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250 07/01/54

617

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/37

1,006

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/38

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 08/01/42

998

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/45

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000 08/01/45

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000 10/01/46

933

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.500 08/01/47

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/50

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/01/51

California

School

Finance

Authority

Revenue

Bonds

(Þ)

975

6.375 06/01/52

999

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/52

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.250 07/01/52

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/52

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000 11/01/55

783

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.375 07/01/56

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 06/01/58

539

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/59

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.250 03/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

6.375 04/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

6.500 06/01/62

513

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.500 07/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/64

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 11/01/32

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

5.000 08/01/37

514

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/39

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 12/01/41

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,450

5.250 12/01/44

1,450

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5,800

5.000 12/01/46

5,749

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,225

5.000 04/01/47

1,228

California

Statewide

Communities

Development

Authority

Revenue

Bonds

5.000 05/15/47

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/51

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/52

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,445

5.500 12/01/54

1,445

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,500

5.250 12/01/56

1,485

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500 12/01/58

1,003

California

Statewide

Communities

Development

Authority

Special

Assessment

5.000 09/02/39

California

Statewide

Communities

Development

Authority

Special

Assessment

5.000 09/02/44

California

Statewide

Communities

Development

Authority

Special

Assessment

4.000 09/02/50

California

Statewide

Communities

Development

Authority

Special

Tax

4.000 09/01/51

California

Statewide

Communities

Development

Authority

Special

Tax

500

5.000 09/01/52

508

California

Statewide

Communities

Development

Authority

Special

Tax

1,775

5.250 09/01/52

1,824

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

Zero

coupon

06/01/46

531

City

and

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

4.000 09/01/46

City

and

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

4.000 09/01/51

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

4.000 09/01/51

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

5.750 09/01/53

City

of

Dublin

Special

Tax

5.375 09/01/51

City

of

Irvine

Special

Tax

(µ)

5.000 09/01/51

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

4.125 05/15/43

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

2,500

5.250 05/15/48

2,531

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,700

4.000 05/15/50

1,505

City

of

Oroville

Revenue

Bonds

5.250 04/01/34

City

of

Oroville

Revenue

Bonds

5.250 04/01/39

City

of

Oroville

Revenue

Bonds

1,435

5.250 04/01/49

1,170

City

of

Oroville

Revenue

Bonds

600

5.250 04/01/54

City

of

Roseville

Special

Tax

4.000 09/01/40

City

of

Roseville

Special

Tax

4.000 09/01/45

City

of

Roseville

Special

Tax

1,550

4.000 09/01/50

1,369

City

of

Roseville

Special

Tax

5.250 09/01/53

CMFA

Special

Finance

Agency

Revenue

Bonds

(Þ)

3.000 12/01/56

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

(Þ)

3.000 08/01/56

Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

Zero

coupon

08/01/43

1,124

County

of

El

Dorado

Special

Tax

5.000 09/01/49

County

of

Placer

Community

Facilities

District

Special

Tax

920

3.000 09/01/41

735

County

of

San

Diego

Special

Tax

3.000 09/01/50

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

910

3.600 05/01/47

727

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000 10/01/56

978

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

925

3.000 12/01/56

678

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000 02/01/57

682

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

600

3.250 04/01/57

Fairfield

Community

Facilities

District

Special

Tax

5.000 09/01/50

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

6,531

4.000 01/15/46

6,219

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,074

4.000 01/15/46

3,903

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

870

3.850 06/01/50

816

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,180

5.000 06/01/51

2,164

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

55,700

Zero

coupon

06/01/66

5,911

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

2,000

5.000 07/01/45

1,885

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

3,500

5.000 07/01/61

3,062

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)(Þ)

900

4.000 06/01/46

868

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,250

Zero

coupon

06/01/36

1,094

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

3.678 06/01/38

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,550

Zero

coupon

06/01/57

Irvine

Unified

School

District

Special

Tax

570

5.000 03/01/57

574

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(~)(Ê)

6,900

Zero

coupon

07/01/50

6,900

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

875

5.000 07/01/50

916

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

500

5.000 07/01/53

525

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

5.000 07/01/55

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

3.000 08/01/50

805

M-S-R

Energy

Authority

Revenue

Bonds

2,700

6.500 11/01/39

3,362

Natomas

Unified

School

District

General

Obligation

Unlimited

(µ)

4.000 08/01/42

Northern

California

Gas

Authority

No.

Revenue

Bonds

(~)(Ê)

550

3.565 07/01/27

553

Orange

County

Community

Facilities

District

Special

Tax

5.500 08/15/53

Oxnard

School

District

General

Obligation

Unlimited

(~)(µ)(Ê)

5.000 08/01/47

River

Islands

Public

Financing

Authority

Special

Tax

5.250 09/01/47

River

Islands

Public

Financing

Authority

Special

Tax

5.000 09/01/52

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

5.250 09/01/52

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

4.000 10/01/40

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

4.000 10/01/39

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

4.000 10/01/40

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(~)(µ)(Ê)

3.520 06/01/34

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

2,000

4.000 07/01/56

1,790

San

Francisco

City

and

County

Airports

Commission

International

Airport

Revenue

Bonds

6,485

5.000 05/01/49

6,552

San

Francisco

City

and

County

Airports

Commission

International

Airport

Revenue

Bonds

1,500

5.500 05/01/55

1,616

San

Francisco

City

and

County

Redevelopment

Agency

Tax

Allocation

1,190

5.000 08/01/35

1,201

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

4.000 08/01/32

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

4.000 08/01/33

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

4.000 08/01/34

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

4.000 08/01/35

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

4.000 08/01/36

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

9,550

Zero

coupon

06/01/56

1,083

Southern

California

Public

Power

Authority

Revenue

Bonds

500

5.000 07/01/53

523

State

of

California

General

Obligation

Unlimited

2,000

5.000 08/01/46

2,029

State

of

California

General

Obligation

Unlimited

4.000 04/01/49

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

5.000 06/01/48

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

Zero

coupon

06/01/54

University

of

California

Revenue

Bonds

3.000 05/15/51

William

S

Hart

Union

High

School

District

Special

Tax

5.000 09/01/47

149,233

Colorado

-

3.6%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250 12/01/49

648

Allison

Valley

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/47

Arista

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

8.250 12/15/39

505

Aurora

Crossroads

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

7.750 12/15/50

502

Banning

Lewis

Ranch

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

(Þ)

500

4.875 12/01/51

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

5.750 12/01/51

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(~)(Ê)

500

6.750 12/15/54

507

Belford

North

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

8.500 12/15/50

502

BNC

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

7.375 12/15/47

Brighton

Crossing

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/50

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

Special

Assessment

2,000

3.750 12/01/40

1,648

Canyons

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.500 12/15/54

503

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

5.000 12/01/51

Castleview

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

5.000 12/01/50

Cherry

Creek

South

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

600

6.000 12/01/51

557

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

700

5.350 12/01/50

633

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

(~)(Ê)

7.875 12/15/50

City

and

County

of

Denver

Airport

System

Revenue

Bonds

550

5.500 11/15/53

579

City

and

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

2,360

5.000 10/01/32

2,361

Cloverleaf

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/51

506

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

500

5.000 11/01/49

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/51

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

1,935

4.000 07/01/51

1,415

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/01/51

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

2,000

4.000 06/01/52

1,708

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 07/01/53

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.800 04/01/54

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

5.000 09/01/57

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

8.500 02/01/59

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.750 04/01/59

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 10/01/59

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 02/01/61

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

1,350

4.000 05/01/61

1,067

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

4.000 10/01/61

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

5.000 09/01/62

Colorado

Health

Facilities

Authority

Revenue

Bonds

515

6.000 07/01/31

Colorado

Health

Facilities

Authority

Revenue

Bonds

810

6.000 07/01/36

780

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000 08/01/39

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000 01/01/42

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000 08/01/44

2,013

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

Health

Facilities

Authority

Revenue

Bonds

(ae)

5.000 06/01/47

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,395

3.250 08/01/49

1,056

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.250 11/01/52

2,061

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

500

2.500 12/01/52

500

Colorado

Health

Facilities

Authority

Revenue

Bonds

500

5.250 12/01/54

518

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,834

5.000 07/01/57

1,386

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

5.000 12/31/51

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

820

5.000 12/31/56

804

Colorado

School

of

Mines

Revenue

Bonds

1,850

4.000 12/01/49

1,707

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

(Æ)(Ø)

500

5.750 12/01/47

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,755

5.000 12/01/49

1,669

Copper

Ridge

Metropolitan

District

Revenue

Bonds

725

5.000 12/01/39

722

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

500

6.500 12/01/55

500

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.000 12/15/41

507

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

4.875 12/01/51

Cornerstar

Metropolitan

District

General

Obligation

Limited

500

5.250 12/01/47

Cottonwood

Creek

Metropolitan

District

No.

General

Obligation

Limited

(Þ)

500

1.000 12/01/55

Creekside

Village

Metropolitan

District

General

Obligation

Limited

5.000 12/01/49

Crowfoot

Valley

Ranch

Metropolitan

District

No.

General

Obligation

Limited

(~)

(Ê)

500

6.125 12/15/54

Denver

Convention

Center

Hotel

Authority

Revenue

Bonds

5.000 12/01/31

Denver

Health

and

Hospital

Authority

Certificate

of

Participation

5.000 12/01/32

Denver

Health

and

Hospital

Authority

Certificate

of

Participation

4.000 12/01/38

Denver

Health

and

Hospital

Authority

Certificate

of

Participation

5.000 12/01/48

Denver

Health

and

Hospital

Authority

Revenue

Bonds

(Þ)

5.000 12/01/34

Denver

Health

and

Hospital

Authority

Revenue

Bonds

(Þ)

4.000 12/01/35

Denver

Health

and

Hospital

Authority

Revenue

Bonds

(Þ)

4.000 12/01/36

Denver

Health

and

Hospital

Authority

Revenue

Bonds

4.000 12/01/39

Denver

Health

and

Hospital

Authority

Revenue

Bonds

4.000 12/01/40

Denver

Health

and

Hospital

Authority

Revenue

Bonds

1,500

5.250 12/01/45

1,502

Denver

Health

and

Hospital

Authority

Revenue

Bonds

6.000 12/01/55

Denver

International

Business

Center

Metropolitan

District

No.

General

Obligation

Unlimited

3.750 12/01/39

Denver

International

Business

Center

Metropolitan

District

No.

General

Obligation

Unlimited

4.000 12/01/48

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

525

5.250 12/01/39

525

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

5.000 06/01/49

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.550 12/01/47

1,260

Foster

Farm

Business

Improvement

District

General

Obligation

Limited

(Þ)

5,390

1.000 12/01/55

3,744

Four

Corners

Business

Improvement

District

General

Obligation

Limited

500

6.000 12/01/52

506

Glen

Metropolitan

District

No.

(The)

General

Obligation

Limited

500

4.250 12/01/51

Granary

Metropolitan

District

No.

Special

Assessment

(Þ)

5.450 12/01/44

Greenspire

Metropolitan

District

No.

General

Obligation

Limited

500

5.125 12/01/51

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

5.000 12/01/35

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

4.000 12/01/47

Highlands

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/51

Independence

Metropolitan

District

No.

General

Obligation

Limited

500

5.375 12/01/54

502

Jefferson

Center

Metropolitan

District

No.

Revenue

Bonds

1,350

4.375 12/01/47

1,156

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

5.000 12/01/51

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

2,229

4.250 12/01/46

1,985

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Jones

District

Community

Authority

Board

Revenue

Bonds

500

1.000 12/01/50

503

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

(Þ)

1,000

6.625 12/01/56

1,012

Ledge

Rock

Center

Residential

Metropolitan

District

No.

General

Obligation

Limited

500

6.375 12/01/54

Loretto

Heights

Community

Authority

Revenue

Bonds

(~)(Ê)

500

4.875 12/01/51

Meridian

Ranch

Metropolitan

District

2018

Subdistrict

General

Obligation

Limited

500

6.750 12/01/52

513

Mineral

Business

Improvement

District

General

Obligation

Limited

(Þ)

5.750 12/01/54

Mineral

Business

Improvement

District

General

Obligation

Limited

(~)(Ê)(Þ)

8.500 12/15/54

Mirabelle

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.125 12/15/49

Murphy

Creek

Metropolitan

District

No.

General

Obligation

Limited

850

5.000 12/01/51

801

Murphy

Creek

Metropolitan

District

No.

General

Obligation

Limited

500

6.000 12/01/52

Newlin

Crossing

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.375 12/01/54

Nexus

North

at

DIA

Metropolitan

District

General

Obligation

Limited

500

5.000 12/01/51

North

Range

Metropolitan

District

No.

General

Obligation

Limited

1,000

5.750 12/01/47

1,000

North

Range

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

7.750 12/15/47

500

Northglenn

Urban

Renewal

Authority

Tax

Allocation

4.000 12/01/34

Northglenn

Urban

Renewal

Authority

Tax

Allocation

4.000 12/01/36

Northglenn

Urban

Renewal

Authority

Tax

Allocation

4.000 12/01/38

Palisade

Metropolitan

District

No.

Revenue

Bonds

(Þ)

500

1.000 12/15/54

Parkdale

Community

Authority

Revenue

Bonds

(~)(Ê)

500

7.000 12/15/44

509

Parkdale

Community

Authority

Revenue

Bonds

(Þ)

500

1.000 12/01/53

Parterre

Metropolitan

District

No.

General

Obligation

Limited

500

6.125 12/01/55

517

Pinery

Commercial

Metropolitan

District

No.

Revenue

Bonds

500

5.750 12/01/54

502

Powhaton

Community

Authority

Revenue

Bonds

(~)(Ê)

500

5.000 12/01/51

Prairie

Center

Metropolitan

District

No.

General

Obligation

Limited

500

5.875 12/15/46

525

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

500

5.000 12/15/41

502

Prairie

Center

Metropolitan

District

No.

General

Obligation

Limited

2,825

4.875 12/15/44

2,754

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750 12/01/41

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

Zero

coupon

12/01/25

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

2,265

4.750 12/01/45

2,118

Redtail

Ridge

Metropolitan

District

General

Obligation

Limited

500

Zero

coupon

12/01/32

RRC

Metropolitan

District

No.

Revenue

General

Obligation

Limited

(~)(Ê)

500

5.250 12/01/51

Second

Creek

Farm

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/49

Senac

South

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

625

5.250 12/01/51

599

Sky

Dance

Metropolitan

District

No.

General

Obligation

Limited

500

6.000 12/01/54

504

South

Timnath

Metropolitan

District

No.

General

Obligation

Limited

720

5.500 12/01/48

721

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

1,000

5.000 12/01/37

1,010

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

1,000

5.000 12/01/47

954

Sterling

Hills

West

Metropolitan

District

General

Obligation

Limited

5.000 12/01/39

Sterling

Ranch

Community

Authority

Board

Special

Assessment

5.625 12/01/43

Sunset

Parks

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.125 12/01/54

Tailholt

Metropolitan

District

No.

General

Obligation

Limited

1,750

5.500 12/01/54

1,721

Takoda

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/50

506

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.875 12/15/52

505

Trevenna

Metropolitan

District

General

Obligation

Limited

500

5.750 12/01/54

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,349

5.625 12/01/48

1,346

Waterview

North

Metropolitan

District

No.

General

Obligation

Limited

(Þ)

500

5.750 12/01/54

Weems

Neighborhood

Metropolitan

District

General

Obligation

Limited

500

5.875 12/01/55

510

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500 12/01/50

528

Winsome

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)(Þ)

500

5.125 12/01/50

83,855

Connecticut

-

1.5%

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/34

City

of

New

Haven

General

Obligation

Unlimited

1,100

5.500 08/01/38

1,160

City

of

West

Haven

General

Obligation

Unlimited

5.000 11/01/32

City

of

West

Haven

General

Obligation

Unlimited

700

5.000 11/01/37

733

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

720

4.000 07/01/41

647

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000 07/01/39

3,041

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/39

971

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

14,700

3.300 07/01/42

14,700

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,100

5.000 01/01/45

975

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,500

5.000 07/01/48

1,386

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/49

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,250

4.000 07/01/51

1,028

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.375 07/01/52

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.375 07/01/54

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 01/01/55

Hartford

Stadium

Authority

Revenue

Bonds

5.000 02/01/36

Hartford

Stadium

Authority

Revenue

Bonds

4.000 02/01/42

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

2,045

7.000 02/01/45

2,045

Stamford

Housing

Authority

Revenue

Bonds

5.500 10/01/35

Stamford

Housing

Authority

Revenue

Bonds

6.000 10/01/40

Stamford

Housing

Authority

Revenue

Bonds

6.375 10/01/45

Stamford

Housing

Authority

Revenue

Bonds

6.500 10/01/55

Stamford

Housing

Authority

Revenue

Bonds

6.250 10/01/60

State

of

Connecticut

Bradley

International

Airport

CFC

Revenue

Bonds

4.000 07/01/49

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/29

State

of

Connecticut

General

Obligation

Unlimited

1,500

5.000 06/15/31

1,580

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

5.625 04/01/44

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

2,200

4.000 04/01/51

1,830

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

6.000 04/01/52

Town

of

Hamden

Revenue

Bonds

750

7.000 01/01/53

787

34,624

Delaware

-

0.1%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 11/15/48

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 08/01/49

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 09/01/50

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 06/01/52

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 06/01/57

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

4.000 07/01/43

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

4.375 06/01/48

Town

of

Bridgeville

Special

Tax

4.000 07/01/35

1,359

District

of

Columbia

-

0.9%

District

of

Columbia

Revenue

Bonds

2,510

5.000 10/01/35

2,510

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,007

District

of

Columbia

Revenue

Bonds

1,000

5.000 07/01/47

946

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
District

of

Columbia

Revenue

Bonds

1,000

5.000 06/01/55

934

District

of

Columbia

Tax

Allocation

Revenue

Bonds

(Þ)

1.000 06/01/49

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

11,835

Zero

coupon

06/15/46

2,697

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/43

1,016

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,510

4.000 10/01/44

1,397

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

6,870

4.000 10/01/49

6,099

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,280

3.000 10/01/50

936

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

3,850

4.000 10/01/53

3,340

22,073

Florida

-

9.9%

Abbott

Square

Community

Development

District

Special

Assessment

5.500 06/15/52

Abbott

Square

Community

Development

District

Special

Assessment

5.625 05/01/55

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

1,500

4.000 10/01/46

1,256

Anabelle

Sandridge

Community

Development

District

Special

Assessment

6.125 05/01/55

Anthem

Park

Community

Development

District

Special

Assessment

4.750 05/01/36

Antillia

Community

Development

District

Special

Assessment

5.600 05/01/44

Antillia

Community

Development

District

Special

Assessment

5.875 05/01/54

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.150 05/01/44

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/53

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.500 05/01/55

Armstrong

Community

Development

District

Special

Assessment

Revenue

Bonds

4.000 11/01/40

Armstrong

Community

Development

District

Special

Assessment

Revenue

Bonds

4.000 11/01/50

Artisan

Lakes

East

Community

Development

District

Special

Assessment

2.300 05/01/26

Artisan

Lakes

East

Community

Development

District

Special

Assessment

2.750 05/01/31

Artisan

Lakes

East

Community

Development

District

Special

Assessment

945

3.125 05/01/41

744

Artisan

Lakes

East

Community

Development

District

Special

Assessment

4.000 05/01/51

Astonia

Community

Development

District

Special

Assessment

(Þ)

1,380

3.200 05/01/41

1,097

Avalon

Groves

Community

Development

District

Special

Assessment

3.125 05/01/41

Avalon

Groves

Community

Development

District

Special

Assessment

3.375 05/01/41

Avalon

Groves

Community

Development

District

Special

Assessment

6.000 05/01/48

Avalon

Park

West

Community

Development

District

Special

Assessment

5.625 05/01/52

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

2,380

5.250 05/01/43

2,384

Avenir

Community

Development

District

Special

Assessment

(Þ)

5.000 05/01/41

Avenir

Community

Development

District

Special

Assessment

5.375 05/01/43

Avenir

Community

Development

District

Special

Assessment

3.400 05/01/52

Avenir

Community

Development

District

Special

Assessment

5.625 05/01/54

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

4.500 06/01/39

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

4.625 06/01/49

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

1,060

5.000 11/01/39

1,057

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

1,250

3.200 05/01/41

994

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

500

5.000 05/01/42

Bannon

Lakes

Community

Development

District

Special

Assessment

5.000 11/01/48

Bartram

Park

Community

Development

District

Special

Assessment

4.250 05/01/29

Bartram

Park

Community

Development

District

Special

Assessment

4.500 05/01/35

Bay

Laurel

Center

Community

Development

District

Special

Assessment

4.000 05/01/37

Baywinds

Community

Development

District

Special

Assessment

4.250 05/01/37

Beaumont

Community

Development

District

Special

Assessment

(Þ)

6.375 11/01/49

Bella

Tara

Community

Development

District

Special

Assessment

6.125 05/01/56

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Bella

Tara

Community

Development

District

Special

Assessment

6.500 05/01/56

Bellehaven

Community

Development

District

Special

Assessment

6.050 05/01/55

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

2.625 05/01/26

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

5.000 05/01/44

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

5.750 05/01/53

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

5.350 05/01/54

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

6.000 06/15/52

Black

Creek

Community

Development

District

Special

Assessment

3.750 06/15/40

Black

Creek

Community

Development

District

Special

Assessment

4.000 06/15/50

Blue

Lake

Community

Development

District

Special

Assessment

4.250 06/15/39

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125 05/01/47

1,432

Bonterra

Community

Development

District

Special

Assessment

565

5.000 05/01/47

539

Botaniko

Community

Development

District

Special

Assessment

3.625 05/01/40

Bradbury

Community

Development

District

Special

Assessment

5.250 05/01/43

Bradbury

Community

Development

District

Special

Assessment

5.500 05/01/53

Bridgewalk

Community

Development

District

Special

Assessment

6.500 12/15/53

Brightwater

Community

Development

District

Special

Assessment

3.150 05/01/41

Brightwater

Community

Development

District

Special

Assessment

(Þ)

5.350 05/01/44

Brightwater

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/55

Brookstone

Community

Development

District

Special

Assessment

5.625 05/01/52

Buckhead

Trails

Community

Development

District

Special

Assessment

5.625 05/01/42

Buckhead

Trails

Community

Development

District

Special

Assessment

5.750 05/01/52

Buckhead

Trails

Community

Development

District

Special

Assessment

5.875 05/01/54

Buena

Lago

Community

Development

District

Special

Assessment

5.500 05/01/52

Buena

Lago

Community

Development

District

Special

Assessment

5.550 05/01/54

Caldera

Community

Development

District

Special

Assessment

1,000

5.200 05/01/54

973

Campo

Bello

Community

Development

District

Special

Assessment

4.000 12/15/49

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

2,295

5.000 06/01/49

2,166

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/54

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

6.500 06/15/54

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

1,250

6.500 06/15/55

1,260

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/58

Capital

Projects

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/58

940

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,970

4.500 01/01/35

1,942

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5.000 06/01/41

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5.250 12/01/43

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

6.250 05/01/48

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000 12/15/49

1,056

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4.000 07/01/51

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

6.375 05/01/53

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4.000 07/01/56

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4,015

5.250 12/01/58

3,786

Capital

Trust

Agency,

Inc.

Revenue

Bonds

4,000

Zero

coupon

01/01/60

Capital

Trust

Authority

Revenue

Bonds

(Þ)

900

12.000 10/03/29

1,033

Capital

Trust

Authority

Revenue

Bonds

5.000 06/15/44

Capital

Trust

Authority

Revenue

Bonds

(Þ)

6.875 12/01/44

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/50

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/55

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Capital

Trust

Authority

Revenue

Bonds

5.125 06/15/59

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,000

6.750 06/15/65

1,014

Capital

Trust

Authority

Revenue

Bonds

(Þ)

2,100

6.625 07/01/65

2,146

Caribe

Palm

Community

Development

District

Special

Assessment

4.000 05/01/26

Caymas

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/54

Cedar

Crossings

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/55

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

6.000 05/01/54

Central

Parc

Community

Development

District

Special

Assessment

5.700 05/01/44

Central

Parc

Community

Development

District

Special

Assessment

6.000 05/01/54

Centre

Lake

Community

Development

District

Special

Assessment

1,025

4.000 05/01/52

772

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125 11/01/38

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250 11/01/48

1,248

CFM

Community

Development

District

Special

Assessment

Revenue

Bonds

4.000 05/01/51

Chaparral

Palm

Bay

Community

Development

District

Special

Assessment

5.200 05/01/44

Chaparral

Palm

Bay

Community

Development

District

Special

Assessment

5.500 05/01/55

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

3.375 05/01/41

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/52

Charles

Cove

Community

Development

District

Special

Assessment

4.000 05/01/52

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 10/01/36

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 10/01/49

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

4.000 10/01/51

1,627

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000 11/15/37

1,000

City

of

Cape

Coral

Water

and

Sewer

Revenue

Bonds

1,000

4.000 10/01/36

1,000

City

of

Palmetto

Revenue

Bonds

5.250 06/01/52

City

of

Palmetto

Revenue

Bonds

5.375 06/01/57

City

of

Palmetto

Revenue

Bonds

5.625 06/01/62

City

of

Tampa

Revenue

Bonds

960

5.000 04/01/45

961

City

of

Venice

Revenue

Bonds

(Þ)

5.500 01/01/55

City

of

Venice

Revenue

Bonds

(Þ)

5.625 01/01/60

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

1.000 05/01/46

1,565

Coddington

Community

Development

District

Special

Assessment

5.750 05/01/52

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,400

5.000 06/01/43

2,346

Collier

County

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 05/01/52

853

Concord

Station

Community

Development

District

Special

Assessment

3.625 05/01/35

Concord

Station

Community

Development

District

Special

Assessment

3.750 05/01/46

Concord

Station

Community

Development

District

Special

Assessment

4.750 05/01/46

Connerton

East

Community

Development

District

Special

Assessment

5.375 06/15/53

Copes

Landing

Community

Development

District

Special

Assessment

5.875 05/01/53

Copes

Landing

Community

Development

District

Special

Assessment

5.450 05/01/54

Coral

Bay

Lee

County

Community

Development

District

Special

Assessment

5.625 05/01/52

Coral

Keys

Homes

Community

Development

District

Special

Assessment

4.000 05/01/40

Cordova

Palms

Community

Development

District

Special

Assessment

1,010

5.400 05/01/42

1,022

Cordova

Palms

Community

Development

District

Special

Assessment

1,455

4.000 05/01/52

1,148

Corkscrew

Crossing

Community

Development

District

Special

Assessment

5.300 05/01/53

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

5.000 11/01/38

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/50

Coronado

Community

Development

District

Special

Assessment

4.000 05/01/31

Coronado

Community

Development

District

Special

Assessment

4.250 05/01/38

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Country

Greens

Community

Development

District

Special

Assessment

3.875 05/01/31

Country

Greens

Community

Development

District

Special

Assessment

4.000 05/01/34

County

of

Broward

Port

Facilities

Revenue

Bonds

4.000 09/01/44

County

of

Broward

Port

Facilities

Revenue

Bonds

2,000

5.250 09/01/47

2,068

County

of

Lake

Revenue

Bonds

500

5.750 08/15/50

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,775

5.000 10/01/49

2,788

County

of

Miami-Dade

Revenue

Bonds

(µ)

Zero

coupon

10/01/45

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1,165

5.250 10/01/52

1,201

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000 10/01/52

2,174

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

1.000 10/01/36

4,420

County

of

Osceola

Transportation

Revenue

Bonds

1,340

5.000 10/01/44

1,351

County

of

Palm

Beach

Revenue

Bonds

(Þ)

625

5.750 10/01/55

638

County

of

Palm

Beach

Revenue

Bonds

(Þ)

6.750 10/01/55

County

of

Palm

Beach

Revenue

Bonds

(Þ)

1,000

5.750 10/01/65

1,014

Creekview

Community

Development

District

Special

Assessment

Revenue

Bonds

5.375 05/01/44

Creekview

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/55

Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

1,000

5.300 05/01/55

987

Cross

Creek

North

Community

Development

District

Special

Assessment

4.500 05/01/52

Cross

Creek

North

Community

Development

District

Special

Assessment

5.375 05/01/53

Crossings

Community

Development

District

Special

Assessment

5.125 05/01/52

Crossings

Community

Development

District

Special

Assessment

5.600 05/01/54

Crosswinds

East

Community

Development

District

Special

Assessment

5.450 05/01/54

Curiosity

Creek

Community

Development

District

Special

Assessment

(Þ)

5.400 05/01/44

Curiosity

Creek

Community

Development

District

Special

Assessment

(Þ)

5.700 05/01/55

Cypress

Bay

West

Community

Development

District

Special

Assessment

5.250 05/01/43

Cypress

Bay

West

Community

Development

District

Special

Assessment

5.500 05/01/53

Cypress

Creek

Reserve

Community

Development

District

Special

Assessment

5.750 05/01/45

Cypress

Creek

Reserve

Community

Development

District

Special

Assessment

6.000 05/01/56

Cypress

Park

Estates

Community

Development

District

Special

Assessment

5.000 05/01/42

Cypress

Park

Estates

Community

Development

District

Special

Assessment

5.125 05/01/52

Cypress

Reserve

Community

Development

District

Special

Assessment

(Þ)

5.800 05/01/56

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

5.000 11/01/38

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/48

Deer

Run

Community

Development

District

Special

Assessment

5.400 05/01/39

Deer

Run

Community

Development

District

Special

Assessment

5.500 05/01/44

Deerbrook

Community

Development

District

Special

Assessment

5.500 05/01/53

Deering

Park

Stewardship

District

Special

Assessment

6.000 05/01/45

Deering

Park

Stewardship

District

Special

Assessment

6.250 05/01/55

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

5.250 05/01/53

Del

Webb

River

Reserve

Community

Development

District

Special

Assessment

5.875 05/01/55

Del

Webb

Sunchase

Community

Development

District

Special

Assessment

1,000

5.625 05/01/55

998

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

3.750 05/01/34

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

4.000 05/01/37

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

3.375 05/01/41

Eagle

Hammock

Community

Development

District

Special

Assessment

5.375 05/01/52

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

4.125 05/01/40

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

4.125 05/01/51

East

547

Community

Development

District

Special

Assessment

6.500 05/01/54

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000 11/01/38

625

East

Nassau

Stewardship

District

Special

Assessment

1,270

3.500 05/01/41

1,050

Eden

Hills

Community

Development

District

Special

Assessment

4.000 05/01/42

Eden

Hills

Community

Development

District

Special

Assessment

4.125 05/01/52

Edgewater

East

Community

Development

District

Special

Assessment

3.600 05/01/41

Edgewater

East

Community

Development

District

Special

Assessment

4.000 05/01/42

Edgewater

East

Community

Development

District

Special

Assessment

6.100 05/01/45

Edgewater

East

Community

Development

District

Special

Assessment

6.300 05/01/55

Edgewater

West

Community

Development

District

Special

Assessment

5.500 05/01/54

Elevation

Pointe

Community

Development

District

Special

Assessment

700

4.400 05/01/42

639

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

1,170

4.000 05/01/37

1,130

Entrada

Community

Development

District

Special

Assessment

5.800 05/01/53

Epperson

North

Community

Development

District

Special

Assessment

5.300 05/01/44

Epperson

North

Community

Development

District

Special

Assessment

5.600 05/01/55

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

830

4.000 08/15/45

725

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/15/50

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5,525

4.000 08/15/50

4,647

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

5.875 05/01/55

Everlands

Community

Development

District

Special

Assessment

(Þ)

5.200 06/15/44

Everlands

II

Community

Development

District

Special

Assessment

5.200 06/15/44

Everlands

II

Community

Development

District

Special

Assessment

5.450 06/15/54

Fallschase

Community

Development

District

Special

Assessment

3.375 05/01/41

Fallschase

Community

Development

District

Special

Assessment

570

4.000 05/01/52

Firelight

Community

Development

District

Special

Assessment

Revenue

Bonds

6.125 05/01/55

Fish

Lake

Cover

Community

Development

District

Special

Assessment

5.550 05/01/55

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

3.000 11/01/41

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

9,975

12.000 07/15/32

4,988

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/40

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

940

4.000 02/01/46

843

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/30/46

Florida

Development

Finance

Corp.

Revenue

Bonds

1,150

5.000 06/15/47

1,128

Florida

Development

Finance

Corp.

Revenue

Bonds

5.000 06/01/50

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 06/01/50

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 09/15/50

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/51

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

500

4.000 07/01/51

Florida

Development

Finance

Corp.

Revenue

Bonds

2,500

5.000 02/01/52

2,387

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.500 07/01/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.875 08/15/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.125 10/01/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

5.250 07/01/53

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 06/01/54

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/01/55

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/55

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

1,220

5.250 06/01/55

1,122

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/30/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.625 07/01/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 10/01/56

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

5,300

10.000 07/01/57

4,505

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

6.000 08/15/57

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 06/01/59

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,100

10.000 07/15/59

1,550

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

5.000 03/01/39

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

5.000 03/01/44

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000 06/01/48

1,170

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

515

5.000 03/01/49

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

2,220

6.250 07/01/55

2,188

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

6.000 07/01/50

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

6.000 07/01/55

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

6.875 11/15/64

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

5.375 05/01/42

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/52

Fox

Branch

Ranch

Community

Development

District

Special

Assessment

5.400 05/01/55

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

5.600 05/01/44

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

5.875 05/01/55

Gas

Worx

Community

Development

District

Special

Assessment

(Þ)

5.750 05/01/45

Gas

Worx

Community

Development

District

Special

Assessment

(Þ)

6.000 05/01/57

GIR

East

Community

Development

District

Special

Assessment

5.300 05/01/45

GIR

East

Community

Development

District

Special

Assessment

5.500 05/01/55

Governors

Park

South

Community

Development

District

Special

Assessment

5.400 05/01/45

Governors

Park

South

Community

Development

District

Special

Assessment

5.650 05/01/55

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

4.750 05/01/36

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

5.000 05/01/46

Grand

Oaks

Community

Development

District

Special

Assessment

4.000 11/01/51

Greenbriar

Community

Development

District

Special

Assessment

5.650 05/01/45

Greenbriar

Community

Development

District

Special

Assessment

5.875 05/01/54

Hacienda

Lakes

Community

Development

District

Special

Assessment

4.625 05/01/46

Hacienda

North

Community

Development

District

Special

Assessment

6.500 05/01/53

Hammock

Oaks

Community

Development

District

Special

Assessment

6.150 05/01/54

Hammock

Oaks

Community

Development

District

Special

Assessment

(Þ)

5.750 05/01/55

Hammock

Reserve

Community

Development

District

Special

Assessment

4.700 05/01/42

Hammock

Reserve

Community

Development

District

Special

Assessment

5.000 05/01/52

Harbor

Bay

Community

Development

District

Special

Assessment

3.875 05/01/39

Harbor

Bay

Community

Development

District

Special

Assessment

4.100 05/01/48

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

5.450 11/01/45

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

5.375 05/01/53

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

5.650 11/01/54

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250 05/01/49

1,155

Harmony

West

Community

Development

District

Special

Assessment

5.650 05/01/55

Hawkstone

Community

Development

District

Special

Assessment

3.875 11/01/39

Hawkstone

Community

Development

District

Special

Assessment

5.375 05/01/43

Hawkstone

Community

Development

District

Special

Assessment

4.000 11/01/51

Hawkstone

Community

Development

District

Special

Assessment

5.500 05/01/53

Hawthorne

Mill

North

Community

Development

District

Special

Assessment

5.500 05/01/54

Heights

Community

Development

District

County

of

Hillsborough

Tax

Allocation

5.000 01/01/38

Heights

Community

Development

District

County

of

Hillsborough

Tax

Allocation

5.000 01/01/50

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Herons

Glen

Recreation

District

Special

Assessment

(µ)

2.500 05/01/40

Highlands

Meadows

II

Community

Development

District

Special

Assessment

5.375 11/01/37

Highlands

Meadows

II

Community

Development

District

Special

Assessment

5.500 11/01/47

Highlands

Meadows

West

Community

Development

District

Special

Assessment

3.625 05/01/40

Highlands

Meadows

West

Community

Development

District

Special

Assessment

4.000 05/01/50

Hillcrest

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.000 05/01/44

Hillcrest

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.300 05/01/54

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/40

Hills

Minneola

Community

Development

District

Special

Assessment

5.550 05/01/44

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/50

Hills

Minneola

Community

Development

District

Special

Assessment

5.875 05/01/54

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

1,695

4.000 08/01/50

1,575

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,305

4.000 08/01/55

2,904

Hobe-St.

Lucie

Conservancy

District

Special

Assessment

5.600 05/01/44

Hunt

Club

Grove

Community

Development

District

Special

Assessment

5.625 06/15/54

Island

Lakes

Estate

Special

Assessment

6.000 12/15/53

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

4.625 11/01/37

Juniper

Cove

Community

Development

District

Special

Assessment

5.450 05/01/45

Juniper

Cove

Community

Development

District

Special

Assessment

5.700 05/01/55

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

4.500 05/01/38

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

3.125 05/01/41

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

4.625 05/01/48

K-Bar

Ranch

III

Community

Development

District

Special

Assessment

(Þ)

5.875 05/01/45

K-Bar

Ranch

III

Community

Development

District

Special

Assessment

(Þ)

6.125 05/01/55

Kelly

Park

Community

Development

District

Special

Assessment

5.300 05/01/45

Kelly

Park

Community

Development

District

Special

Assessment

6.250 11/01/53

Kindred

Community

Development

District

II

Special

Assessment

Revenue

Bonds

5.650 05/01/43

Kindred

Community

Development

District

II

Special

Assessment

Revenue

Bonds

3.750 05/01/50

Kindred

Community

Development

District

II

Special

Assessment

Revenue

Bonds

5.875 05/01/54

Kingman

Gate

Community

Development

District

Special

Assessment

4.000 06/15/40

Kingman

Gate

Community

Development

District

Special

Assessment

4.000 06/15/50

Kings

Creek

I

Community

Development

District

Special

Assessment

5.750 05/01/45

Kings

Creek

I

Community

Development

District

Special

Assessment

6.000 05/01/55

Kingston

One

Community

Development

District

Special

Assessment

1,000

6.000 05/01/57

1,026

Kissimmee

Park

Community

Development

District

Special

Assessment

6.125 05/01/56

Kissimmee

Park

Community

Development

District

Special

Assessment

6.500 05/01/56

Knightsbridge

Community

Development

District

Special

Assessment

(Þ)

1,000

5.500 06/15/54

989

Lake

Deer

Community

Development

District

Special

Assessment

5.625 05/01/53

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

5.250 05/01/43

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/53

Lake

Frances

Community

Development

District

Special

Assessment

3.000 05/01/26

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000 05/01/37

671

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

5.200 05/01/35

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

5.700 05/01/55

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

3.900 05/01/41

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

4.125 05/01/41

Lakeside

Preserve

Community

Development

District

Special

Assessment

5.250 05/01/30

Lakeside

Preserve

Community

Development

District

Special

Assessment

6.000 05/01/43

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Lakeside

Preserve

Community

Development

District

Special

Assessment

6.375 05/01/54

Lakewood

Park

Community

Development

District

Special

Assessment

5.750 05/01/53

Lakewood

Ranch

Stewardship

District

Special

Assessment

4.250 05/01/26

Lakewood

Ranch

Stewardship

District

Special

Assessment

915

4.875 05/01/35

915

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.000 05/01/36

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

5.000 05/01/37

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.250 05/01/37

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.125 05/01/46

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

5.125 05/01/47

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.375 05/01/47

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.450 05/01/48

Lakewood

Ranch

Stewardship

District

Special

Assessment

3.900 05/01/50

Lakewood

Ranch

Stewardship

District

Special

Assessment

800

4.000 05/01/52

631

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.550 05/01/54

Lakewood

Ranch

Stewardship

District

Special

Assessment

6.300 05/01/54

Lakewood

Ranch

Stewardship

District

Special

Assessment

5.500 05/01/55

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.000 05/01/56

514

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

4.625 11/01/38

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

4.750 11/01/48

Landmark

at

Doral

Community

Development

District

Special

Assessment

3.000 05/01/35

Landmark

at

Doral

Community

Development

District

Special

Assessment

3.000 05/01/38

Landmark

at

Doral

Community

Development

District

Special

Assessment

4.000 05/01/38

Lee

County

Industrial

Development

Authority

Revenue

Bonds

5.250 10/01/52

Lee

County

Industrial

Development

Authority

Revenue

Bonds

5.250 11/15/54

Lee

County

Industrial

Development

Authority

Revenue

Bonds

775

5.250 10/01/57

711

Leomas

Landing

Community

Development

District

Special

Assessment

5.700 11/04/54

Liberty

Cove

Community

Development

District

Special

Assessment

5.700 05/01/54

Longleaf

Community

Development

District

Special

Assessment

Revenue

Bonds

5.450 05/01/55

LT

Ranch

Community

Development

District

Special

Assessment

4.000 05/01/50

LT

Ranch

Community

Development

District

Special

Assessment

5.900 05/01/53

LT

Ranch

Community

Development

District

Special

Assessment

1,000

5.850 05/01/54

1,018

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

3.250 05/01/31

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

3.450 05/01/41

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

5.650 05/01/54

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

6.000 05/01/54

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

6.050 05/01/54

Lucerne

Park

Community

Development

District

Special

Assessment

4.625 05/01/39

Lucerne

Park

Community

Development

District

Special

Assessment

4.750 05/01/50

Magnolia

Island

Community

Development

District

Special

Assessment

5.550 05/01/45

Magnolia

Island

Community

Development

District

Special

Assessment

5.750 05/01/55

Mandarin

Grove

Community

Development

District

Special

Assessment

(Þ)

6.625 05/01/53

Marion

Ranch

Community

Development

District

Special

Assessment

5.700 05/01/44

Marion

Ranch

Community

Development

District

Special

Assessment

5.950 05/01/54

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/38

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

650

4.100 05/01/30

650

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

3.750 05/01/52

Mediterranea

Community

Development

District

Special

Assessment

5.000 05/01/48

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Merrick

Square

Community

Development

District

Special

Assessment

5.625 05/01/53

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.000 11/15/39

1,752

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

918

Miami

World

Center

Community

Development

District

Special

Assessment

510

5.125 11/01/39

511

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250 11/01/49

1,153

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/52

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 07/01/61

Midtown

Miami

Community

Development

District

Special

Assessment

5.000 05/01/29

Mirada

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/44

Mirada

II

Community

Development

District

Special

Assessment

3.500 05/01/41

Mirada

II

Community

Development

District

Special

Assessment

1,615

4.000 05/01/51

1,286

Mirada

II

Community

Development

District

Special

Assessment

5.750 05/01/53

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

5.000 11/01/38

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/48

Newfield

Community

Development

District

Special

Assessment

Revenue

Bonds

1,805

5.625 05/01/45

1,858

Normandy

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.300 05/01/44

Normandy

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.550 05/01/54

North

Pasco

Community

Development

District

Special

Assessment

5.750 05/01/43

North

Pasco

Community

Development

District

Special

Assessment

5.750 05/01/44

North

Pasco

Community

Development

District

Special

Assessment

6.000 05/01/54

North

Loop

Community

Development

District

Special

Assessment

6.625 05/01/54

North

Park

Isle

Community

Development

District

Special

Assessment

3.375 11/01/41

North

Park

Isle

Community

Development

District

Special

Assessment

4.000 11/01/51

North

Powerline

Road

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/52

Northlake

Stewardship

District

Special

Assessment

6.000 05/01/45

Northlake

Stewardship

District

Special

Assessment

6.200 05/01/56

Northridge

Community

Development

District

Special

Assessment

(Þ)

5.750 05/01/45

Northridge

Community

Development

District

Special

Assessment

(Þ)

6.000 05/01/55

Ocala

Preserve

Community

Development

District

Special

Assessment

1,135

3.100 11/01/41

881

Ocala

Preserve

Community

Development

District

Special

Assessment

5.700 05/01/43

Ocala

Preserve

Community

Development

District

Special

Assessment

5.875 05/01/53

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

4.850 05/01/39

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.250 06/15/43

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.000 05/01/49

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.375 06/15/53

Orange

County

Health

Facilities

Authority

Revenue

Bonds

805

4.500 10/01/56

788

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000 05/01/36

1,247

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

4.000 05/01/40

Pacific

Ace

Community

Development

District

Special

Assessment

5.500 05/01/55

Paddocks

Community

Development

District

Special

Assessment

(Þ)

5.450 05/01/55

Palermo

Community

Development

District

Special

Assessment

5.000 06/15/43

Palermo

Community

Development

District

Special

Assessment

5.350 06/15/45

Palermo

Community

Development

District

Special

Assessment

5.250 06/15/53

Palermo

Community

Development

District

Special

Assessment

5.500 06/15/55

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

700

11.500 07/01/27

953

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.000 06/01/36

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

5.000 05/15/53

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.250 06/01/56

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

7.625 05/15/58

Palm

Coast

Community

Development

District

Special

Assessment

(Þ)

500

6.250 05/01/35

521

Palm

Coast

Community

Development

District

Special

Assessment

(Þ)

6.500 05/01/45

Palm

Coast

Community

Development

District

Special

Assessment

(Þ)

6.750 05/01/57

Palm

Coast

Park

Community

Development

District

Special

Assessment

730

3.125 05/01/41

575

Palm

Coast

Park

Community

Development

District

Special

Assessment

5.400 05/01/43

Palm

Coast

Park

Community

Development

District

Special

Assessment

1,200

4.000 05/01/52

949

Palm

Coast

Park

Community

Development

District

Special

Assessment

5.600 05/01/53

Palm

Gate

Community

Development

District

Special

Assessment

5.300 06/15/45

Palm

Gate

Community

Development

District

Special

Assessment

5.550 06/15/55

Palm

Glades

Community

Development

District

Special

Assessment

3.750 05/01/31

Palm

Glades

Community

Development

District

Special

Assessment

4.000 11/01/38

Palm

Glades

Community

Development

District

Special

Assessment

5.000 05/01/39

Palm

Glades

Community

Development

District

Special

Assessment

4.200 11/01/48

Parker

Pointe

Community

Development

District

Special

Assessment

1,000

5.750 05/01/54

1,012

Parkland

Preserve

Community

Development

District

Special

Assessment

5.250 05/01/39

Parkland

Preserve

Community

Development

District

Special

Assessment

5.375 05/01/50

Parkway

Center

Community

Development

District

Special

Assessment

4.375 05/01/31

Parkway

Center

Community

Development

District

Special

Assessment

4.700 05/01/49

Parrish

Lakes

Community

Development

District

Special

Assessment

5.125 05/01/43

Parrish

Lakes

Community

Development

District

Special

Assessment

5.375 05/01/43

Parrish

Lakes

Community

Development

District

Special

Assessment

5.400 05/01/53

Parrish

Lakes

Community

Development

District

Special

Assessment

5.625 05/01/53

Parrish

Lakes

Community

Development

District

Special

Assessment

5.800 05/01/54

Parrish

Lakes

II

Community

Development

District

Special

Assessment

5.125 05/01/44

Parrish

Lakes

II

Community

Development

District

Special

Assessment

5.450 05/01/54

Parrish

Plantation

Community

Development

District

Special

Assessment

6.050 05/01/54

Pasadena

Ridge

Community

Development

District

Special

Assessment

5.050 05/01/44

Pasadena

Ridge

Community

Development

District

Special

Assessment

5.375 05/01/55

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.375 05/01/36

Peace

Creek

Community

Development

District

Special

Assessment

5.125 06/15/43

Peace

Creek

Community

Development

District

Special

Assessment

5.375 06/15/53

Peace

Creek

Community

Development

District

Special

Assessment

5.625 05/01/55

Peace

Crossing

Community

Development

District

Special

Assessment

5.700 05/01/44

Peace

Crossing

Community

Development

District

Special

Assessment

6.000 05/01/54

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

545

4.125 12/15/28

549

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

1,025

5.000 07/01/29

1,041

Pioneer

Ranch

Community

Development

District

Special

Assessment

5.000 05/01/44

Pioneer

Ranch

Community

Development

District

Special

Assessment

5.300 05/01/55

Portico

Community

Development

District

Special

Assessment

Revenue

Bonds

3.625 05/01/40

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/45

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

(Þ)

5.875 05/01/55

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

535

5.250 11/01/38

540

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

4.000 11/01/39

Prosperity

Lakes

Community

Development

District

Special

Assessment

6.125 12/15/53

Radiance

Community

Development

District

Special

Assessment

(Þ)

6.200 05/01/45

Radiance

Community

Development

District

Special

Assessment

(Þ)

6.400 05/01/56

Randal

Park

Community

Development

District

Special

Assessment

(Þ)

540

5.050 05/01/39

541

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Randal

Park

Community

Development

District

Special

Assessment

(Þ)

895

5.200 05/01/49

866

Reflection

Bay

Community

Development

District

Special

Assessment

5.625 05/01/45

Reflection

Bay

Community

Development

District

Special

Assessment

5.875 05/01/55

Regal

Village

Community

Development

District

Special

Assessment

5.500 05/01/54

Reunion

East

Community

Development

District

Special

Assessment

755

5.000 05/01/33

755

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150 05/01/41

1,579

Reunion

West

Community

Development

District

Special

Assessment

4.500 05/01/39

Reunion

West

Community

Development

District

Special

Assessment

4.625 05/01/50

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

5.250 05/01/43

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

5.500 05/01/53

River

Hall

Community

Development

District

Special

Assessment

(Þ)

5.350 05/01/44

River

Hall

Community

Development

District

Special

Assessment

600

4.000 05/01/51

River

Hall

Community

Development

District

Special

Assessment

6.500 05/01/54

River

Hall

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/55

River

Landing

Community

Development

District

Special

Assessment

5.450 05/01/55

Riverwalk

Community

Development

District

Special

Assessment

5.800 05/01/54

Riverwalk

Community

Development

District

Special

Assessment

(Þ)

5.450 05/01/55

Rivington

Community

Development

District

Special

Assessment

Revenue

Bonds

4.000 05/01/52

Rolling

Hills

Community

Development

District

Special

Assessment

950

4.000 05/01/52

750

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

5.375 11/01/38

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

5.500 11/01/49

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

6.500 05/01/53

Rookery

Community

Development

District

Special

Assessment

Revenue

Bonds

5.350 05/01/55

Rustic

Oaks

Community

Development

District

Special

Assessment

1,000

3.450 05/01/42

809

Rye

Crossing

Community

Development

District

Special

Assessment

5.250 05/01/53

Rye

Ranch

Community

Development

District

Special

Assessment

(Þ)

6.000 11/01/53

Rye

Ranch

Community

Development

District

Special

Assessment

6.625 05/01/54

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

1,000

3.350 12/15/41

802

Saltleaf

Community

Development

District

Special

Assessment

6.000 05/01/56

Saltmeadows

Community

Development

District

Special

Assessment

5.500 05/01/53

Saltmeadows

Community

Development

District

Special

Assessment

(Þ)

6.000 05/01/55

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

3.625 05/01/40

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

3.750 05/01/50

Sandmine

Road

Community

Development

District

Special

Assessment

6.000 11/01/52

Sarasota

County

Public

Hospital

District

Revenue

Bonds

1,000

4.000 07/01/48

896

Savanna

Lakes

Community

Development

District

Special

Assessment

5.500 06/15/54

Sawgrass

Village

Community

Development

District

Special

Assessment

5.750 05/01/53

Sawgrass

Village

Community

Development

District

Special

Assessment

6.375 11/01/53

Scenic

Terrace

North

Community

Development

District

Special

Assessment

5.875 05/01/43

Scenic

Terrace

North

Community

Development

District

Special

Assessment

6.125 05/01/54

Scenic

Terrace

South

Community

Development

District

Special

Assessment

4.500 05/01/42

Scenic

Terrace

South

Community

Development

District

Special

Assessment

4.625 05/01/53

Scenic

Terrace

South

Community

Development

District

Special

Assessment

6.750 11/01/53

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

5.500 06/15/53

Sebastian

Isles

Community

Development

District

Special

Assessment

5.300 05/01/54

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 06/15/51

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 06/15/56

Seminole

Improvement

District

Revenue

Bonds

5.300 10/01/37

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Seminole

Palms

Community

Development

District

Special

Assessment

5.700 05/01/53

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/39

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

5.375 11/01/49

Sherwood

Manor

Community

Development

District

Special

Assessment

5.500 05/01/43

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Sherwood

Manor

Community

Development

District

Special

Assessment

5.625 05/01/53

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

3.100 06/15/31

Silverlake

Community

Development

District

Special

Assessment

5.500 05/01/53

Six

Mile

Creek

Community

Development

District

Special

Assessment

3.100 05/01/31

Six

Mile

Creek

Community

Development

District

Special

Assessment

4.125 11/01/40

Six

Mile

Creek

Community

Development

District

Special

Assessment

750

3.400 05/01/41

612

Six

Mile

Creek

Community

Development

District

Special

Assessment

3.500 05/01/41

Six

Mile

Creek

Community

Development

District

Special

Assessment

4.250 11/01/50

Six

Mile

Creek

Community

Development

District

Special

Assessment

5.700 05/01/54

Six

Mile

Creek

Community

Development

District

Special

Assessment

5.375 05/01/55

Solaeris

Community

Development

District

Special

Assessment

6.000 05/01/44

Solaeris

Community

Development

District

Special

Assessment

6.250 05/01/55

Solaeris

Community

Development

District

Special

Assessment

(Þ)

6.300 05/01/56

Somerset

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.900 05/01/54

Somerset

Community

Development

District

Special

Assessment

1,000

4.200 05/01/37

982

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000 05/01/51

1,315

South

Fork

III

Community

Development

District

Special

Assessment

5.000 05/01/38

South

Kendall

Community

Development

District

Special

Assessment

4.125 11/01/40

Southern

Groves

Community

Development

District

No.

Special

Assessment

600

4.000 05/01/43

517

Southern

Groves

Community

Development

District

No.

Special

Assessment

2,625

4.000 05/01/48

2,147

Southshore

Bay

Community

Development

District

Special

Assessment

5.625 05/01/54

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

5.250 05/01/44

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

5.600 05/01/54

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

995

5.500 06/15/53

987

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000 12/15/41

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 12/15/46

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 12/15/50

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 08/01/55

Stellar

North

Community

Development

District

Special

Assessment

755

3.200 05/01/41

600

Stonegate

Preserve

Community

Development

District

Special

Assessment

6.125 12/15/53

Stonegate

Preserve

Community

Development

District

Special

Assessment

5.875 06/15/55

Stoneybrook

North

Community

Development

District

Special

Assessment

6.375 11/01/52

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

4.500 06/15/39

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

4.625 06/15/49

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

5.500 06/15/53

Stoneybrook

South

Community

Development

District

Special

Assessment

(Þ)

1,125

3.750 12/15/50

860

Storey

Creek

Community

Development

District

Special

Assessment

5.200 06/15/42

Storey

Creek

Community

Development

District

Special

Assessment

5.375 06/15/52

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

650

3.300 06/15/41

522

Stuart

Crossing

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/54

Summer

Woods

Community

Development

District

Special

Assessment

3.400 05/01/41

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Summer

Woods

Community

Development

District

Special

Assessment

4.000 05/01/51

Summer

Woods

Community

Development

District

Special

Assessment

4.000 05/01/52

Sunbridge

Stewardship

District

Special

Assessment

5.350 05/01/52

Tamarindo

Community

Development

District

Special

Assessment

Revenue

Bonds

3.375 05/01/41

Tapestry

Community

Development

District

Special

Assessment

Revenue

Bonds

5.000 05/01/46

Tern

Bay

Community

Development

District

Special

Assessment

4.000 06/15/42

Terreno

Community

Development

District

Special

Assessment

5.400 05/01/45

Terreno

Community

Development

District

Special

Assessment

5.250 05/01/53

Terreno

Community

Development

District

Special

Assessment

5.650 05/01/55

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000 11/01/48

944

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

3.300 12/15/41

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

1,250

4.000 12/15/51

990

Tohoqua

Community

Development

District

Special

Assessment

Revenue

Bonds

3.600 05/01/41

Tolomato

Community

Development

District

Special

Assessment

(µ)

3.750 05/01/40

Tolomato

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/40

Toscana

Isles

Community

Development

District

Special

Assessment

5.375 11/01/39

Toscana

Isles

Community

Development

District

Special

Assessment

5.500 11/01/49

Touchstone

Community

Development

District

Special

Assessment

(Þ)

4.625 06/15/38

Touchstone

Community

Development

District

Special

Assessment

(Þ)

4.750 06/15/48

Towne

Park

Community

Development

District

Special

Assessment

4.625 05/01/50

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

(Þ)

6.375 11/01/53

Tradition

Community

Development

District

No.

Special

Assessment

3.000 05/01/41

Tradition

Community

Development

District

No.

Special

Assessment

4.000 05/01/52

Triple

Creek

Community

Development

District

Special

Assessment

5.250 11/01/27

Triple

Creek

Community

Development

District

Special

Assessment

6.125 11/01/46

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

5.375 11/01/48

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

5.000 11/01/39

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

4.750 11/01/47

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

5.125 11/01/49

Tuckers

Pointe

Community

Development

District

Special

Assessment

3.625 05/01/32

Tuckers

Pointe

Community

Development

District

Special

Assessment

4.000 05/01/52

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

5.875 05/01/43

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

6.125 05/01/54

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

6.000 05/01/55

Two

Creeks

Community

Development

District

Special

Assessment

3.500 05/01/32

Two

Creeks

Community

Development

District

Special

Assessment

3.625 05/01/37

Two

Lakes

Community

Development

District

Special

Assessment

3.750 12/15/39

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

5.000 12/15/47

Two

Lakes

Community

Development

District

Special

Assessment

5.000 05/01/55

Two

Rivers

East

Community

Development

District

Special

Assessment

5.875 05/01/53

Two

Rivers

North

Community

Development

District

Special

Assessment

5.250 05/01/52

Two

Rivers

West

Community

Development

District

Special

Assessment

6.000 05/01/43

Two

Rivers

West

Community

Development

District

Special

Assessment

6.250 05/01/53

Two

Rivers

West

Community

Development

District

Special

Assessment

6.125 11/01/53

Two

Rivers

West

Community

Development

District

Special

Assessment

5.875 05/01/54

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500 11/01/47

501

Varrea

South

Community

Development

District

Special

Assessment

5.400 05/01/53

V-Dana

Community

Development

District

Special

Assessment

500

3.125 05/01/31

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
V-Dana

Community

Development

District

Special

Assessment

5.250 05/01/43

V-Dana

Community

Development

District

Special

Assessment

5.375 05/01/45

V-Dana

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/51

V-Dana

Community

Development

District

Special

Assessment

5.500 05/01/54

V-Dana

Community

Development

District

Special

Assessment

5.550 05/01/55

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

840

5.000 05/01/38

842

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

500

5.125 05/01/49

Veranda

Community

Development

District

II

Special

Assessment

5.000 11/01/39

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

3.600 05/01/41

Veranda

Community

Development

District

II

Special

Assessment

5.125 05/01/44

Veranda

Community

Development

District

II

Special

Assessment

5.375 05/01/44

Veranda

Community

Development

District

II

Special

Assessment

5.125 11/01/49

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

4.000 05/01/51

Veranda

Community

Development

District

II

Special

Assessment

5.625 05/01/54

Veranda

Landing

Community

Development

District

Special

Assessment

5.500 06/15/53

Verandah

East

Community

Development

District

Special

Assessment

4.000 05/01/31

Verano

No.

Community

Development

District

Special

Assessment

4.750 11/01/25

Verano

No.

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/31

Verano

No.

Community

Development

District

Special

Assessment

5.125 11/01/35

Verano

No.

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/37

Verano

No.

Community

Development

District

Special

Assessment

5.250 11/01/46

Verano

No.

Community

Development

District

Special

Assessment

5.350 05/01/44

Verano

No.

Community

Development

District

Special

Assessment

4.000 05/01/50

Verano

No.

Community

Development

District

Special

Assessment

5.625 05/01/55

Verano

No.

Community

Development

District

Special

Assessment

6.625 11/01/52

500

Verano

No.

Community

Development

District

Special

Assessment

5.375 05/01/43

Verano

No.

Community

Development

District

Special

Assessment

5.625 05/01/53

Vida's

Way

Community

Development

District

Special

Assessment

4.875 05/01/44

Vida's

Way

Community

Development

District

Special

Assessment

5.200 05/01/54

Viera

East

Community

Development

District

Special

Assessment

(µ)

2.750 05/01/38

Viera

Stewardship

District

Special

Assessment

5.300 05/01/43

Viera

Stewardship

District

Special

Assessment

5.500 05/01/54

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

(Þ)

3.250 05/01/40

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

(Þ)

575

3.500 05/01/51

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

3.250 05/01/52

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

950

5.500 05/01/53

970

Village

Community

Development

District

No.

Special

Assessment

(Þ)

5.000 05/01/43

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

5.250 05/01/53

Villamar

Community

Development

District

Special

Assessment

905

4.625 05/01/39

870

Villamar

Community

Development

District

Special

Assessment

4.000 11/01/51

Villamar

Community

Development

District

Special

Assessment

500

4.125 05/01/52

Villamar

Community

Development

District

Special

Assessment

1,225

5.750 05/01/53

1,240

Vizcaya

in

Kendall

Community

Development

District

Special

Assessment

4.125 11/01/46

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

5.000 06/01/45

Waterford

Community

Development

District

Special

Assessment

5.375 05/01/43

Waterford

Community

Development

District

Special

Assessment

5.600 05/01/53

Waterford

Community

Development

District

Special

Assessment

5.450 05/01/54

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Waterford

Community

Development

District

Special

Assessment

6.250 05/01/56

Watergrass

Community

Development

District

II

Special

Assessment

5.250 05/01/49

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/38

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Wellness

Ridge

Community

Development

District

Special

Assessment

5.125 06/15/43

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

5.000 06/15/44

Wellness

Ridge

Community

Development

District

Special

Assessment

5.375 06/15/53

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

5.200 06/15/55

Wesbridge

Community

Development

District

Special

Assessment

4.250 11/01/49

West

Hillcrest

Community

Development

District

Special

Assessment

5.500 06/15/53

West

Port

Community

Development

District

Special

Assessment

3.400 05/01/41

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,700

4.000 05/01/51

1,358

West

Port

Community

Development

District

Special

Assessment

5.250 05/01/52

West

Port

East

Community

Development

District

Special

Assessment

(Þ)

6.000 05/01/55

West

Villages

Improvement

District

Special

Assessment

4.750 05/01/39

West

Villages

Improvement

District

Special

Assessment

1,935

3.500 05/01/41

1,600

West

Villages

Improvement

District

Special

Assessment

5.375 05/01/42

West

Villages

Improvement

District

Special

Assessment

5.375 05/01/43

West

Villages

Improvement

District

Special

Assessment

5.000 05/01/50

West

Villages

Improvement

District

Special

Assessment

5.500 05/01/53

West

Villages

Improvement

District

Special

Assessment

5.625 05/01/53

West

Villages

Improvement

District

Special

Assessment

5.625 05/01/54

West

Villages

Improvement

District

Special

Assessment

6.250 05/01/54

West

Villages

Improvement

District

Special

Assessment

6.000 05/01/55

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

4.100 05/01/37

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

4.125 05/01/38

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

815

4.000 05/01/50

646

Westside

Haines

City

Community

Development

District

Special

Assessment

5.750 05/01/44

Westside

Haines

City

Community

Development

District

Special

Assessment

6.000 05/01/54

Westview

North

Community

Development

District

Special

Assessment

6.000 06/15/52

Westview

South

Community

Development

District

Special

Assessment

5.375 05/01/43

Westview

South

Community

Development

District

Special

Assessment

5.600 05/01/53

Westview

South

Community

Development

District

Special

Assessment

5.625 05/01/53

Westview

South

Community

Development

District

Special

Assessment

(Þ)

6.200 05/01/55

Westwood

of

Pasco

Community

Development

District

Special

Assessment

500

5.400 05/01/43

505

Whispering

Pines

Community

Development

District

Special

Assessment

5.500 05/01/53

Whispering

Pines

Community

Development

District

Special

Assessment

5.500 05/01/54

Wildblue

Community

Development

District

Special

Assessment

(Þ)

4.250 06/15/39

Wildblue

Community

Development

District

Special

Assessment

(Þ)

4.375 06/15/49

Willowbrook

Community

Development

District

Special

Assessment

5.900 05/01/55

Willows

Community

Development

District

Special

Assessment

5.750 05/01/52

Wind

Meadows

South

Community

Development

District

Special

Assessment

930

4.000 05/01/52

734

Wind

Meadows

South

Community

Development

District

Special

Assessment

5.625 05/01/53

Winding

Cypress

Community

Development

District

Special

Assessment

5.000 11/01/45

Winding

Cypress

Community

Development

District

Special

Assessment

5.000 11/01/49

Winding

Oaks

Community

Development

District

Special

Assessment

5.400 05/01/44

Winding

Oaks

Community

Development

District

Special

Assessment

5.700 05/01/55

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

4.250 05/01/52

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Windward

Preserve

Community

Development

District

Special

Assessment

6.000 05/01/56

Woodland

Crossing

Community

Development

District

Special

Assessment

(Þ)

6.125 05/01/56

Woodland

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.300 05/01/45

Woodland

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/55

Woodland

Ranch

Estates

Community

Development

District

Special

Assessment

5.550 05/01/45

Woodland

Ranch

Estates

Community

Development

District

Special

Assessment

5.750 05/01/55

Yarborough

Lane

Community

Development

District

Special

Assessment

1,625

5.600 05/01/55

1,626

Zephyr

Lakes

Community

Development

District

Special

Assessment

3.375 05/01/41

Zephyr

Lakes

Community

Development

District

Special

Assessment

4.000 05/01/51

233,383

Georgia

-

2.0%

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

3,200

1.000 12/15/48

2,810

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

3,540

6.000 07/01/50

3,682

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

1,125

5.500 04/01/39

1,147

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875 07/01/51

2,818

City

of

Rockdale

Special

Assessment

Revenue

Bonds

(Þ)

7.500 09/15/54

Columbia

County

Hospital

Authority

Revenue

Bonds

5.125 04/01/53

Columbia

County

Hospital

Authority

Revenue

Bonds

1,100

5.750 04/01/53

1,188

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000 03/01/36

894

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

1,000

4.125 11/01/45

937

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

1,450

5.000 07/15/38

1,451

Development

Authority

of

Lagrange

Revenue

Bonds

5.000 10/15/52

East

Palm

Drive

Community

Development

District

Special

Assessment

5.375 06/15/54

Gainesville

and

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

(Æ)(Ø)

5.125 03/01/52

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

1,210

3.625 01/01/31

1,169

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

5.000 01/01/36

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

3,920

4.000 01/01/54

3,355

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

2,795

5.000 01/01/54

2,619

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000 08/01/38

1,002

Lawson

Dunes

Community

Development

District

Special

Assessment

5.000 05/01/42

Lawson

Dunes

Community

Development

District

Special

Assessment

5.125 05/01/52

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

5.000 05/15/43

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,035

5.000 07/01/53

1,103

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

5.000 12/01/53

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 06/01/55

1,090

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000 12/01/55

3,797

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,365

5.000 07/01/48

2,443

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

3,220

4.000 01/01/49

2,819

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,500

4.000 01/01/49

1,400

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,000

4.000 01/01/49

1,773

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000 01/01/49

1,004

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,000

5.000 01/01/56

2,009

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,500

4.000 01/01/59

1,317

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,500

5.000 01/01/63

1,483

Private

Colleges

and

Universities

Authority

Revenue

Bonds

1,000

5.000 10/01/40

1,001

Private

Colleges

and

Universities

Authority

Revenue

Bonds

(~)(Ê)

2.500 09/01/52

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

4.000 01/01/38

Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

5.250 06/01/61

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

(Þ)

800

6.250 06/01/61

801

Sunbridge

Stewardship

District

Special

Assessment

5.500 05/01/52

47,767

Guam

-

0.5%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

3.720 09/01/27

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

625

5.000 09/01/38

632

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.125 10/01/34

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.250 10/01/36

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.375 10/01/40

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.375 10/01/43

Guam

Department

of

Education

Certificate

of

Participation

750

4.250 02/01/30

751

Guam

Department

of

Education

Certificate

of

Participation

545

5.000 02/01/40

540

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000 01/01/46

1,606

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,000

5.000 01/01/50

1,008

Port

Authority

of

Guam

Revenue

Bonds

5.000 07/01/36

Territory

of

Guam

General

Obligation

Unlimited

5.000 11/15/31

Territory

of

Guam

Revenue

Bonds

500

5.000 12/01/31

505

Territory

of

Guam

Revenue

Bonds

500

5.000 11/01/35

530

Territory

of

Guam

Revenue

Bonds

2,825

4.000 01/01/36

2,850

Territory

of

Guam

Revenue

Bonds

1,420

4.000 01/01/42

1,351

10,840

Hawaii

-

0.5%

Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000 05/15/51

1,255

State

of

Hawaii

Airports

System

Revenue

Bonds

1,000

5.000 07/01/51

1,024

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,670

3.100 05/01/26

1,656

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

3,850

6.000 07/01/28

3,953

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

1,470

5.000 01/01/30

1,445

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,150

4.000 03/01/37

1,107

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,360

3.200 07/01/39

1,180

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

5.000 07/01/39

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

5.125 07/01/43

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

3.500 10/01/49

12,188

Idaho

-

0.2%

Avimor

Community

Infrastructure

District

No.

Special

Assessment

(Þ)

5.875 09/01/53

Idaho

Health

Facilities

Authority

Revenue

Bonds

5.000 09/01/37

Idaho

Health

Facilities

Authority

Revenue

Bonds

750

4.375 03/01/53

717

Idaho

Housing

and

Finance

Association

Revenue

Bonds

1,740

4.650 01/01/54

1,679

Spring

Valley

Community

Infrastructure

District

No.

Special

Assessment

(Þ)

2,271

3.750 09/01/51

2,147

5,122

Illinois

-

6.8%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000 12/01/37

2,167

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

500

5.750 04/01/35

510

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

2,150

5.750 04/01/48

2,267

Chicago

Board

of

Education

General

Obligation

Unlimited

5.000 12/01/25

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

Zero

coupon

12/01/27

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

Zero

coupon

12/01/29

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,500

5.000 12/01/29

1,576

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chicago

Board

of

Education

General

Obligation

Unlimited

6.038 12/01/29

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

5.000 12/01/30

Chicago

Board

of

Education

General

Obligation

Unlimited

1,600

5.000 12/01/31

1,633

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000 12/01/32

1,040

Chicago

Board

of

Education

General

Obligation

Unlimited

5.125 12/01/32

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

5.000 12/01/34

Chicago

Board

of

Education

General

Obligation

Unlimited

735

5.250 12/01/35

735

Chicago

Board

of

Education

General

Obligation

Unlimited

990

5.000 12/01/36

993

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000 12/01/37

1,825

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000 12/01/37

1,001

Chicago

Board

of

Education

General

Obligation

Unlimited

5.250 12/01/39

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000 12/01/41

1,699

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000 12/01/42

2,485

Chicago

Board

of

Education

General

Obligation

Unlimited

1,875

5.000 12/01/42

1,777

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000 12/01/42

2,058

Chicago

Board

of

Education

General

Obligation

Unlimited

585

4.000 12/01/43

Chicago

Board

of

Education

General

Obligation

Unlimited

710

5.000 12/01/44

659

Chicago

Board

of

Education

General

Obligation

Unlimited

2,325

7.000 12/01/44

2,331

Chicago

Board

of

Education

General

Obligation

Unlimited

6,540

5.000 12/01/46

5,977

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500 12/01/46

1,480

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000 12/01/46

1,536

Chicago

Board

of

Education

General

Obligation

Unlimited

1,800

4.000 12/01/47

1,418

Chicago

Board

of

Education

General

Obligation

Unlimited

4,905

5.000 12/01/47

4,480

Chicago

Board

of

Education

General

Obligation

Unlimited

6.000 12/01/49

Chicago

Board

of

Education

General

Obligation

Unlimited

3,500

5.750 12/01/50

3,464

Chicago

Board

of

Education

Revenue

Bonds

2,240

5.000 04/01/42

2,223

Chicago

Board

of

Education

Revenue

Bonds

1,725

5.000 04/01/46

1,670

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000 04/01/46

3,480

Chicago

O'Hare

International

Airport

Revenue

Bonds

5.000 01/01/47

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.500 01/01/48

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 07/01/48

987

Chicago

O'Hare

International

Airport

Revenue

Bonds

600

5.000 01/01/52

593

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,635

5.500 01/01/53

3,789

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

3,120

5.000 12/01/46

3,133

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500 03/01/37

1,588

City

of

Chicago

General

Obligation

Unlimited

1,200

5.000 01/01/28

1,226

City

of

Chicago

General

Obligation

Unlimited

5.000 01/01/30

City

of

Chicago

General

Obligation

Unlimited

940

5.000 01/01/31

964

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000 01/01/38

2,000

City

of

Chicago

General

Obligation

Unlimited

4,525

6.000 01/01/38

4,594

City

of

Chicago

General

Obligation

Unlimited

6.000 01/01/43

City

of

Chicago

General

Obligation

Unlimited

4,200

5.500 01/01/49

4,164

City

of

Chicago

General

Obligation

Unlimited

1,000

6.000 01/01/50

1,036

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

4.000 01/01/52

City

of

Marion

Sales

Tax

Revenue

Bonds

1,795

6.375 06/01/45

1,751

City

of

Marion

Sales

Tax

Revenue

Bonds

1,275

6.625 06/01/55

1,239

County

of

Cook

Revenue

Bonds

6.500 01/01/45

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

6.000 05/01/46

Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

2,000

7.000 02/15/56

1,931

Illinois

Finance

Authority

Revenue

Bonds

5.500 04/01/32

Illinois

Finance

Authority

Revenue

Bonds

875

5.000 05/15/33

791

Illinois

Finance

Authority

Revenue

Bonds

500

2.250 07/01/33

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.250 08/01/35

1,532

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/15/36

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 09/01/36

1,004

Illinois

Finance

Authority

Revenue

Bonds

1,350

5.500 04/01/37

1,304

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000 05/15/37

1,889

Illinois

Finance

Authority

Revenue

Bonds

630

5.000 12/01/37

605

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

4.000 05/15/41

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,250

4.000 10/01/42

2,832

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.000 10/01/45

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 08/01/46

994

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

5.875 09/01/46

Illinois

Finance

Authority

Revenue

Bonds

5.000 03/01/47

Illinois

Finance

Authority

Revenue

Bonds

5.000 05/15/47

Illinois

Finance

Authority

Revenue

Bonds

5.500 10/01/47

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000 12/01/47

1,469

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

2,545

6.125 04/01/49

2,546

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/49

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 02/15/50

945

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000 10/01/50

1,964

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.125 10/01/50

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

4.125 12/01/50

988

Illinois

Finance

Authority

Revenue

Bonds

5.000 05/15/51

Illinois

Finance

Authority

Revenue

Bonds

5.000 03/01/52

Illinois

Finance

Authority

Revenue

Bonds

6.625 05/15/52

Illinois

Finance

Authority

Revenue

Bonds

5.250 10/01/52

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625 08/01/53

514

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 10/01/55

839

Illinois

Finance

Authority

Revenue

Bonds

5.000 05/15/56

Illinois

Finance

Authority

Revenue

Bonds

500

5.500 06/01/57

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

2,780

6.125 04/01/58

2,731

Illinois

Finance

Authority

Revenue

Bonds

500

6.750 05/15/58

524

Illinois

Housing

Development

Authority

Revenue

Bonds

825

4.875 04/01/50

838

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000 06/15/31

620

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/36

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/37

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/38

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/39

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

06/15/30

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

06/15/38

1,247

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

748

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

500

4.000 12/15/42

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,285

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

4.000 06/15/50

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,000

5.000 06/15/50

1,010

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

10,000

Zero

coupon

12/15/51

2,783

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

6,000

4.000 06/15/52

5,103

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

550

Zero

coupon

12/15/52

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

2,170

Zero

coupon

12/15/54

518

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

7,100

Zero

coupon

12/15/56

1,521

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

12/15/56

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

720

5.000 06/15/57

719

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4.000 01/01/39

Sangamon

County

Water

Reclamation

District

General

Obligation

Limited

1,000

5.750 01/01/53

1,003

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

(µ)

1,750

4.000 01/01/49

1,662

Southwestern

Illinois

Development

Authority

Revenue

Bonds

5.750 08/01/42

State

of

Illinois

General

Obligation

Unlimited

1,270

5.000 02/01/27

1,302

State

of

Illinois

General

Obligation

Unlimited

750

5.000 02/01/28

768

State

of

Illinois

General

Obligation

Unlimited

700

5.000 10/01/28

742

State

of

Illinois

General

Obligation

Unlimited

3,775

5.000 11/01/28

3,920

State

of

Illinois

General

Obligation

Unlimited

750

5.000 10/01/29

790

State

of

Illinois

General

Obligation

Unlimited

3,530

5.000 11/01/29

3,654

State

of

Illinois

General

Obligation

Unlimited

(µ)

4.000 02/01/31

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000 10/01/33

1,046

State

of

Illinois

General

Obligation

Unlimited

500

5.000 12/01/35

514

State

of

Illinois

General

Obligation

Unlimited

5.500 05/01/39

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000 12/01/39

2,679

State

of

Illinois

General

Obligation

Unlimited

(µ)

1,000

4.000 06/01/41

988

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000 11/01/41

2,358

State

of

Illinois

General

Obligation

Unlimited

1,000

3.000 12/01/41

816

State

of

Illinois

General

Obligation

Unlimited

4.500 12/01/41

State

of

Illinois

General

Obligation

Unlimited

5.000 05/01/42

State

of

Illinois

General

Obligation

Unlimited

5.000 12/01/42

State

of

Illinois

General

Obligation

Unlimited

5.000 05/01/43

State

of

Illinois

General

Obligation

Unlimited

1,250

5.750 05/01/45

1,337

Town

of

Cortland

Special

Service

Areas

No.

Special

Tax

5.800 03/01/37

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.750 03/01/53

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.000 01/01/55

Village

of

Bellwood

Tax

Allocation

Revenue

Bonds

5.000 12/01/50

Village

of

Lincolnwood

Tax

Allocation

(Þ)

1,400

5.750 12/01/43

1,426

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000 01/01/39

1,000

158,717

Indiana

-

0.6%

City

of

Goshen

Revenue

Bonds

(Þ)

995

5.000 08/01/41

871

City

of

Valparaiso

Revenue

Bonds

(Þ)

9.500 10/01/35

City

of

Valparaiso

Revenue

Bonds

(Þ)

6.250 10/01/50

City

of

Valparaiso

Revenue

Bonds

(Þ)

5.000 01/01/54

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Indiana

Finance

Authority

Revenue

Bonds

3.000 11/01/30

Indiana

Finance

Authority

Revenue

Bonds

500

4.250 11/01/30

511

Indiana

Finance

Authority

Revenue

Bonds

5.000 10/01/32

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.500 03/01/44

2,118

Indiana

Finance

Authority

Revenue

Bonds

4.000 09/15/44

Indiana

Finance

Authority

Revenue

Bonds

5.250 07/01/45

Indiana

Finance

Authority

Revenue

Bonds

4.000 09/15/49

Indiana

Finance

Authority

Revenue

Bonds

1,950

5.625 07/01/50

1,883

Indiana

Finance

Authority

Revenue

Bonds

5.000 06/01/53

Indiana

Finance

Authority

Revenue

Bonds

560

5.000 07/01/55

509

Indiana

Finance

Authority

Revenue

Bonds

5.250 07/01/55

Indiana

Finance

Authority

Revenue

Bonds

2,750

5.000 07/01/59

2,726

Indiana

Finance

Authority

Revenue

Bonds

510

5.375 06/01/64

519

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

6.000 03/01/53

Town

of

Upland

Revenue

Bonds

1,695

4.000 09/01/41

1,624

Town

of

Upland

Revenue

Bonds

2.500 09/01/50

Town

of

Whiteland

Tax

Allocation

Revenue

Bonds

(Þ)

6.125 03/01/49

13,686

Iowa

-

0.9%

City

of

Coralville

Revenue

Bonds

1,720

5.000 05/01/42

1,746

Iowa

Finance

Authority

Revenue

Bonds

900

5.000 05/15/43

880

Iowa

Finance

Authority

Revenue

Bonds

1,000

5.500 10/01/45

1,005

Iowa

Finance

Authority

Revenue

Bonds

5.500 12/01/45

Iowa

Finance

Authority

Revenue

Bonds

1,200

5.000 05/15/47

1,112

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/48

Iowa

Finance

Authority

Revenue

Bonds

2,000

5.000 05/15/49

1,878

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,700

5.000 12/01/50

1,972

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 12/01/50

Iowa

Finance

Authority

Revenue

Bonds

5.250 12/01/50

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/55

Iowa

Finance

Authority

Revenue

Bonds

1,500

5.750 10/01/55

1,516

Iowa

Finance

Authority

Revenue

Bonds

5.750 12/01/55

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

3,290

4.000 10/01/45

2,817

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,500

5.000 10/01/47

1,467

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.375 10/01/52

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

6.000 10/01/55

Iowa

Tobacco

Settlement

Authority

Revenue

Bonds

785

Zero

coupon

06/01/65

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,000

4.000 06/01/49

3,408

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3.000 09/01/61

Xenia

Rural

Water

District

Revenue

Bonds

(ae)

1,250

5.000 12/01/36

1,282

21,043

Kansas

-

0.2%

City

of

Garden

Revenue

Bonds

(Þ)

5.375 06/01/39

City

of

Manhattan

Revenue

Bonds

4.000 06/01/46

City

of

Manhattan

Revenue

Bonds

4.000 06/01/52

City

of

Prairie

Village

Tax

Allocation

3.125 04/01/36

City

of

Topeka

Revenue

Bonds

6.500 12/01/52

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

5.000 05/15/28

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

5.000 05/15/29

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

5.000 05/15/34

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

5.000 05/15/50

Wyandotte

County

City

Unified

Government

Revenue

Bonds

515

5.000 09/01/27

515

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

4,800

Zero

coupon

09/01/34

2,694

Wyandotte

County

City

Unified

Government

Revenue

Bonds

4.500 06/01/40

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

(Þ)

1,000

5.500 03/01/41

973

5,434

Kentucky

-

0.5%

City

of

Ashland

Revenue

Bonds

750

4.000 02/01/38

736

City

of

Henderson

Revenue

Bonds

(Þ)

1,350

4.450 01/01/42

1,270

City

of

Henderson

Revenue

Bonds

(Þ)

675

4.700 01/01/52

619

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

2.000 02/01/32

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

2.125 10/01/34

Kentucky

Bond

Development

Corp.

Revenue

Bonds

1,165

4.000 03/01/46

1,062

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(~)(Ê)

1,100

3.970 08/15/55

1,100

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,250

2.720 05/01/34

2,250

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 06/01/37

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 12/01/41

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 06/01/45

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000 06/01/45

1,448

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,700

5.000 08/01/49

2,728

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

575

5.250 04/01/54

629

12,825

Louisiana

-

0.9%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

5.000 12/01/34

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

5.000 12/01/39

City

of

New

Orleans

General

Obligation

Unlimited

1,000

5.000 12/01/46

1,021

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

4.125 06/01/39

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

3.200 06/01/41

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

735

5.375 06/01/42

738

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

5.875 06/01/45

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

4.375 06/01/48

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

5.625 06/15/51

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

500

5.250 11/15/53

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

625

5.250 11/15/59

559

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

500

6.625 06/15/62

508

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000 05/15/42

615

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000 05/15/42

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000 05/15/46

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

3.000 06/01/50

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

4.000 06/01/51

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

6.125 06/01/52

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 06/01/52

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

695

5.250 12/01/52

772

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

7.375 06/01/54

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

4.000 06/01/56

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

7.500 06/01/59

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

6.000 06/15/59

Louisiana

Public

Facilities

Authority

Revenue

Bonds

2,120

5.500 09/01/59

2,142

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 06/01/62

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

6.375 06/01/62

Louisiana

Public

Facilities

Authority

Revenue

Bonds

8,140

5.000 09/01/66

7,732

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

6.100 06/01/38

Parish

of

St.

James

Revenue

Bonds

(Þ)

6.350 07/01/40

Plaquemines

Port

Harbor

and

Terminal

District

Revenue

Bonds

(Þ)

550

9.000 12/01/44

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

5.500 04/01/51

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

5.500 04/01/54

20,186

Maine

-

0.1%

Finance

Authority

of

Maine

Revenue

Bonds

(~)(ae)(Ê)(Þ)

4.625 12/01/47

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/46

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

5.000 07/01/46

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000 07/01/48

505

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/50

1,341

Maryland

-

1.3%

City

of

Baltimore

Revenue

Bonds

5.000 09/01/28

City

of

Baltimore

Revenue

Bonds

5.000 09/01/35

City

of

Baltimore

Revenue

Bonds

5.000 09/01/38

City

of

Baltimore

Revenue

Bonds

5.000 09/01/39

City

of

Baltimore

Revenue

Bonds

735

5.000 09/01/42

732

City

of

Baltimore

Revenue

Bonds

1,090

5.000 09/01/46

1,066

City

of

Baltimore

Revenue

Bonds

5.000 06/01/51

City

of

Baltimore

Tax

Allocation

(Þ)

3.500 06/01/39

City

of

Baltimore

Tax

Allocation

(Þ)

3.625 06/01/46

City

of

Brunswick

Special

Tax

5.000 07/01/36

City

of

Gaithersburg

Revenue

Bonds

5.000 01/01/37

City

of

Gaithersburg

Revenue

Bonds

5.125 01/01/42

County

of

Baltimore

Revenue

Bonds

4.000 01/01/45

County

of

Baltimore

Revenue

Bonds

865

4.000 01/01/50

734

County

of

Frederick

Special

Tax

(Þ)

4.000 07/01/50

County

of

Frederick

Tax

Allocation

(Þ)

1,985

4.625 07/01/43

1,818

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

5.250 07/01/48

Maryland

Economic

Development

Corp.

Revenue

Bonds

3.997 04/01/34

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,100

4.000 07/01/39

1,009

Maryland

Economic

Development

Corp.

Revenue

Bonds

4.000 07/01/40

Maryland

Economic

Development

Corp.

Revenue

Bonds

5,000

5.250 06/30/47

5,054

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,625

5.000 07/01/48

3,781

Maryland

Economic

Development

Corp.

Revenue

Bonds

4.250 07/01/50

Maryland

Economic

Development

Corp.

Revenue

Bonds

5.000 07/01/50

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.250 06/30/53

1,025

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750 07/01/53

4,450

Maryland

Economic

Development

Corp.

Revenue

Bonds

2,500

5.250 06/30/55

2,472

Maryland

Economic

Development

Corp.

Revenue

Bonds

5.000 06/01/58

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000 07/01/58

530

Maryland

Economic

Development

Corp.

Tax

Allocation

4.000 09/01/40

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

600

5.250 01/01/37

601

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 07/01/43

1,260

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000 01/01/51

1,324

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.500 05/01/52

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

6.125 07/01/53

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 07/01/63

Maryland

Stadium

Authority

Revenue

Bonds

1,200

Zero

coupon

05/01/53

Maryland

Stadium

Authority

Revenue

Bonds

1,000

Zero

coupon

05/01/54

Maryland

Stadium

Authority

Revenue

Bonds

750

Zero

coupon

05/01/55

30,301

Massachusetts

-

1.1%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

5.000 10/01/51

1,576

Commonwealth

of

Massachusetts

General

Obligation

Limited

560

5.000 05/01/53

583

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

575

5.250 07/01/48

620

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,525

8.500 10/01/26

1,526

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000 10/01/35

1,593

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000 10/01/37

1,004

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000 10/01/38

978

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

5.000 11/15/38

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

4.000 09/01/39

954

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000 07/01/41

1,159

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 10/01/43

Massachusetts

Development

Finance

Agency

Revenue

Bonds

3,585

5.000 07/01/44

3,486

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,405

6.000 09/01/45

1,514

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

5.125 11/15/46

Massachusetts

Development

Finance

Agency

Revenue

Bonds

4,000

5.000 10/01/48

3,805

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 07/01/50

Massachusetts

Development

Finance

Agency

Revenue

Bonds

6.000 07/01/50

Massachusetts

Development

Finance

Agency

Revenue

Bonds

510

5.500 08/15/50

534

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 07/01/52

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 07/01/52

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,000

4.500 07/01/54

1,832

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

5.000 07/01/54

Massachusetts

Development

Finance

Agency

Revenue

Bonds

650

5.250 07/01/55

654

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2.000 07/01/37

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2,000

3.000 07/01/51

1,286

24,712

Michigan

-

1.9%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,264

4.000 04/01/44

5,011

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

600

4.000 04/01/44

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000 04/01/29

1,038

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/31

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/32

City

of

Detroit

General

Obligation

Unlimited

3.644 04/01/34

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000 04/01/34

1,030

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/34

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/35

City

of

Detroit

General

Obligation

Unlimited

635

5.500 04/01/36

686

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/37

501

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/39

City

of

Detroit

General

Obligation

Unlimited

6.000 05/01/39

City

of

Detroit

General

Obligation

Unlimited

4.000 04/01/41

City

of

Detroit

General

Obligation

Unlimited

4.000 04/01/42

City

of

Detroit

General

Obligation

Unlimited

6.000 05/01/43

City

of

Detroit

General

Obligation

Unlimited

1,015

5.500 04/01/45

1,049

City

of

Detroit

General

Obligation

Unlimited

775

5.000 04/01/46

784

City

of

Detroit

General

Obligation

Unlimited

1,900

5.000 04/01/50

1,908

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000 07/01/41

884

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/37

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/44

Ivywood

Classical

Academy

Revenue

Bonds

6.000 01/01/54

Ivywood

Classical

Academy

Revenue

Bonds

6.250 01/01/59

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/55

Kentwood

Economic

Development

Corp.

Revenue

Bonds

4.000 11/15/43

Kentwood

Economic

Development

Corp.

Revenue

Bonds

4.000 11/15/45

Michigan

Finance

Authority

Revenue

Bonds

1,130

4.000 02/01/29

1,130

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000 02/01/37

1,639

Michigan

Finance

Authority

Revenue

Bonds

3.267 06/01/39

Michigan

Finance

Authority

Revenue

Bonds

4.250 12/01/39

Michigan

Finance

Authority

Revenue

Bonds

4.000 12/01/41

Michigan

Finance

Authority

Revenue

Bonds

745

4.000 02/01/42

661

Michigan

Finance

Authority

Revenue

Bonds

1,375

5.000 10/01/44

1,316

Michigan

Finance

Authority

Revenue

Bonds

5,000

Zero

coupon

06/01/45

1,434

Michigan

Finance

Authority

Revenue

Bonds

1,025

4.000 09/01/45

828

Michigan

Finance

Authority

Revenue

Bonds

1,779

5.500 11/15/45

1,498

Michigan

Finance

Authority

Revenue

Bonds

5.000 12/01/46

Michigan

Finance

Authority

Revenue

Bonds

5.000 02/01/47

Michigan

Finance

Authority

Revenue

Bonds

4.000 09/01/50

Michigan

Finance

Authority

Revenue

Bonds

4.000 11/15/50

Michigan

Finance

Authority

Revenue

Bonds

4.000 12/01/51

Michigan

Finance

Authority

Revenue

Bonds

4.375 02/28/54

Michigan

Finance

Authority

Revenue

Bonds

1,400

5.500 02/28/57

1,456

Michigan

Finance

Authority

Revenue

Bonds

17,355

Zero

coupon

06/01/65

1,659

Michigan

Mathematics

and

Science

Initiative

Revenue

Bonds

1,110

4.000 01/01/41

1,000

Michigan

Strategic

Fund

Revenue

Bonds

5.000 05/15/37

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000 11/15/43

980

Michigan

Strategic

Fund

Revenue

Bonds

5.000 05/15/44

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

4.500 06/30/48

Michigan

Strategic

Fund

Revenue

Bonds

4,500

5.000 06/30/48

4,493

Michigan

Strategic

Fund

Revenue

Bonds

(~)(ae)(Ê)

4.000 10/01/61

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

9,690

Zero

coupon

06/01/46

1,355

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

Zero

coupon

06/01/52

522

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

34,055

Zero

coupon

06/01/58

864

State

of

Michigan

Trunk

Line

Revenue

Bonds

3,500

5.250 11/15/49

3,738

Summit

Academy

North

Revenue

Bonds

555

2.250 11/01/26

542

Tipton

Academy

Revenue

Bonds

4.000 06/01/51

Universal

Academy

Revenue

Bonds

500

4.000 12/01/31

44,507

Minnesota

-

0.5%

City

of

Apple

Valley

Revenue

Bonds

5.625 09/01/65

City

of

Bethel

Revenue

Bonds

1,000

5.000 07/01/59

928

City

of

Eagan

Revenue

Bonds

(Þ)

6.250 02/01/45

City

of

Eagan

Revenue

Bonds

(Þ)

6.375 02/01/55

City

of

Eagan

Revenue

Bonds

(Þ)

6.500 02/01/65

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250 08/01/43

504

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000 11/01/36

2,008

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000 12/01/32

1,424

City

of

St.

Cloud

Revenue

Bonds

4.000 05/01/49

City

of

St.

Cloud

Revenue

Bonds

5.000 05/01/54

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 07/01/36

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/37

Duluth

Economic

Development

Authority

Revenue

Bonds

4.250 02/15/48

Duluth

Economic

Development

Authority

Revenue

Bonds

2,500

5.000 02/15/48

2,519

Duluth

Economic

Development

Authority

Revenue

Bonds

1,425

5.250 02/15/58

1,431

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

(ae)

4.000 03/01/32

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

(ae)

705

4.200 03/01/34

720

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/40

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

5.000 05/01/47

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.250 07/01/33

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.500 07/01/38

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

5.500 12/01/57

11,973

Mississippi

-

0.2%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Æ)(Ê)(Ø)(Þ)

830

4.000 10/15/30

747

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375 06/01/44

913

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000 10/01/34

965

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000 10/01/35

837

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000 10/01/36

870

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

4.000 10/01/41

4,502

Missouri

-

1.3%

Branson

Industrial

Development

Authority

Tax

Allocation

4.000 11/01/27

Branson

Industrial

Development

Authority

Tax

Allocation

5.500 06/01/29

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,650

4.000 03/01/41

1,636

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

3.000 03/01/46

Cape

Girardeau

County

Industrial

Development

Authority

Tax

Allocation

(Þ)

500

5.750 05/01/54

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.875 06/15/34

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

5.000 05/15/41

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

2,350

5.500 06/15/42

2,313

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.750 11/15/47

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

5.750 06/15/54

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

5.250 12/01/48

Joplin

Industrial

Development

Authority

Revenue

Bonds

3.500 11/01/40

Joplin

Industrial

Development

Authority

Revenue

Bonds

4.250 11/01/50

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/54

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,750

5.000 02/01/40

1,745

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

5.000 08/15/39

Missouri

Southern

State

University

Revenue

Bonds

4.000 10/01/34

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

2.500 06/01/36

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

12,000

3.180 05/15/38

12,000

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000 02/01/42

898

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

3,000

6.000 10/01/45

3,018

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.500 06/15/47

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.250 02/01/48

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,200

5.000 12/01/52

1,237

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.250 02/01/54

Newco

Transportation

Development

District

Revenue

Bonds

6.250 11/01/54

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

3.125 05/01/35

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

650

5.000 08/15/30

649

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

Bonds

500

4.000 06/01/41

Taney

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.000 10/01/49

University

City

Industrial

Development

Authority

Revenue

Bonds

4.875 06/15/36

University

City

Industrial

Development

Authority

Revenue

Bonds

500

5.500 06/15/42

507

29,788

Montana

-

0.2%

City

of

Kalispell

Revenue

Bonds

600

6.000 05/15/60

621

County

of

Gallatin

Revenue

Bonds

(Þ)

4.000 10/15/41

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000 10/15/46

678

County

of

Gallatin

Revenue

Bonds

(Þ)

1,125

1.000 10/15/55

923

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000 07/01/43

1,550

3,934

Nevada

-

0.3%

Carson

City

Hospital

Revenue

Bonds

1,025

5.000 09/01/47

1,020

City

of

Las

Vegas Special

Improvement

District

No.

817

Summerlin

Village

Special

Assessment

500

5.750 06/01/43

530

City

of

Las

Vegas Special

Improvement

District

No.

817

Summerlin

Village

Special

Assessment

6.000 06/01/48

City

of

Las

Vegas

NV

Special

Improvement

District

No.

814

Special

Assessment

4.000 06/01/49

City

of

Las

Vegas

NV

Special

Improvement

District

No.

815

Special

Assessment

5.000 12/01/49

City

of

Las

Vegas

Special

Improvement

District

No.

613

Special

Assessment

5.500 12/01/53

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.250 06/01/37

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.375 06/01/42

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.500 06/01/47

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

3.000 06/01/41

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

3.125 06/01/51

City

of

Las

Vegas

Special

Improvement

District

No.

818

Special

Assessment

1,115

5.000 12/01/49

1,091

City

of

North

Las

Vegas

NV

Special

Assessment

(Þ)

6.750 06/01/55

City

of

Sparks

Special

Improvement

District

No.

Special

Assessment

500

5.125 06/01/54

Henderson

Local

Improvement

Districts

Special

Assessment

3.500 09/01/45

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Henderson

Local

Improvement

Districts

Special

Assessment

4.000 09/01/51

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

5.000 07/01/43

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

1,100

5.000 07/15/37

1,101

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,425

9.500 01/01/65

1,128

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000 07/01/34

1,044

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/45

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/51

8,081

New

Hampshire

-

0.9%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

2.950 04/01/29

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625 02/01/30

502

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

500

Zero

coupon

12/01/31

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5.375 12/01/31

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

750

5.300 12/01/32

751

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5.875 12/15/32

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4.875 12/01/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,125

Zero

coupon

12/15/33

696

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,185

5.625 12/15/33

1,214

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

800

5.875 12/15/33

806

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5,745

6.890 04/01/34

6,083

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

900

Zero

coupon

12/01/34

509

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,552

5.375 12/15/35

1,551

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

6.250 12/15/38

503

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

982

4.250 07/20/41

979

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3.625 07/01/43

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

535

3.750 07/01/45

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5.250 07/01/48

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,000

4.000 01/01/51

819

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,080

6.000 08/01/65

1,091

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

5.000 08/01/32

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000 08/01/35

876

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000 10/01/36

506

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

935

5.000 08/01/37

967

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

980

5.000 08/01/40

1,006

21,985

New

Jersey

-

3.3%

Atlantic

City

General

Obligation

Unlimited

5.000 12/01/25

Atlantic

City

General

Obligation

Unlimited

5.000 12/01/28

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000 06/15/38

519

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000 06/15/46

710

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,290

5.250 09/15/29

2,291

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.625 11/15/30

501

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

4.000 07/01/32

501

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000 07/01/32

503

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

875

6.375 01/01/35

903

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

3.000 08/01/41

560

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/42

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.000 06/15/42

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5,000

5.000 11/01/44

5,138

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000 06/15/46

1,199

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.000 07/01/47

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000 07/15/47

952

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,000

5.000 10/01/47

2,003

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000 01/01/48

1,191

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/42

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

500

3.000 07/01/50

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

4.125 07/01/38

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

520

5.250 07/01/49

558

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

4.125 07/01/54

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

5.250 07/01/54

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

Zero

coupon

12/15/26

1,353

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

Zero

coupon

12/15/29

531

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 06/15/30

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,400

Zero

coupon

12/15/30

2,067

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

910

Zero

coupon

12/15/32

720

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

Zero

coupon

12/15/33

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/33

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

Zero

coupon

12/15/34

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,975

Zero

coupon

12/15/35

2,068

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,125

Zero

coupon

12/15/35

2,172

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/35

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,255

Zero

coupon

12/15/36

2,154

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

3,425

Zero

coupon

12/15/36

2,267

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/36

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,235

Zero

coupon

12/15/37

4,567

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000 06/15/38

2,379

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,750

Zero

coupon

12/15/38

1,651

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

4.250 12/15/38

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

500

4.000 06/15/41

500

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

510

5.000 06/15/42

523

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,975

4.000 06/15/45

7,590

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3.500 06/15/46

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3.000 06/15/50

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

4.125 06/15/55

2,803

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.250 06/15/55

3,177

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000 01/01/48

1,742

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

4.500 07/01/40

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

5.000 07/01/44

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

5.500 07/01/58

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
South

Jersey

Port

Corp.

Revenue

Bonds

2,395

5.000 01/01/36

2,438

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000 01/01/42

6,347

South

Jersey

Port

Corp.

Revenue

Bonds

1,100

5.000 01/01/48

1,102

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500 11/01/42

1,019

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.625 11/01/47

1,008

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,970

5.000 06/01/46

3,877

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

6.000 12/01/25

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

1,054

6.750 12/01/41

646

77,739

New

Mexico

-

0.1%

Village

of

Los

Ranchos

de

Albuquerque

Revenue

Bonds

500

4.000 09/01/40

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

(Þ)

1,000

4.250 05/01/40

934

1,428

New

York

-

7.0%

Albany

Capital

Resource

Corp.

Revenue

Bonds

4.750 06/01/54

Albany

Capital

Resource

Corp.

Revenue

Bonds

5.000 06/01/64

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

2,730

5.000 07/15/42

2,730

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 07/15/43

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,000

Zero

coupon

07/15/45

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

Zero

coupon

07/15/46

Buffalo

and

Erie

County

Industrial

Land

Development

Corp.

Revenue

Bonds

2,500

6.375 05/01/55

2,626

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

2.500 06/15/31

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

9.750 07/01/32

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/36

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.500 07/01/42

514

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/49

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

4.000 06/15/51

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 12/01/51

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 06/15/52

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

6.500 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/53

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.500 07/01/55

511

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 12/01/55

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/56

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 06/15/57

Build

NYC

Resource

Corp.

Revenue

Bonds

5.250 07/01/57

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

6.500 07/01/57

Build

NYC

Resource

Corp.

Revenue

Bonds

4.750 06/15/58

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.000 07/01/60

513

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.250 07/01/62

506

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/63

City

of

New

York

General

Obligation

Unlimited

2,000

4.500 05/01/49

1,998

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

725

5.000 07/01/45

724

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

2,175

5.000 07/01/46

2,160

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,775

5.000 07/01/51

1,766

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

4,000

Zero

coupon

06/01/60

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

1,875

5.250 12/01/52

1,902

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

5.000 07/01/38

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

500

5.500 06/15/57

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750 07/01/31

690

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250 07/01/56

552

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000 11/01/32

935

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/25

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/32

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/33

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/35

Metropolitan

Transportation

Authority

Revenue

Bonds

Zero

coupon

11/15/40

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/40

Metropolitan

Transportation

Authority

Revenue

Bonds

2,585

4.000 11/15/45

2,422

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750 11/15/45

505

Metropolitan

Transportation

Authority

Revenue

Bonds

1,500

5.000 11/15/45

1,543

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

2,500

4.000 11/15/48

2,328

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/48

Metropolitan

Transportation

Authority

Revenue

Bonds

4,300

4.000 11/15/50

3,883

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000 11/15/50

814

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/50

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250 11/15/55

1,157

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

694

New

York

City

Housing

Development

Corp.

Revenue

Bonds

500

5.250 12/15/31

515

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

1,665

3.000 01/01/46

1,297

New

York

City

Industrial

Development

Agency

Revenue

Bonds

3.000 03/01/49

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,375

3.000 03/01/49

1,037

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

5.250 05/01/48

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

9,455

Zero

coupon

06/01/60

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

5.150 11/15/34

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,900

5.375 11/15/40

1,900

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750 02/15/44

785

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

11,430

5.000 11/15/44

11,410

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

2,600

7.250 11/15/44

2,602

New

York

Power

Authority

Revenue

Bonds

2,000

4.000 11/15/50

1,877

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000 12/01/30

907

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

5.000 12/01/35

New

York

State

Dormitory

Authority

Revenue

Bonds

1,090

4.000 03/15/38

1,124

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

720

3.000 09/01/50

534

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/50

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 03/15/51

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.250 05/01/52

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 05/01/52

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

4.000 07/01/53

1,766

New

York

State

Dormitory

Authority

Revenue

Bonds

1,435

4.000 03/15/54

1,332

New

York

State

Dormitory

Authority

Revenue

Bonds

5.250 05/01/54

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000 07/01/57

806

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

4.250 09/01/50

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

5.125 09/01/50

New

York

State

Housing

Finance

Agency

Revenue

Bonds

2,045

2.800 11/01/51

1,415

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000 03/15/39

10,160

New

York

State

Thruway

Authority

Revenue

Bonds

500

3.000 03/15/48

New

York

State

Thruway

Authority

Revenue

Bonds

4,855

3.000 03/15/51

3,580

New

York

State

Urban

Development

Corp.

Revenue

Bonds

1,650

5.000 03/15/52

1,722

New

York

Transportation

Development

Corp.

Revenue

Bonds

2.250 08/01/26

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000 08/01/26

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,925

4.000 10/01/30

1,941

New

York

Transportation

Development

Corp.

Revenue

Bonds

3.000 08/01/31

New

York

Transportation

Development

Corp.

Revenue

Bonds

615

5.000 08/01/31

615

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,095

5.250 08/01/31

1,141

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000 01/01/34

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,000

5.000 12/01/34

3,246

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,745

5.000 10/01/35

1,823

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,075

4.000 01/01/36

1,998

New

York

Transportation

Development

Corp.

Revenue

Bonds

775

5.375 08/01/36

805

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000 12/01/39

1,685

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000 12/01/39

1,580

New

York

Transportation

Development

Corp.

Revenue

Bonds

625

5.625 04/01/40

659

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,035

5.000 10/01/40

1,056

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/40

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,490

5.000 12/01/40

2,641

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000 07/01/41

New

York

Transportation

Development

Corp.

Revenue

Bonds

6,000

4.375 10/01/45

5,481

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000 07/01/46

870

New

York

Transportation

Development

Corp.

Revenue

Bonds

750

5.000 07/01/46

748

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,440

5.250 01/01/50

2,426

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,500

5.000 06/30/54

2,519

New

York

Transportation

Development

Corp.

Revenue

Bonds

7,235

5.500 06/30/54

7,383

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,225

6.000 06/30/54

2,322

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,000

5.500 12/31/54

4,066

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,700

5.000 06/30/60

3,586

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,050

5.375 06/30/60

4,067

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,900

5.500 12/31/60

4,983

Niagara

Area

Development

Corp.

Revenue

Bonds

5.000 07/01/52

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

Tax-Exempt

Preferreds

(~)(Ê)

2,300

2.900 03/01/29

2,300

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/38

Oneida

County

Local

Development

Corp.

Revenue

Bonds

4.000 07/01/39

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/39

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/40

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

700

6.000 09/01/43

746

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.000 08/01/32

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.125 08/01/44

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.375 08/01/54

Orange

County

Funding

Corp.

Revenue

Bonds

5.000 07/01/42

Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

2,450

5.000 01/15/52

2,506

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

5.500 08/01/52

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

5.750 12/01/44

1,227

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

6.000 12/01/53

1,218

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,000

4.000 06/01/50

1,706

Triborough

Bridge

and

Tunnel

Authority

Sales

Tax

Revenue

Bonds

1,850

4.250 05/15/58

1,772

TSASC,

Inc.

Revenue

Bonds

5.000 06/01/48

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

(Þ)

7.000 06/01/46

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 11/01/30

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 11/01/33

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 11/01/34

Westchester

County

Local

Development

Corp.

Revenue

Bonds

1,000

7.250 11/01/45

1,080

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 11/01/46

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,000

5.000 11/01/51

1,046

Westchester

County

Local

Development

Corp.

Revenue

Bonds

6.250 11/01/52

Westchester

County

Local

Development

Corp.

Revenue

Bonds

2,075

7.500 11/01/55

2,225

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

(Þ)

4.125 12/01/41

Yonkers

Economic

Development

Corp.

Revenue

Bonds

5.000 10/15/39

Yonkers

Economic

Development

Corp.

Revenue

Bonds

5.000 10/15/40

Yonkers

Economic

Development

Corp.

Revenue

Bonds

5.000 10/15/49

Yonkers

Economic

Development

Corp.

Revenue

Bonds

5.000 10/15/50

Yonkers

Economic

Development

Corp.

Revenue

Bonds

5.000 10/15/54

165,280

North

Carolina

-

0.8%

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

1,000

5.500 07/01/47

1,042

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

5.250 07/01/53

North

Carolina

Department

of

Transportation

Revenue

Bonds

5.000 12/31/37

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000 07/01/39

514

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000 03/01/41

996

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000 09/01/41

1,937

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 10/01/45

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 09/01/46

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

5.000 01/01/49

949

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

5.000 09/01/49

1,071

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 10/01/50

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/51

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,960

4.000 09/01/51

1,582

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

4.000 01/01/52

582

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,335

5.000 09/01/54

1,292

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.250 01/01/55

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000 01/01/43

2,058

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

4,360

5.000 01/01/58

4,471

18,151

North

Dakota

-

0.2%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

4.000 12/01/46

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

3.000 12/01/51

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000 12/01/53

1,017

City

of

Horace

General

Obligation

Unlimited

4.850 08/01/26

City

of

Horace

General

Obligation

Unlimited

5.000 05/01/50

County

of

Burleigh

Revenue

Bonds

5.200 04/15/46

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000 06/01/38

985

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000 06/01/53

2,253

5,614

Ohio

-

4.0%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250 11/15/46

3,078

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

4.000 06/01/37

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

4.000 06/01/38

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,800

3.000 06/01/48

1,284

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,730

4.000 06/01/48

1,505

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

31,855

5.000 06/01/55

26,720

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

28,915

Zero

coupon

06/01/57

2,726

Centerville

Health

Care

Revenue

Bonds

5.250 11/01/37

Centerville

Health

Care

Revenue

Bonds

5.250 11/01/50

City

of

Cleveland

Revenue

Bonds

1,245

5.375 09/15/27

1,246

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000 08/01/44

906

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

(Þ)

5.875 01/01/49

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,500

5.500 08/01/52

1,561

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

4.000 12/01/55

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

4.500 12/01/55

Columbus

Regional

Airport

Authority

Revenue

Bonds

3,000

5.500 01/01/50

3,196

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,370

4.000 11/15/38

1,346

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000 07/01/53

606

County

of

Darke

Revenue

Bonds

4.000 09/01/40

County

of

Darke

Revenue

Bonds

4.000 09/01/45

County

of

Darke

Revenue

Bonds

5.000 09/01/49

County

of

Franklin

Revenue

Bonds

5.250 07/01/41

County

of

Franklin

Revenue

Bonds

1,055

5.500 07/01/41

1,130

County

of

Franklin

Revenue

Bonds

1,195

5.250 11/15/55

1,071

County

of

Lucas

Hospital

Revenue

Bonds

4.000 11/15/45

County

of

Lucas

Hospital

Revenue

Bonds

5,500

5.250 11/15/48

5,393

County

of

Muskingum

Revenue

Bonds

5.000 02/15/48

Cuyahoga

County

Hospital

Revenue

Bonds

5.000 05/15/32

Cuyahoga

County

Hospital

Revenue

Bonds

5.375 05/15/37

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000 02/15/42

2,108

Cuyahoga

County

Hospital

Revenue

Bonds

5.500 05/15/42

Cuyahoga

County

Hospital

Revenue

Bonds

990

5.250 02/15/47

982

Cuyahoga

County

Hospital

Revenue

Bonds

3,300

5.000 02/15/57

3,033

Cuyahoga

County

Hospital

Revenue

Bonds

3,420

5.500 02/15/57

3,421

Dayton-Montgomery

County

Port

Authority

Revenue

Bonds

930

5.000 12/01/44

935

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

1,050

5.000 12/01/51

1,000

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/59

1,057

Northeast

Ohio

Medical

University

Revenue

Bonds

3.000 12/01/40

Northeast

Ohio

Medical

University

Revenue

Bonds

4.000 12/01/45

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

3.750 01/15/28

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

4.250 01/15/38

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

4,365

4.500 01/15/48

3,995

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250 12/01/43

1,343

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000 11/01/44

1,863

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000 07/01/46

976

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/47

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,500

5.000 01/15/50

1,516

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,300

5.000 12/01/50

1,217

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/52

Ohio

Housing

Finance

Agency

Revenue

Bonds

(Þ)

5.700 08/01/43

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000 11/15/45

3,212

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

5.000 12/01/46

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

4.250 12/01/50

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.375 06/15/56

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

3,000

5.000 12/01/44

3,000

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

600

5.000 11/01/51

587

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

5.125 12/01/55

State

of

Ohio

Revenue

Bonds

(Þ)

610

5.000 12/01/38

601

State

of

Ohio

Revenue

Bonds

3.000 01/15/45

State

of

Ohio

Revenue

Bonds

1,915

4.000 01/15/46

1,704

State

of

Ohio

Revenue

Bonds

(Þ)

5.000 12/01/48

State

of

Ohio

Revenue

Bonds

4.000 01/15/50

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

925

5.000 07/01/39

925

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/43

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,050

4.000 01/01/46

907

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/51

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/57

Warren

County

Port

Authority

Revenue

Bonds

1,370

4.000 12/01/53

1,019

93,232

Oklahoma

-

0.5%

Broken

Arrow

Economic

Development

Authority

Tax

Allocation

6.625 06/01/45

Broken

Arrow

Economic

Development

Authority

Tax

Allocation

900

6.750 06/01/50

909

Oklahoma

Development

Finance

Authority

Revenue

Bonds

5.250 08/15/48

Oklahoma

Development

Finance

Authority

Revenue

Bonds

(µ)

500

4.000 08/15/52

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,825

5.500 08/15/52

2,832

Oklahoma

Development

Finance

Authority

Revenue

Bonds

950

5.500 08/15/57

948

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

625

5.500 12/01/35

625

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

2,875

6.250 12/01/35

3,297

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

6.250 12/01/40

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

560

4.375 12/01/41

503

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

690

4.000 12/01/43

606

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250 11/15/37

1,021

Wagoner

County

Development

Authority/OK

Revenue

Bonds

6.750 05/01/40

12,479

Oregon

-

0.3%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000 08/01/41

645

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

5.250 08/01/54

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

5.375 11/15/55

County

of

Yamhill

Revenue

Bonds

4.000 12/01/41

County

of

Yamhill

Revenue

Bonds

1,655

4.000 12/01/51

1,438

Medford

Hospital

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/15/50

Medford

Hospital

Facilities

Authority

Revenue

Bonds

4.000 08/15/50

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/36

1,001

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Oregon

State

Facilities

Authority

Revenue

Bonds

(ae)

5.000 10/01/46

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/48

927

Salem

Hospital

Facility

Authority

Revenue

Bonds

950

4.000 05/15/47

798

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000 07/01/37

1,596

Yamhill

County

Hospital

Authority

Revenue

Bonds

5.000 11/15/51

7,617

Pennsylvania

-

4.3%

Adams

County

General

Authority

Revenue

Bonds

575

5.000 08/15/50

591

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,700

4.000 01/01/46

1,546

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000 01/01/56

866

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000 04/01/44

1,719

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

5.125 05/01/30

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

800

3.000 06/15/31

771

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/41

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/51

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/56

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,165

5.000 05/01/28

1,182

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

710

5.250 05/01/32

733

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

5.500 05/01/32

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000 05/01/33

1,022

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,450

5.000 05/01/42

4,451

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

680

5.250 05/01/42

689

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

865

6.000 05/01/42

902

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

6.000 06/30/34

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

8.000 06/30/34

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

3,182

5.000 06/30/39

2,828

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,488

1.000 06/30/44

1,041

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,175

5.000 10/01/49

1,024

Bethlehem

Redevelopment

Authority

Revenue

Bonds

1,600

5.250 10/01/49

1,615

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000 07/01/51

610

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

2,245

5.000 07/01/54

2,204

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

985

5.000 04/01/44

976

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

5.750 04/01/54

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

625

5.000 11/01/25

625

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000 11/01/37

1,807

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/27

1,008

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

5.625 10/15/42

2,014

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

800

4.500 10/01/49

721

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000 12/15/51

1,190

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.000 10/15/52

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,065

4.500 10/01/54

953

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000 09/15/33

1,772

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(ae)(Þ)

5.000 09/15/33

City

of

Scranton

General

Obligation

Unlimited

1,275

5.000 09/01/28

1,315

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

1,525

4.000 06/01/39

1,514

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

500

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875 10/15/40

722

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125 10/15/41

770

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250 10/15/53

2,031

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/28

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

2,050

5.375 07/01/39

2,310

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

5.000 07/01/41

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/41

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

4.000 07/01/45

Doylestown

Hospital

Authority

Revenue

Bonds

4.000 07/01/45

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/46

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

5.000 07/01/46

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

2,000

5.000 12/01/38

1,966

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/43

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/48

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

510

5.000 12/01/49

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/53

Geisinger

Authority

Revenue

Bonds

(~)(Ê)

4.461 05/01/37

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

4.000 06/01/44

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

(Þ)

1,765

6.500 07/15/48

1,812

Hospitals

and

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

500

5.000 07/01/34

506

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000 05/01/46

945

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250 07/01/41

983

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000 03/01/50

628

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000 10/01/37

1,235

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000 10/01/42

2,005

Lancaster

Industrial

Development

Authority

Revenue

Bonds

675

4.000 07/01/46

584

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

5.000 12/01/55

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

530

5.000 05/01/59

509

Latrobe

Industrial

Development

Authority

Revenue

Bonds

5.000 03/01/34

Latrobe

Industrial

Development

Authority

Revenue

Bonds

4.000 03/01/46

Latrobe

Industrial

Development

Authority

Revenue

Bonds

4.000 03/01/51

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000 06/01/52

830

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

Revenue

Bonds

5.250 07/01/44

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.125 10/01/50

Monroe

County

Industrial

Development

Authority

Tax

Allocation

5.000 07/01/31

Monroe

County

Industrial

Development

Authority

Tax

Allocation

5.000 07/01/33

Montgomery

County

Higher

Education

and

Health

Authority

Revenue

Bonds

1,500

5.000 12/01/37

1,525

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000 10/01/36

1,637

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

Bonds

5.000 05/01/44

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,550

5.250 12/01/37

2,571

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.250 12/01/38

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

4.000 07/01/41

970

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000 06/30/42

1,251

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.000 07/01/42

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,500

5.500 06/30/43

2,642

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 07/01/46

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 07/01/46

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

501

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

8,445

5.750 06/30/48

8,765

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 07/01/49

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 06/30/53

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(µ)

500

5.000 12/31/57

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

675

6.000 06/30/61

711

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

3,500

5.000 06/01/51

3,467

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

2,500

5.500 06/01/52

2,578

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 05/01/32

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

5.000 05/01/37

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

5.000 05/01/42

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

1,000

5.250 12/01/48

1,021

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

3.500 05/01/32

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)(Þ)

940

4.875 12/15/35

944

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.375 06/15/38

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000 06/15/40

903

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

4.000 05/01/42

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

2,075

6.250 05/01/42

1,756

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125 06/15/42

755

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.500 06/15/43

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 06/15/50

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.250 06/15/52

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)

1,300

3.850 07/01/54

1,300

Scranton

Redevelopment

Authority

Revenue

Bonds

5.000 11/15/28

Scranton

School

District

General

Obligation

Limited

(µ)

2,025

4.250 06/01/37

2,025

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

5.000 01/01/38

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.250 07/01/57

Washington

County

Redevelopment

Authority

Tax

Allocation

5.000 07/01/28

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

4.000 11/15/36

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

555

4.000 11/15/46

99,992

Puerto

Rico

-

7.0%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625 07/01/27

1,323

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

653

5.625 07/01/29

693

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,212

5.750 07/01/31

2,429

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

4,606

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,434

4.000 07/01/33

2,402

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000 07/01/35

3,851

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000 07/01/37

805

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000 07/01/41

1,334

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,337

4.000 07/01/46

3,762

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

13,550

1.000 11/01/43

8,630

Commonwealth

of

Puerto

Rico

Notes

(~)(Ê)

5,055

1.000 11/01/51

1,759

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

2,492

1.000 11/01/51

1,470

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

5,670

1.000 11/01/51

3,731

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

7,569

7.500 08/20/40

7,359

HTA

CL

Trust

Revenue

Bonds

615

5.250 07/01/38

615

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.750 07/01/27

571

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

5.000 07/01/30

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

502

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,800

5.000 07/01/35

1,881

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,550

5.000 07/01/37

1,623

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

4,480

4.000 07/01/42

4,139

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

2,000

4.000 07/01/47

1,700

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

12,035

5.000 07/01/47

11,773

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

650

5.250 07/01/19

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/20

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/21

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/21

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/24

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/25

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

775

4.750 07/01/26

509

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

885

5.250 07/01/26

581

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/27

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,905

5.250 07/01/27

1,251

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,370

5.000 07/01/28

2,214

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/28

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(~)(µ)(Ê)

2,560

3.539 07/01/29

2,317

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/30

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,150

5.250 07/01/31

755

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,280

5.000 07/01/32

2,812

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

5.250 07/01/32

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

6.050 07/01/32

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

4.750 07/01/33

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/33

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

7.000 07/01/33

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

805

5.250 07/01/35

529

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,520

6.750 07/01/36

998

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/37

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,675

5.500 07/01/38

2,414

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,305

5.250 07/01/40

2,828

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,965

5.000 07/01/42

1,291

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,115

7.000 07/01/43

732

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.375 07/01/49

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.250 01/01/40

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.500 01/01/41

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.500 01/01/42

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

600

6.750 01/01/45

687

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.750 01/01/46

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/27

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/29

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/31

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/33

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

503

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4.500 07/01/34

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

8,649

4.329 07/01/40

8,409

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,175

4.550 07/01/40

1,161

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

65,134

Zero

coupon

07/01/46

22,539

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,717

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

19,794

Zero

coupon

07/01/51

4,886

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4.536 07/01/53

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,824

4.750 07/01/53

5,488

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,294

4.784 07/01/58

9,653

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

21,385

5.000 07/01/58

20,756

165,324

Rhode

Island

-

0.2%

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(~)(Ê)

2.500 09/01/43

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

525

5.250 05/15/49

537

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,000

4.125 05/15/53

988

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

500

5.000 10/01/42

525

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

650

4.600 10/01/49

652

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

5.000 06/01/50

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

15,450

Zero

coupon

06/01/52

2,204

5,636

South

Carolina

-

0.7%

County

of

Berkeley

Special

Assessment

Revenue

Bonds

4.000 11/01/30

County

of

Berkeley

Special

Assessment

Revenue

Bonds

2,250

4.250 11/01/40

2,020

County

of

Lancaster

Special

Assessment

Revenue

Bonds

(Þ)

6.000 06/01/45

County

of

Lancaster

Special

Assessment

Revenue

Bonds

(Þ)

6.200 06/01/55

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.250 02/01/54

1,086

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

5.125 06/15/42

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000 11/15/47

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.500 11/01/49

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.500 11/01/50

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

500

5.250 06/15/52

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250 11/15/52

1,377

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

575

4.500 11/01/54

567

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.750 11/15/54

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

5.250 06/15/57

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000 12/01/39

2,885

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,364

4.000 12/01/46

1,307

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,000

5.000 12/01/52

1,039

South

Carolina

Public

Service

Authority

Revenue

Bonds

5.250 12/01/55

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

1,800

2.250 10/01/32

1,655

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

(µ)

1,000

3.000 04/15/49

753

15,420

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

1,940

4.000 08/01/41

1,748

County

of

Lincoln

Revenue

Bonds

4.000 08/01/56

County

of

Lincoln

Revenue

Bonds

650

4.000 08/01/61

2,292

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

504

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tennessee

-

0.3%

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

500

4.000 08/01/36

505

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

3,000

5.000 08/01/44

3,032

Greenville

Health

and

Educational

Facilities

Board

Revenue

Bonds

4.000 07/01/40

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

(Æ)(Ø)

5.625 01/01/46

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

5.000 10/01/34

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

5.000 07/01/46

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(µ)

1,500

4.000 05/01/51

1,307

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

Zero

coupon

06/01/43

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

4.000 06/01/51

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(Þ)

5.000 06/01/44

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(Þ)

5.250 06/01/56

6,177

Texas

-

5.4%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 08/15/36

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 08/15/41

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.750 08/15/44

1,408

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 08/15/46

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

800

5.000 08/15/48

729

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000 08/15/49

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.625 08/15/52

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

4.000 02/15/54

914

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

4.875 06/15/54

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/54

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.750 08/15/57

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

4.875 06/15/59

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

500

6.750 02/15/62

505

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/64

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/29

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/32

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/33

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

910

5.000 07/15/37

891

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000 07/15/42

698

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

5.250 12/01/35

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

5.000 12/01/40

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

5.000 12/01/45

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

609

10.000 06/01/42

Caddo

Mills

Independent

School

District

General

Obligation

Unlimited

500

4.250 02/15/53

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

3.625 07/01/26

973

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500 07/01/26

1,931

Cedar

Bayou

Navigation

District

Special

Assessment

585

6.000 09/15/51

503

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000 01/01/41

969

City

of

Alvarado

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/54

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

504

5.000 09/15/51

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/52

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

7.375 09/15/52

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

505

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/53

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/54

City

of

Arlington

Tax

Allocation

920

4.000 08/15/41

837

City

of

Aubrey

Special

Assessment

(Þ)

5.875 09/01/43

City

of

Aubrey

Special

Assessment

(Þ)

6.000 09/01/45

City

of

Aubrey

Special

Assessment

(Þ)

6.000 09/01/53

City

of

Aubrey

Special

Assessment

(Þ)

5.625 12/31/55

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.125 11/01/33

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.500 11/01/51

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.250 11/01/53

City

of

Balch

Springs

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/54

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/26

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/41

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/51

City

of

Boyd

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/45

City

of

Boyd

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/55

City

of

Buda

Special

Assessment

Revenue

Bonds

(Þ)

500

6.625 09/01/45

502

City

of

Buda

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/55

City

of

Buda

Special

Assessment

Revenue

Bonds

(Þ)

500

6.750 09/01/55

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

2.750 09/01/26

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.500 09/01/26

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.250 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,020

3.000 09/01/35

947

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/39

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,955

2.625 09/01/40

1,510

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.500 09/01/41

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/01/41

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.375 09/01/42

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/01/42

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/43

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/44

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/45

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

1,845

4.375 09/01/49

1,536

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/51

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/51

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/51

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/52

City

of

Celina

Special

Assessment

Revenue

Bonds

5.250 09/01/52

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/01/52

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/52

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

6.500 09/01/52

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

650

6.750 09/01/52

656

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/53

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/53

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/53

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/01/53

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

506

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/54

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/54

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

730

5.625 09/01/55

728

City

of

Corpus

Christi

Special

Assessment

6.125 09/15/44

City

of

Corpus

Christi

Special

Assessment

6.500 09/15/54

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/32

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/41

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/15/41

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/45

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/51

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/51

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

500

6.125 09/15/52

510

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

6.750 09/15/52

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/55

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/52

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/52

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/54

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/01/54

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/45

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

6.875 09/15/54

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/55

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/15/55

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/44

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/15/44

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/15/54

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

7.250 09/15/54

City

of

Dripping

Springs

Special

Assessment

(Þ)

5.250 09/01/54

City

of

Elmendorf

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

3.750 08/15/41

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

4.000 08/15/51

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

4.375 08/15/52

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

6.000 08/15/52

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

5.375 08/15/53

City

of

Forney

Special

Assessment

Revenue

Bonds

(Þ)

627

6.500 09/15/53

655

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/32

City

of

Friendswood

Special

Assessment

Revenue

Bonds

600

7.000 09/15/54

583

City

of

Georgetown

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/42

City

of

Georgetown

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/47

City

of

Granbury

Special

Assessment

Revenue

Bonds

7.250 09/15/45

City

of

Granbury

Special

Assessment

Revenue

Bonds

7.500 09/15/55

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

620

4.500 09/01/38

551

City

of

Hackberry

Special

Assessment

Revenue

Bonds

5.000 09/01/44

City

of

Hackberry

Special

Assessment

Revenue

Bonds

5.000 09/01/47

City

of

Haslet

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/49

City

of

Haslet

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Houston

Airport

System

Revenue

Bonds

695

5.000 07/01/27

707

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/15/27

City

of

Houston

Airport

System

Revenue

Bonds

3,915

5.000 07/15/28

4,020

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

507

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/01/29

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/15/30

City

of

Houston

Airport

System

Revenue

Bonds

1,200

5.000 07/15/35

1,200

City

of

Houston

Airport

System

Revenue

Bonds

1,400

5.500 07/15/38

1,502

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000 07/15/41

519

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000 07/01/47

City

of

Huntsville

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/44

City

of

Huntsville

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/54

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

705

5.125 09/01/45

686

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/56

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/01/58

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/47

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

802

5.750 09/01/53

797

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/01/55

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/44

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/52

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/54

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/32

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.625 09/01/39

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

3.750 09/01/41

City

of

Kyle

Special

Assessment

Revenue

Bonds

5.000 09/01/42

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/43

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.750 09/01/44

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/47

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/50

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/53

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/54

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

3.750 09/01/42

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/54

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/39

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/15/42

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/15/42

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/49

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/54

City

of

Lewisville

Special

Assessment

Revenue

Bonds

(Þ)

8.000 09/01/53

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/42

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/52

City

of

Lowry

Crossing

Special

Assessment

(Þ)

740

5.750 09/15/45

764

City

of

Lowry

Crossing

Special

Assessment

(Þ)

6.000 09/15/55

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/40

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/41

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/15/51

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/15/51

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

508

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/54

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/15/55

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/41

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/01/44

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

7.375 09/01/44

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/51

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/51

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

6.625 09/01/54

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

7.625 09/01/54

City

of

McLendon-Chisholm

Special

Assessment

(µ)

2.500 09/15/35

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

3.625 09/15/41

City

of

McLendon-Chisholm

Special

Assessment

(µ)

650

3.000 09/15/45

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

4.375 09/15/49

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

4.000 09/15/51

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

5.750 09/15/52

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/39

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/43

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375 09/01/48

1,002

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/49

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/53

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/01/53

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/53

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/31

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/51

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/52

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/52

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/01/53

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/01/55

City

of

New

Braunfels

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/41

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

625

3.125 09/01/41

507

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/48

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/48

City

of

Penitas

General

Obligation

Limited

5.000 09/01/35

City

of

Penitas

General

Obligation

Limited

5.750 09/01/45

City

of

Penitas

General

Obligation

Limited

6.000 09/01/55

City

of

Pflugerville

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/55

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/42

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/45

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.500 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/15/55

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

7.125 09/15/55

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

8.250 09/15/43

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

7.500 09/15/53

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

8.500 09/15/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/39

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

509

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/39

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

3.750 09/01/40

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

3.875 09/01/40

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/42

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/43

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/01/43

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/44

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/44

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/45

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.875 09/01/48

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/49

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/50

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/50

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/52

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/52

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

7.875 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/54

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/54

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/55

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

(Þ)

3.375 09/15/41

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/15/51

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/39

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/40

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/15/49

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/15/50

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/52

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/54

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/54

City

of

Sachse

Special

Assessment

Revenue

Bonds

(Þ)

6.875 09/15/42

City

of

Sachse

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/15/52

City

of

San

Marcos

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/48

City

of

Seagoville

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/44

City

of

Seagoville

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/15/54

City

of

Seagoville

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/15/54

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

5.700 09/01/47

City

of

Sinton

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/42

City

of

Sinton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/51

City

of

Terrell

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/15/55

City

of

Terrell

Special

Assessment

Revenue

Bonds

(Þ)

560

7.000 09/15/55

573

City

of

Tomball

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/45

City

of

Tomball

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/52

City

of

Tomball

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/53

City

of

Tomball

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/53

City

of

Tomball

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/55

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

510

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Uhland

Special

Assessment

Revenue

Bonds

(Þ)

750

6.625 09/01/52

800

City

of

Uhland

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/55

City

of

Waxahachie

Special

Assessment

(Þ)

5.500 08/15/52

City

of

Wharton

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/55

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/34

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.750 06/15/44

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

6.000 06/15/54

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

5.100 09/01/44

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

1,172

5.375 09/01/55

1,162

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.250 09/01/44

County

of

Bastrop

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/53

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.500 09/01/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.000 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.375 12/31/45

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.875 12/31/45

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.625 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.125 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.250 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.625 12/31/55

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

500

6.125 12/31/55

508

County

of

Hays

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/42

County

of

Hays

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/52

County

of

Montgomery

Special

Assessment

5.250 09/15/45

County

of

Montgomery

Special

Assessment

5.375 09/15/54

County

of

Montgomery

Special

Assessment

5.500 09/15/54

Crandall

Economic

Development

Corp.

Revenue

Bonds

(µ)

5.000 08/15/50

Dallas

Independent

School

District

General

Obligation

Unlimited

3,000

4.000 02/15/55

2,747

East

Waller

County

Management

District

Special

Assessment

(Þ)

6.250 09/15/55

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

4.500 08/15/35

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

5.000 08/15/44

Fort

Bend

County

Industrial

Development

Corp.

Revenue

Bonds

4.750 05/01/38

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

1.000 10/01/47

1,077

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

(µ)

5,200

4.000 10/01/49

4,783

Hickory

Tree

Community

Development

District

Special

Assessment

5.450 05/01/55

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

Zero

coupon

12/01/49

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

Zero

coupon

12/01/50

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

Zero

coupon

12/01/51

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

Zero

coupon

12/01/52

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

500

Zero

coupon

12/01/53

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

525

Zero

coupon

12/01/54

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

1,000

4.000 02/15/48

933

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 10/01/51

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

(Þ)

5.500 09/01/53

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

511

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Karis

Municipal

Management

District

of

Tarrant

County

Special

Assessment

5.000 12/01/44

Karis

Municipal

Management

District

of

Tarrant

County

Special

Assessment

5.250 12/01/53

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

3.000 09/01/46

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

3.000 09/01/40

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

2.500 09/01/41

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

1,665

3.000 09/01/44

1,336

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

3.000 09/01/47

Matagorda

County

Navigation

District

No.

Revenue

Bonds

4.250 05/01/30

Mission

Economic

Development

Corp.

Revenue

Bonds

(Þ)

2,400

4.625 10/01/31

2,409

Mitchell

County

Hospital

District

General

Obligation

Limited

5.500 02/15/40

Mitchell

County

Hospital

District

General

Obligation

Limited

5.250 02/15/45

Mitchell

County

Hospital

District

General

Obligation

Limited

4.000 02/15/51

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

5.000 09/15/48

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

4.250 10/01/30

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.250 07/01/32

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

4.000 08/15/36

928

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 08/15/39

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 07/01/40

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000 08/15/40

934

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.250 01/01/42

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.750 07/01/44

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000 08/15/46

555

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,250

4.000 08/15/51

949

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,065

5.750 07/15/52

1,057

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

7.125 07/01/56

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,100

4.000 08/15/56

807

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

7,345

5.500 01/01/57

6,762

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

775

7.000 01/01/57

550

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.000 07/15/57

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

5.000 01/01/46

North

Parkway

Municipal

Management

District

No.

Special

Assessment

(Þ)

4.000 09/15/41

North

Texas

Tollway

Authority

Revenue

Bonds

1,345

3.000 01/01/46

1,071

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000 01/01/46

1,593

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

925

10.000 07/01/26

929

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.750 01/01/36

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.000 01/01/39

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.875 01/01/41

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.125 01/01/44

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000 01/01/50

955

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.250 01/01/54

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,900

4.100 01/01/28

1,715

Red

River

Education

Finance

Corp.

Education

Revenue

Bonds

1,255

5.500 10/01/46

1,256

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000 04/01/51

782

Sherman

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,041

South

Manvel

Development

Authority

Tax

Allocation

4.500 04/01/39

South

Manvel

Development

Authority

Tax

Allocation

5.000 04/01/43

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

505

5.000 05/15/45

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 10/01/49

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

512

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tarrant

County

Hospital

District

General

Obligation

Limited

4.250 08/15/53

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125 12/01/45

668

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

1,000

5.000 12/15/31

1,082

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,100

5.000 06/30/58

4,091

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,350

5.500 12/31/58

4,454

Town

of

Argyle

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/47

Town

of

Hickory

Creek

Special

Assessment

Revenue

Bonds

3.875 09/01/37

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

727

5.750 09/01/38

744

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

3.750 09/01/42

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

750

6.875 09/01/52

804

Town

of

Providence

Village

Special

Assessment

(Þ)

5.350 09/01/45

Town

of

Providence

Village

Special

Assessment

(Þ)

5.250 09/01/54

Town

of

Providence

Village

Special

Assessment

(Þ)

5.500 09/01/55

Travis

County

Development

Authority

Special

Assessment

(Þ)

5.500 09/01/52

Travis

County

Development

Authority

Special

Assessment

(Þ)

5.125 09/01/54

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/36

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/37

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/39

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/40

Village

of

Salado

Special

Assessment

Revenue

Bonds

(Þ)

6.500 09/01/54

Viridian

Municipal

Management

District

Special

Assessment

3.125 12/01/35

Viridian

Municipal

Management

District

Special

Assessment

3.375 12/01/40

Viridian

Municipal

Management

District

Special

Assessment

4.750 12/01/43

Viridian

Municipal

Management

District

Special

Assessment

3.500 12/01/47

Westside

Special

Improvement

District

General

Obligation

Limited

600

3.000 08/15/51

127,923

Utah

-

1.4%

Arrowhead

Springs

Public

Infrastructure

District

Special

Assessment

(Þ)

5.625 12/01/54

Benloch

Ranch

Improvement

Association

No.

Revenue

Bonds

(Š)(Þ)

9.750 12/01/39

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

2,000

4.000 03/01/51

1,608

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(~)(Ê)(Þ)

500

7.375 09/15/51

Black

Desert

Public

Infrastructure

District

Special

Assessment

(Þ)

2,600

5.625 12/01/53

2,624

City

of

Salt

Lake

Airport

Revenue

Bonds

815

5.250 07/01/48

844

City

of

Salt

Lake

Airport

Revenue

Bonds

3,240

5.500 07/01/53

3,424

Coral

Junction

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

5.500 06/01/41

Desert

Edge

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

1.000 03/01/55

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(Þ)

1,075

5.000 07/15/35

1,083

Firefly

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.625 03/01/54

504

Firefly

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

522

5.625 12/01/43

527

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500 02/01/50

618

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

550

1.000 06/01/55

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

500

8.500 06/15/55

514

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.500 06/01/51

1,216

MIDA

Mountain

Veterans

Program

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

5.200 06/01/54

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

(Þ)

1,000

4.500 08/01/40

977

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

5.125 06/15/54

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

6.000 06/15/54

511

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

513

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Military

Installation

Development

Authority

Revenue

Bonds

550

4.000 06/01/41

Military

Installation

Development

Authority

Revenue

Bonds

2,275

4.000 06/01/52

1,876

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.375 03/01/55

505

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

(~)(Ê)(Þ)

500

5.125 12/01/29

504

Red

Bridge

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

4.375 02/01/51

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

(Þ)

1,000

4.125 06/01/41

923

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/38

921

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000 10/15/40

2,004

Utah

Infrastructure

Agency

Revenue

Bonds

850

4.000 10/15/41

740

Utah

Infrastructure

Agency

Revenue

Bonds

1,100

6.000 10/15/47

1,156

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/31

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000 06/15/41

749

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

1,420

4.250 06/15/51

1,086

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/15/51

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750 06/15/52

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/15/56

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/15/61

Verk

Industrial

Regional

Public

Infrastructure

District

Tax

Allocation

(Þ)

2,000

6.625 09/01/47

2,065

Wolf

Creek

Infrastructure

Financing

District

No.

Special

Assessment

700

5.750 12/01/44

720

33,184

Vermont

-

0.1%

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

4.375 06/01/52

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

5.000 06/01/52

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

5.000 10/01/42

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

5.500 10/01/43

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

875

5.250 10/01/52

752

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500 06/15/45

1,480

3,261

Virgin

Islands

-

0.6%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

750

5.000 10/01/28

774

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

7,845

5.000 10/01/30

8,171

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000 10/01/32

2,761

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

1,125

5.000 10/01/39

1,149

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,530

5.000 10/01/32

1,527

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/39

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.000 04/01/53

15,175

Virginia

-

1.1%

Albemarle

County

Economic

Development

Authority

Revenue

Bonds

500

4.000 06/01/54

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000 01/01/40

5,106

Farmville

Industrial

Development

Authority

Revenue

Bonds

5.000 01/01/50

James

City

County

Economic

Development

Authority

Revenue

Bonds

4.000 06/01/41

James

City

County

Economic

Development

Authority

Revenue

Bonds

4.000 06/01/47

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/45

Salem

Economic

Development

Authority

Revenue

Bonds

6.000 04/01/55

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,120

1.000 06/01/46

1,000

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,745

6.706 06/01/46

2,802

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

14,450

Zero

coupon

06/01/47

3,886

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

5.000 06/01/47

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

514

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Virginia

Beach

Development

Authority

Revenue

Bonds

7.000 09/01/53

Virginia

Beach

Development

Authority

Revenue

Bonds

800

7.000 09/01/59

871

Virginia

College

Building

Authority

Revenue

Bonds

3.000 06/01/41

Virginia

College

Building

Authority

Revenue

Bonds

4.000 06/01/46

Virginia

College

Building

Authority

Revenue

Bonds

6.000 06/01/55

Virginia

Housing

Development

Authority

Revenue

Bonds

675

4.650 09/01/55

670

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,005

5.000 01/01/36

1,071

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,000

4.000 01/01/48

2,650

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000 12/31/49

990

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,700

5.000 12/31/52

1,692

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,570

5.000 12/31/56

3,476

25,972

Washington

-

1.3%

County

of

King

General

Obligation

Limited

5.000 12/01/53

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,000

5.125 12/01/48

1,005

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,500

5.000 12/01/44

1,512

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

5.000 04/01/30

Port

of

Seattle

Revenue

Bonds

4.000 08/01/47

Skagit

County

Public

Hospital

District

No.

Revenue

Bonds

3,050

5.500 12/01/54

3,099

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.625 12/01/40

1,522

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000 10/01/42

875

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 05/01/45

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

2,500

4.000 10/01/49

2,041

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000 07/01/33

1,848

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,250

5.000 07/01/48

1,264

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4,400

3.000 07/01/58

2,878

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000 07/01/58

1,186

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,820

4.000 07/01/58

2,399

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,525

4.000 01/01/41

1,996

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/43

Washington

State

Housing

Finance

Commission

Revenue

Bonds

2,220

5.500 07/01/44

2,344

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/48

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/49

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,000

5.500 07/01/50

986

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/55

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,160

5.750 07/01/60

1,169

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

6.000 07/01/60

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

500

7.000 07/01/64

508

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500 12/01/33

1,500

30,124

West

Virginia

-

0.4%

City

of

Huntington

Tax

Allocation

Revenue

Bonds

635

5.000 06/01/39

621

City

of

Huntington

Tax

Allocation

Revenue

Bonds

5.500 06/01/49

City

of

Huntington

Tax

Allocation

Revenue

Bonds

5.625 05/01/50

City

of

South

Charleston

Revenue

Bonds

(Þ)

5.500 06/01/32

City

of

South

Charleston

Revenue

Bonds

(Þ)

6.000 06/01/37

City

of

South

Charleston

Revenue

Bonds

(Þ)

1,000

4.500 06/01/50

779

County

of

Monongalia

Tax

Allocation

(Þ)

5.750 06/01/43

County

of

Monongalia

Tax

Allocation

(Þ)

6.000 06/01/53

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

515

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

3.000 03/01/35

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,135

4.125 06/01/43

970

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,025

4.875 06/01/43

946

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

935

1.000 06/01/53

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

650

4.625 04/15/55

655

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

885

5.000 01/01/43

821

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

1,725

4.125 01/01/47

1,349

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125 01/01/47

881

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

5.500 09/01/48

8,274

Wisconsin

-

3.5%

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,685

4.000 03/01/28

1,668

Public

Finance

Authority

Revenue

Bonds

(Þ)

3,000

6.000 06/01/28

3,011

Public

Finance

Authority

Revenue

Bonds

1,010

5.250 07/01/28

1,011

Public

Finance

Authority

Revenue

Bonds

565

6.145 08/01/28

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/28

1,031

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/29

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/30

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/15/30

Public

Finance

Authority

Revenue

Bonds

4.300 11/01/30

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

Zero

coupon

12/15/30

Public

Finance

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

3,825

6.750 08/01/31

2,936

Public

Finance

Authority

Revenue

Bonds

675

5.000 10/01/31

687

Public

Finance

Authority

Revenue

Bonds

710

5.000 10/01/32

722

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

Zero

coupon

12/15/32

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.375 12/15/32

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.500 12/15/32

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/34

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,282

Zero

coupon

12/15/34

750

Public

Finance

Authority

Revenue

Bonds

1,000

5.750 04/01/35

1,001

Public

Finance

Authority

Revenue

Bonds

5.000 06/15/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 12/01/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

722

5.000 12/15/36

706

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250 05/15/37

631

Public

Finance

Authority

Revenue

Bonds

(Þ)

775

Zero

coupon

12/15/37

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,750

5.250 07/01/38

1,817

Public

Finance

Authority

Revenue

Bonds

1,595

5.000 06/01/39

1,627

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000 06/15/39

524

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,800

4.750 06/01/40

1,811

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,670

7.125 06/01/41

1,730

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 01/01/42

563

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 04/01/42

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250 05/15/42

736

Public

Finance

Authority

Revenue

Bonds

500

5.000 07/01/42

500

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

516

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

1,010

5.000 06/15/44

1,015

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.500 12/01/44

Public

Finance

Authority

Revenue

Bonds

4.000 01/01/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.250 03/01/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,285

6.500 06/01/45

1,194

Public

Finance

Authority

Revenue

Bonds

600

5.250 06/15/45

619

Public

Finance

Authority

Revenue

Bonds

800

5.500 06/15/45

809

Public

Finance

Authority

Revenue

Bonds

725

5.350 12/01/45

738

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.625 02/01/46

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.250 09/01/46

Public

Finance

Authority

Revenue

Bonds

5.250 07/01/47

Public

Finance

Authority

Revenue

Bonds

(µ)

4.125 07/01/49

Public

Finance

Authority

Revenue

Bonds

1,650

5.000 11/15/49

1,610

Public

Finance

Authority

Revenue

Bonds

3.000 01/01/50

Public

Finance

Authority

Revenue

Bonds

(Þ)

700

5.625 06/01/50

701

Public

Finance

Authority

Revenue

Bonds

5.500 06/15/50

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/50

Public

Finance

Authority

Revenue

Bonds

(Þ)

725

7.000 12/01/50

642

Public

Finance

Authority

Revenue

Bonds

720

4.000 02/01/51

537

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/51

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 06/15/51

916

Public

Finance

Authority

Revenue

Bonds

1,750

4.000 09/30/51

1,458

Public

Finance

Authority

Revenue

Bonds

2,000

4.000 12/01/51

1,666

Public

Finance

Authority

Revenue

Bonds

(Þ)

650

5.750 02/01/52

662

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000 04/01/52

1,297

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/15/52

Public

Finance

Authority

Revenue

Bonds

5.250 06/15/52

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.500 06/15/52

Public

Finance

Authority

Revenue

Bonds

(Þ)

7.000 06/15/53

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.750 07/01/53

756

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.625 07/01/53

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.500 07/15/53

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/15/54

Public

Finance

Authority

Revenue

Bonds

5.250 06/15/54

Public

Finance

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

1,000

5.875 10/01/54

603

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750 12/01/54

503

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.250 03/01/55

Public

Finance

Authority

Revenue

Bonds

600

5.500 06/01/55

613

Public

Finance

Authority

Revenue

Bonds

5.500 06/15/55

Public

Finance

Authority

Revenue

Bonds

5.750 06/15/55

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/55

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/55

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,150

5.000 12/01/55

1,030

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.500 12/01/55

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.000 12/15/55

Public

Finance

Authority

Revenue

Bonds

4,750

4.000 03/31/56

3,798

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,575

4.500 06/01/56

1,157

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000 06/15/56

735

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

517

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 01/01/57

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/15/57

Public

Finance

Authority

Revenue

Bonds

5.375 06/15/57

Public

Finance

Authority

Revenue

Bonds

(µ)

5.000 07/01/58

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.750 07/01/58

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/59

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.125 12/15/60

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/61

Public

Finance

Authority

Revenue

Bonds

(Þ)

785

4.000 07/01/61

599

Public

Finance

Authority

Revenue

Bonds

4.000 07/01/61

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.250 07/01/61

Public

Finance

Authority

Revenue

Bonds

1,000

5.000 02/01/62

994

Public

Finance

Authority

Revenue

Bonds

(Þ)

3,175

6.000 02/01/62

3,248

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.000 06/01/62

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/15/62

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.750 06/15/62

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

900

1.000 07/01/62

720

Public

Finance

Authority

Revenue

Bonds

(Þ)

7.000 06/15/65

Public

Finance

Authority

Revenue

Bonds

1,725

5.750 12/31/65

1,784

Public

Finance

Authority

Revenue

Bonds

12,420

6.500 12/31/65

13,634

Public

Finance

Authority

Tax

Allocation

5.000 08/01/39

Public

Finance

Authority

Tax

Allocation

(Þ)

1,150

5.000 06/01/41

1,164

Public

Finance

Authority

Tax

Allocation

(~)(Ê)(Þ)

625

8.000 06/15/42

634

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,020

4.000 12/01/41

786

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,175

5.000 03/15/50

1,175

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 12/01/51

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

800

5.500 02/15/54

845

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.750 08/15/54

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 12/01/56

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.750 08/15/59

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

6.625 07/01/60

82,762

Wyoming

-

0.0%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

1,000

3.625 07/15/39

932

#### Total

#### Municipal

#### Bonds
(cost

$2,170,853)

2,125,126

#### Short-Term

#### Investments

#### -

#### 7.9%
U.S.

Cash

Management

Fund

(@)

185,133,278

(∞)

185,096

#### Total

#### Short-Term

#### Investments
(cost

$185,092)

185,096

#### Total

#### Investments

#### -

#### 98.4%
(identified

cost

$2,355,945)

2,310,222

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.6%
37,546

#### Net

#### Assets

#### -

#### 100.0%
2,347,768

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

518

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $21.0%

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

800,000

101.82 815

771

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

4,450,000

101.08 4,522

4,451

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

104.73 1,047

1,022

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,165,000

100.55 1,172

1,182

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

865,000

100.51 868

902

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

680,000

99.51 679

689

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/20/24

710,000

103.15 732

733

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/27/25

100,000

106.91 107

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

100.00 100

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/25/23

625,000

101.33 633

632

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

11/06/24

125,000

100.15 125

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

11/06/24

100,000

99.64 100

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,290,000

106.62 1,375

1,326

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105.77 740

656

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

210,000

102.21 215

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

75,000

103.62 78

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

108.99 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.48 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00 1,250

1,209

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.36 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.37 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

1,050,000

97.16 1,020

1,158

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

675,000

97.49 658

732

Arkansas

Development

Finance

Authority

Revenue

Bonds

10/04/22

5,750,000

85.17 4,897

5,372

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/27/25

1,625,000

95.99 1,560

1,574

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103.45 517

505

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.18 97

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.49 97

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

98.86 99

Arrowhead

Springs

Public

Infrastructure

District

Special

Assessment

02/13/25

275,000

100.00 275

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,380,000

99.82 1,378

1,097

Atlanta

Development

Authority

(The)

Revenue

Bonds

08/22/24

3,200,000

84.59 2,707

2,810

Atlanta

Development

Authority

(The)

Revenue

Bonds

10/16/25

3,540,000

100.35 3,552

3,682

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

1,125,000

100.00 1,125

1,147

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

3,330,000

86.78 2,890

2,818

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100.00 2,380

2,384

Avenir

Community

Development

District

Special

Assessment

03/19/24

255,000

100.23 256

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00 100

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00 100

Avimor

Community

Infrastructure

District

No.

Special

Assessment

05/22/24

171,000

100.00 171

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

12/14/18

1,060,000

99.50 1,055

1,057

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

06/06/25

1,250,000

100.00 1,250

1,283

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

09/12/25

1,000,000

100.00 1,000

1,002

Banning

Lewis

Ranch

Metropolitan

District

No.

General

Obligation

Limited

07/23/21

500,000

100.00 500

Beaumont

Community

Development

District

Special

Assessment

01/25/19

90,000

100.00 90

Benloch

Ranch

Improvement

Association

No.

Revenue

Bonds

06/29/20

334,164

100.00 334

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

500,000

100.00 500

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

2,000,000

91.89 1,838

1,608

Black

Desert

Public

Infrastructure

District

Special

Assessment

05/09/24

2,600,000

98.14 2,525

2,624

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

06/08/22

609,290

97.93 597

Brightwater

Community

Development

District

Special

Assessment

11/06/24

50,000

100.00 50

Brightwater

Community

Development

District

Special

Assessment

11/06/24

125,000

100.00 125

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

519

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Build

NYC

Resource

Corp.

Revenue

Bonds

01/14/21

330,000

93.66 309

Build

NYC

Resource

Corp.

Revenue

Bonds

06/11/21

100,000

105.79 106

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100.00 100

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

170,000

100.00 170

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100.00 150

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100.88 151

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

500,000

101.67 508

514

Build

NYC

Resource

Corp.

Revenue

Bonds

07/13/22

100,000

98.77 99

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97.36 97

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

99.01 99

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

98.49 98

Build

NYC

Resource

Corp.

Revenue

Bonds

05/23/25

500,000

100.00 500

513

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100.00 1,000

973

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

2,000,000

100.33 2,007

1,931

California

Community

College

Financing

Authority

Revenue

Bonds

07/27/22

475,000

97.62 464

California

Community

Housing

Agency

Revenue

Bonds

05/03/22

3,095,000

86.89 2,653

2,401

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

76.18 152

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

65.72 115

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

1,095,000

76.66 839

814

California

Enterprise

Development

Authority

Revenue

Bonds

10/18/24

250,000

102.13 255

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

08/13/20

730,000

100.28 732

700

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

02/21/25

4,900,000

96.94 4,750

3,902

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99.53 995

1,000

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102.10 1,531

1,505

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

65,000

100.33 65

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

95,000

104.16 99

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

60,000

104.42 63

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

1,130,000

105.64 1,194

1,084

California

Municipal

Finance

Authority

Revenue

Bonds

01/16/25

275,000

99.23 273

California

Municipal

Finance

Authority

Revenue

Bonds

01/16/25

125,000

99.54 124

California

Municipal

Finance

Authority

Revenue

Bonds

05/08/25

775,000

100.00 775

781

California

Municipal

Finance

Authority

Revenue

Bonds

05/16/25

250,000

62.21 156

California

Pollution

Control

Financing

Authority

Revenue

Bonds

08/04/23

2,590,000

98.40 2,551

2,604

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/23/23

250,000

101.29 253

California

Pollution

Control

Financing

Authority

Revenue

Bonds

11/17/23

500,000

105.05 525

531

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

112.85 677

617

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106.32 532

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105.24 1,052

1,006

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

103.97 624

539

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105.08 158

California

School

Finance

Authority

Revenue

Bonds

10/30/20

60,000

97.99 59

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109.03 109

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

109.88 1,209

933

California

School

Finance

Authority

Revenue

Bonds

06/18/21

100,000

106.32 106

California

School

Finance

Authority

Revenue

Bonds

06/18/21

280,000

64.43 180

California

School

Finance

Authority

Revenue

Bonds

07/21/21

400,000

102.27 409

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

112.05 521

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

98.01 245

California

School

Finance

Authority

Revenue

Bonds

03/23/22

315,000

101.62 320

California

School

Finance

Authority

Revenue

Bonds

03/23/22

250,000

102.55 256

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.82 1,028

998

California

School

Finance

Authority

Revenue

Bonds

05/26/22

250,000

100.22 251

California

School

Finance

Authority

Revenue

Bonds

05/26/22

170,000

101.43 172

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100.00 385

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.15 250

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.24 251

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.26 251

California

School

Finance

Authority

Revenue

Bonds

10/27/22

500,000

98.08 490

513

California

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98.55 961

999

California

School

Finance

Authority

Revenue

Bonds

11/01/22

1,000,000

64.45 645

783

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98.74 123

California

School

Finance

Authority

Revenue

Bonds

05/22/24

375,000

98.34 371

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

104.88 210

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

520

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107.30 1,073

1,003

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104.42 209

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110.10 110

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/24/22

1,500,000

100.70 1,510

1,485

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

400,000

99.66 399

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/30/24

5,800,000

97.20 5,637

5,749

California

Statewide

Communities

Development

Authority

Revenue

Bonds

10/30/24

475,000

96.33 458

Cape

Girardeau

County

Industrial

Development

Authority

Tax

Allocation

09/25/24

500,000

97.94 490

Capital

Projects

Finance

Authority

Revenue

Bonds

04/24/24

100,000

100.00 100

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

155,000

100.22 155

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

2,295,000

100.51 2,307

2,166

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

125,000

99.36 124

Capital

Projects

Finance

Authority

Revenue

Bonds

07/25/25

1,250,000

98.38 1,230

1,260

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/13/18

4,015,000

96.50 3,874

3,786

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

105.85 1,328

1,056

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

1,970,000

100.00 1,970

1,942

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

109.66 356

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.12 107

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.77 108

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/04/22

300,000

114.91 345

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100.00 425

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100.00 400

Capital

Trust

Authority

Revenue

Bonds

09/27/24

900,000

100.00 900

1,033

Capital

Trust

Authority

Revenue

Bonds

11/25/24

350,000

100.97 353

Capital

Trust

Authority

Revenue

Bonds

04/03/25

200,000

97.29 195

Capital

Trust

Authority

Revenue

Bonds

04/03/25

100,000

97.69 98

Capital

Trust

Authority

Revenue

Bonds

07/14/25

1,000,000

96.65 967

1,014

Capital

Trust

Authority

Revenue

Bonds

09/04/25

2,100,000

98.27 2,064

2,146

Cedar

Crossings

Community

Development

District

Special

Assessment

03/03/25

100,000

99.56 100

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

30,000

100.00 30

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

45,000

103.41 47

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

195,000

99.19 193

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

103.83 363

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

06/17/22

2,000,000

76.69 1,534

1,627

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

250,000

100.00 250

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

2,000,000

99.19 1,984

2,014

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,065,000

94.43 1,006

953

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

800,000

97.99 784

721

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

93.24 1,399

1,536

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94.76 1,895

2,058

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110.18 110

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

11/17/23

275,000

97.02 267

City

of

Alvarado

Special

Assessment

Revenue

Bonds

05/20/25

100,000

100.00 100

City

of

Anna

Special

Assessment

Revenue

Bonds

07/28/21

504,000

100.00 504

City

of

Anna

Special

Assessment

Revenue

Bonds

12/14/22

175,000

100.00 175

City

of

Anna

Special

Assessment

Revenue

Bonds

09/13/23

125,000

99.38 124

City

of

Anna

Special

Assessment

Revenue

Bonds

10/11/23

200,000

98.55 197

City

of

Anna

Special

Assessment

Revenue

Bonds

07/10/24

100,000

100.00 100

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99.42 182

City

of

Aubrey

Special

Assessment

08/25/23

120,000

100.00 120

City

of

Aubrey

Special

Assessment

08/25/23

125,000

99.33 124

City

of

Aubrey

Special

Assessment

02/28/25

260,000

99.49 259

City

of

Austin

Special

Assessment

Revenue

Bonds

12/14/18

230,000

100.00 230

City

of

Austin

Special

Assessment

Revenue

Bonds

12/01/22

100,000

99.31 99

City

of

Austin

Special

Assessment

Revenue

Bonds

11/22/24

100,000

99.56 100

City

of

Balch

Springs

Special

Assessment

Revenue

Bonds

04/29/25

125,000

99.37 124

City

of

Baltimore

Tax

Allocation

10/03/19

100,000

100.00 100

City

of

Baltimore

Tax

Allocation

10/03/19

100,000

100.12 100

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

99,000

100.00 99

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

100,000

100.00 100

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

122,000

100.00 122

City

of

Boyd

Special

Assessment

Revenue

Bonds

05/07/25

100,000

100.00 100

City

of

Boyd

Special

Assessment

Revenue

Bonds

05/07/25

100,000

100.00 100

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

521

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

Buda

Special

Assessment

Revenue

Bonds

01/22/25

500,000

100.00 500

502

City

of

Buda

Special

Assessment

Revenue

Bonds

01/22/25

250,000

99.04 248

City

of

Buda

Special

Assessment

Revenue

Bonds

01/22/25

500,000

99.11 496

City

of

Celina

Special

Assessment

Revenue

Bonds

09/11/19

125,000

100.00 125

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

1,845,000

95.31 1,758

1,536

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

25,000

100.00 25

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

61,000

100.00 61

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

90,000

100.00 90

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

72,000

100.00 72

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

25,000

100.00 25

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

25,000

100.00 25

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

28,000

100.00 28

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

131,000

98.86 130

City

of

Celina

Special

Assessment

Revenue

Bonds

12/15/21

255,000

99.33 253

City

of

Celina

Special

Assessment

Revenue

Bonds

12/15/21

55,000

99.42 55

City

of

Celina

Special

Assessment

Revenue

Bonds

01/12/22

100,000

100.00 100

City

of

Celina

Special

Assessment

Revenue

Bonds

01/12/22

100,000

100.00 100

City

of

Celina

Special

Assessment

Revenue

Bonds

04/13/22

100,000

100.00 100

City

of

Celina

Special

Assessment

Revenue

Bonds

09/14/22

100,000

100.00 100

City

of

Celina

Special

Assessment

Revenue

Bonds

02/15/23

650,000

100.00 650

656

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

100,000

100.00 100

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

125,000

100.00 125

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

130,000

100.00 130

City

of

Celina

Special

Assessment

Revenue

Bonds

04/12/23

175,000

100.00 175

City

of

Celina

Special

Assessment

Revenue

Bonds

06/14/23

125,000

100.00 125

City

of

Celina

Special

Assessment

Revenue

Bonds

07/12/23

140,000

100.00 140

City

of

Celina

Special

Assessment

Revenue

Bonds

04/10/24

100,000

99.57 100

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

200,000

100.00 200

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

150,000

99.10 149

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

100,000

99.63 100

City

of

Celina

Special

Assessment

Revenue

Bonds

01/15/25

300,000

100.00 300

City

of

Celina

Special

Assessment

Revenue

Bonds

01/15/25

730,000

99.17 723

728

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

100,000

100.00 100

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

100,000

100.00 100

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

240,000

93.48 224

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

100,000

99.34 99

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

222,000

100.00 222

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

500,000

100.00 500

510

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

175,000

100.00 175

City

of

Crandall

Special

Assessment

Revenue

Bonds

02/19/25

125,000

100.00 125

City

of

Crandall

Special

Assessment

Revenue

Bonds

02/19/25

75,000

99.15 74

City

of

Dayton

Special

Assessment

Revenue

Bonds

04/19/22

100,000

100.00 100

City

of

Dayton

Special

Assessment

Revenue

Bonds

04/19/22

105,000

100.00 105

City

of

Dayton

Special

Assessment

Revenue

Bonds

03/19/24

200,000

100.00 200

City

of

Dayton

Special

Assessment

Revenue

Bonds

03/19/24

150,000

99.30 149

City

of

Decatur

Special

Assessment

Revenue

Bonds

11/28/23

200,000

100.00 200

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.16 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.27 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.57 100

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

150,000

99.33 149

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

146,000

99.40 145

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

100,000

99.77 100

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

131,000

99.79 131

City

of

Dripping

Springs

Special

Assessment

09/18/24

70,000

99.26 69

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.11 99

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.28 99

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.29 99

City

of

Elmendorf

Special

Assessment

Revenue

Bonds

08/20/21

272,000

87.44 238

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

101.96 301

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

101.96 1,805

1,772

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

110,000

100.52 111

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

100,000

99.41 99

City

of

Fate

Special

Assessment

Revenue

Bonds

04/05/22

105,000

100.00 105

City

of

Fate

Special

Assessment

Revenue

Bonds

09/07/22

225,000

100.00 225

City

of

Fate

Special

Assessment

Revenue

Bonds

05/02/23

100,000

99.07 99

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

522

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

Forney

Special

Assessment

Revenue

Bonds

06/27/23

627,000

96.87 607

655

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100.00 150

City

of

Garden

Revenue

Bonds

09/10/25

200,000

99.37 199

City

of

Georgetown

Special

Assessment

Revenue

Bonds

03/23/22

100,000

100.00 100

City

of

Georgetown

Special

Assessment

Revenue

Bonds

03/23/22

100,000

100.00 100

City

of

Goshen

Revenue

Bonds

08/06/21

995,000

100.00 995

871

City

of

Haslet

Special

Assessment

Revenue

Bonds

07/30/20

200,000

105.14 210

City

of

Haslet

Special

Assessment

Revenue

Bonds

10/19/21

200,000

98.87 198

City

of

Henderson

Revenue

Bonds

03/25/22

1,350,000

96.40 1,278

1,270

City

of

Henderson

Revenue

Bonds

03/25/22

675,000

98.59 665

619

City

of

Huntsville

Special

Assessment

Revenue

Bonds

10/16/24

100,000

100.00 100

City

of

Huntsville

Special

Assessment

Revenue

Bonds

10/16/24

100,000

99.50 99

City

of

Hutto

Special

Assessment

Revenue

Bonds

04/05/21

296,000

99.89 296

City

of

Hutto

Special

Assessment

Revenue

Bonds

10/22/21

200,000

99.04 198

City

of

Hutto

Special

Assessment

Revenue

Bonds

07/07/23

170,000

99.62 169

City

of

Hutto

Special

Assessment

Revenue

Bonds

02/07/25

705,000

99.08 699

686

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

255,000

100.00 255

City

of

Justin

Special

Assessment

Revenue

Bonds

04/01/24

802,000

99.30 796

797

City

of

Justin

Special

Assessment

Revenue

Bonds

08/29/25

100,000

100.00 100

City

of

Kaufman

Special

Assessment

Revenue

Bonds

11/22/22

100,000

101.05 101

City

of

Kaufman

Special

Assessment

Revenue

Bonds

10/01/24

125,000

100.00 125

City

of

Kaufman

Special

Assessment

Revenue

Bonds

10/01/24

125,000

100.00 125

City

of

Kyle

Special

Assessment

Revenue

Bonds

05/08/19

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

05/08/19

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/20/21

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

03/23/22

216,000

100.00 216

City

of

Kyle

Special

Assessment

Revenue

Bonds

01/18/23

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

01/18/23

200,000

99.42 199

City

of

Kyle

Special

Assessment

Revenue

Bonds

06/21/23

260,000

100.00 260

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/16/24

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

02/05/25

100,000

98.98 99

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

01/05/24

210,000

100.00 210

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

135,000

104.17 141

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

100,000

99.48 99

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

100,000

100.00 100

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

100,000

100.00 100

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

318,000

98.80 314

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

136,000

99.15 135

City

of

Lavon

Special

Assessment

Revenue

Bonds

11/16/22

400,000

100.00 400

City

of

Lavon

Special

Assessment

Revenue

Bonds

10/16/24

100,000

100.00 100

City

of

Lavon

Special

Assessment

Revenue

Bonds

10/16/24

100,000

100.00 100

City

of

Lewisville

Special

Assessment

Revenue

Bonds

10/03/23

125,000

100.00 125

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

12/14/21

100,000

100.00 100

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

12/14/21

100,000

100.00 100

City

of

Lowry

Crossing

Special

Assessment

06/11/25

150,000

100.00 150

City

of

Lowry

Crossing

Special

Assessment

06/11/25

740,000

99.76 738

764

City

of

Manor

Special

Assessment

Revenue

Bonds

12/19/19

100,000

100.00 100

City

of

Manor

Special

Assessment

Revenue

Bonds

05/06/21

100,000

100.00 100

City

of

Manor

Special

Assessment

Revenue

Bonds

05/06/21

100,000

102.33 102

City

of

Manor

Special

Assessment

Revenue

Bonds

05/16/24

100,000

99.07 99

City

of

Manor

Special

Assessment

Revenue

Bonds

02/19/25

100,000

87.98 88

City

of

Manor

Special

Assessment

Revenue

Bonds

05/08/25

170,000

100.00 170

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

07/21/21

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

07/21/21

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

07/21/21

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

08/21/24

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

08/21/24

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

08/21/24

100,000

100.00 100

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

08/21/24

100,000

100.00 100

City

of

McLendon

-Chisholm

Special

Assessment

06/26/20

100,000

104.88 105

City

of

McLendon

-Chisholm

Special

Assessment

02/10/21

35,000

100.00 35

City

of

McLendon

-Chisholm

Special

Assessment

02/10/21

50,000

101.57 51

City

of

McLendon

-Chisholm

Special

Assessment

05/25/22

270,000

99.45 269

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100.00 1,000

1,002

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100.00 100

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

523

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

150,000

100.00 150

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

200,000

99.69 199

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

400,000

100.00 400

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

150,000

99.43 149

City

of

Mesquite

Special

Assessment

Revenue

Bonds

10/08/24

100,000

99.27 99

City

of

Midlothian

Special

Assessment

Revenue

Bonds

03/24/21

100,000

100.00 100

City

of

Midlothian

Special

Assessment

Revenue

Bonds

03/24/21

100,000

100.00 100

City

of

Midlothian

Special

Assessment

Revenue

Bonds

08/10/22

115,000

100.00 115

City

of

Midlothian

Special

Assessment

Revenue

Bonds

08/10/22

200,000

100.00 200

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

101.66 1,423

1,424

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

11/21/23

75,000

100.00 75

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

04/15/25

115,000

100.00 115

City

of

New

Braunfels

Special

Assessment

Revenue

Bonds

11/09/21

100,000

100.00 100

City

of

North

Las

Vegas

NV

Special

Assessment

08/15/25

430,000

96.88 417

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/25/18

75,000

100.00 75

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/25/18

75,000

99.57 75

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/22/21

625,000

100.00 625

507

City

of

Pflugerville

Special

Assessment

Revenue

Bonds

02/12/25

125,000

99.19 124

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

114,000

100.00 114

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

300,000

100.00 300

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

06/10/22

200,000

100.00 200

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

06/10/22

204,000

100.00 204

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

06/10/22

150,000

100.00 150

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

04/25/25

200,000

100.00 200

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

04/25/25

200,000

100.00 200

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

04/25/25

310,000

100.00 310

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

225,000

100.00 225

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

140,000

100.00 140

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

115,000

100.00 115

City

of

Princeton

Special

Assessment

Revenue

Bonds

04/24/18

130,000

100.00 130

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/19

285,000

100.00 285

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/19

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/19

300,000

103.05 309

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/23/20

125,000

100.00 125

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/23/20

160,000

100.00 160

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/23/20

225,000

100.00 225

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/23/20

325,000

100.00 325

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/25/21

185,000

101.00 185

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

75,000

100.00 75

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/28/22

270,000

100.00 270

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/26/22

74,000

100.00 74

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/25/23

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/25/23

125,000

100.00 125

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

150,000

100.00 150

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

250,000

98.19 245

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/11/23

100,000

99.02 99

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/24

100,000

99.63 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/29/24

150,000

99.71 149

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/29/24

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/29/24

50,000

99.10 50

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/28/25

200,000

99.41 199

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/28/25

200,000

99.71 199

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

06/15/21

100,000

102.56 103

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

06/15/21

100,000

99.09 99

City

of

Rockdale

Special

Assessment

Revenue

Bonds

10/31/23

394,000

97.12 383

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99.53 124

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102.69 103

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

200,000

100.68 201

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101.22 101

City

of

Royse

Special

Assessment

Revenue

Bonds

09/14/22

100,000

100.00 100

City

of

Royse

Special

Assessment

Revenue

Bonds

04/24/24

100,000

99.65 100

City

of

Royse

Special

Assessment

Revenue

Bonds

07/10/24

50,000

98.94 49

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

150,000

100.00 150

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

100,000

100.00 100

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

524

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

San

Marcos

Special

Assessment

Revenue

Bonds

12/20/23

130,000

100.00 130

City

of

Seagoville

Special

Assessment

Revenue

Bonds

03/19/24

200,000

100.00 200

City

of

Seagoville

Special

Assessment

Revenue

Bonds

03/19/24

149,000

100.00 149

City

of

Seagoville

Special

Assessment

Revenue

Bonds

03/19/24

325,000

98.77 321

City

of

Sinton

Special

Assessment

Revenue

Bonds

01/19/22

100,000

100.00 100

City

of

Sinton

Special

Assessment

Revenue

Bonds

01/19/22

200,000

98.97 198

City

of

South

Charleston

Revenue

Bonds

01/14/22

185,000

100.00 185

City

of

South

Charleston

Revenue

Bonds

01/14/22

165,000

100.00 165

City

of

South

Charleston

Revenue

Bonds

01/14/22

1,000,000

100.35 1,003

779

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

07/29/22

2,350,000

98.39 2,312

2,313

City

of

Terrell

Special

Assessment

Revenue

Bonds

08/06/25

250,000

100.00 250

City

of

Terrell

Special

Assessment

Revenue

Bonds

08/06/25

560,000

98.76 553

573

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/22/23

112,000

98.65 110

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/22/23

100,000

99.33 99

City

of

Tomball

Special

Assessment

Revenue

Bonds

02/05/25

199,000

100.00 199

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/05/25

150,000

100.00 150

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/05/25

150,000

99.39 149

City

of

Uhland

Special

Assessment

Revenue

Bonds

11/03/22

750,000

100.00 750

800

City

of

Uhland

Special

Assessment

Revenue

Bonds

10/31/24

100,000

100.00 100

City

of

Valparaiso

Revenue

Bonds

04/26/24

400,000

100.00 400

City

of

Valparaiso

Revenue

Bonds

07/10/25

450,000

94.63 426

City

of

Valparaiso

Revenue

Bonds

07/10/25

300,000

98.74 296

City

of

Venice

Revenue

Bonds

11/20/24

100,000

101.21 101

City

of

Venice

Revenue

Bonds

11/20/24

175,000

101.63 178

City

of

Waxahachie

Special

Assessment

05/17/22

100,000

100.00 100

City

of

Wharton

Special

Assessment

Revenue

Bonds

06/24/25

100,000

99.44 99

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

11/14/24

150,000

99.68 150

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

08/19/21

200,000

90.15 180

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

100,000

101.64 102

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

25,000

98.55 25

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

100,000

99.45 99

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

50,000

99.88 50

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

100,000

100.00 100

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

1,172,000

100.00 1,172

1,162

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91.82 262

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92.40 323

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

02/04/21

435,000

100.09 435

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

02/01/22

1,935,000

89.48 1,731

1,415

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

05/10/23

400,000

100.00 400

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

08/22/23

330,000

86.60 286

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

300,000

100.00 300

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

200,000

97.82 196

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

09/23/25

250,000

107.86 270

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

600,000

100.00 600

606

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

112.15 1,121

971

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,100,000

92.86 926

975

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

225,000

91.89 207

Coral

Junction

Public

Infrastructure

District

No.

Special

Assessment

05/26/22

141,000

100.00 141

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

100,000

100.00 100

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

90,000

99.37 89

Cottonwood

Creek

Metropolitan

District

No.

General

Obligation

Limited

08/01/25

500,000

72.07 360

County

of

Bastrop

Special

Assessment

Revenue

Bonds

05/22/23

100,000

98.92 99

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

100.00 175

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

98.81 173

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

100,000

98.85 99

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

300,000

99.33 298

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

300,000

99.64 299

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

99.66 174

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

250,000

100.00 250

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

200,000

100.00 200

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

300,000

100.00 300

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

500,000

100.00 500

508

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

525

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
County

of

Frederick

Special

Tax

10/29/20

225,000

98.07 221

County

of

Frederick

Tax

Allocation

07/20/23

1,985,000

97.81 1,942

1,818

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

102.87 1,029

678

County

of

Gallatin

Revenue

Bonds

02/11/25

230,000

68.85 158

County

of

Gallatin

Revenue

Bonds

03/21/25

1,125,000

81.63 918

923

County

of

Hays

Special

Assessment

Revenue

Bonds

12/06/22

356,000

100.00 356

County

of

Hays

Special

Assessment

Revenue

Bonds

12/06/22

200,000

100.00 200

County

of

Lancaster

Special

Assessment

Revenue

Bonds

08/01/25

150,000

100.00 150

County

of

Lancaster

Special

Assessment

Revenue

Bonds

08/01/25

100,000

100.00 100

County

of

Monongalia

Tax

Allocation

07/21/23

130,000

99.19 129

County

of

Monongalia

Tax

Allocation

07/21/23

90,000

99.23 89

County

of

Palm

Beach

Revenue

Bonds

06/06/25

1,000,000

98.45 985

1,014

County

of

Palm

Beach

Revenue

Bonds

06/06/25

100,000

98.85 99

County

of

Palm

Beach

Revenue

Bonds

06/06/25

625,000

99.42 621

638

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

340,000

99.49 338

CSCDA

Community

Improvement

Authority

Revenue

Bonds

11/24/21

925,000

85.94 795

678

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/09/22

910,000

87.24 794

727

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

65.89 659

682

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87.90 1,099

978

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

600,000

74.15 445

Curiosity

Creek

Community

Development

District

Special

Assessment

11/12/24

100,000

100.00 100

Curiosity

Creek

Community

Development

District

Special

Assessment

11/12/24

100,000

100.00 100

Cypress

Reserve

Community

Development

District

Special

Assessment

09/17/25

200,000

100.00 200

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

98.22 982

770

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100.00 850

722

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

2,700,000

104.58 2,826

2,031

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

295,000

96.75 285

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98.99 148

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

106.63 320

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

340,000

97.72 332

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99.18 198

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

525,000

99.31 523

525

Desert

Edge

Public

Infrastructure

District

No.

General

Obligation

Limited

04/17/25

500,000

75.39 377

District

of

Columbia

Tax

Allocation

Revenue

Bonds

05/01/24

325,000

57.29 186

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

06/06/25

1,075,000

100.00 1,075

1,083

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

2,050,000

100.90 2,068

2,310

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99.70 75

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101.24 228

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

75,000

94.00 71

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100.00 625

625

East

Waller

County

Management

District

Special

Assessment

07/11/25

300,000

99.32 298

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

100.93 101

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99.92 100

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

02/02/21

4,000,000

6.79 272

Everlands

Community

Development

District

Special

Assessment

10/30/24

100,000

100.00 100

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.00 1,250

1,260

Finance

Authority

of

Maine

Revenue

Bonds

12/18/24

275,000

100.00 275

Firefly

Public

Infrastructure

District

No.

General

Obligation

Limited

04/18/24

500,000

99.41 497

504

Firefly

Public

Infrastructure

District

No.

Special

Assessment

04/18/24

521,959

99.49 519

527

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103.44 119

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101.64 163

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102.62 103

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

1,220,000

97.80 1,193

1,122

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

99.45 224

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106.14 106

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

200,000

92.93 186

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

200,000

86.72 173

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101.86 509

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97.94 397

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98.20 309

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

350,000

100.00 350

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

175,000

100.00 175

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

526

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

250,000

100.00 250

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100.00 225

Florida

Development

Finance

Corp.

Revenue

Bonds

04/26/24

9,975,000

100.95 10,070

4,988

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

175,000

95.75 168

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

250,000

96.70 242

Florida

Development

Finance

Corp.

Revenue

Bonds

07/08/24

150,000

93.29 140

Florida

Development

Finance

Corp.

Revenue

Bonds

12/20/24

3,100,000

98.45 3,052

1,550

Florida

Development

Finance

Corp.

Revenue

Bonds

08/12/25

5,300,000

100.00 5,300

4,505

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

1,350,000

103.83 1,402

1,170

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/26/25

2,220,000

100.00 2,220

2,188

Florida

Local

Government

Finance

Commission

Revenue

Bonds

06/18/25

250,000

100.22 251

Florida

Local

Government

Finance

Commission

Revenue

Bonds

06/18/25

125,000

99.45 124

Florida

Local

Government

Finance

Commission

Revenue

Bonds

08/15/25

430,000

98.72 424

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

265,000

100.00 265

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

305,000

100.00 305

Foster

Farm

Business

Improvement

District

General

Obligation

Limited

10/17/25

5,390,000

69.64 3,754

3,744

Gas

Worx

Community

Development

District

Special

Assessment

05/02/25

250,000

100.00 250

Gas

Worx

Community

Development

District

Special

Assessment

05/02/25

125,000

100.00 125

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

08/17/18

1,765,000

106.76 1,884

1,812

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

2,795,000

82.12 2,304

2,619

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

1,210,000

94.94 1,149

1,169

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

160,000

99.50 159

Granary

Metropolitan

District

No.

Special

Assessment

12/11/24

260,000

100.00 260

Hammock

Oaks

Community

Development

District

Special

Assessment

03/26/25

155,000

100.00 155

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100.00 1,185

1,155

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/29/24

2,000,000

86.98 1,740

1,885

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/06/25

3,500,000

93.69 3,279

3,062

Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

100,000

99.28 99

Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

150,000

99.41 149

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90.55 208

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

160,000

93.55 150

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100.00 250

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

2,545,000

106.03 2,518

2,546

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

3,250,000

107.14 3,517

2,832

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

2,780,000

97.24 2,671

2,731

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99.23 496

514

Illinois

Finance

Authority

Revenue

Bonds

11/26/24

1,000,000

100.00 1,000

988

Illinois

Finance

Authority

Revenue

Bonds

02/26/25

1,500,000

100.00 1,500

1,532

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.06 101

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.24 101

Illinois

Finance

Authority

Revenue

Bonds

05/08/25

350,000

96.22 337

Independent

Cities

Finance

Authority

Revenue

Bonds

03/12/21

900,000

110.45 994

868

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

05/22/20

25,000

100.00 25

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

05/22/20

50,000

100.00 50

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

250,000

100.00 250

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.00 500

538

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

310,000

99.03 307

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

250,000

97.69 244

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,750,000

100.05 1,751

1,745

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100.00 185

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100.00 275

K-Bar

Ranch

III

Community

Development

District

Special

Assessment

07/18/25

375,000

100.00 375

K-Bar

Ranch

III

Community

Development

District

Special

Assessment

07/18/25

275,000

99.65 274

Knightsbridge

Community

Development

District

Special

Assessment

03/14/24

1,000,000

99.70 997

989

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

02/08/24

1,000,000

98.37 984

1,012

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

250,000

100.00 250

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

1,000,000

100.00 1,000

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

50,000

99.20 50

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

100,000

99.43 99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.03 99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.48 99

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

527

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100.00 100

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

330,000

95.93 317

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97.66 244

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

02/17/23

500,000

99.24 496

508

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

625,000

100.30 627

559

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

500,000

100.98 505

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102.40 236

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102.58 272

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98.94 148

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99.73 100

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.16 98

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.63 99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.01 388

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.09 388

Louisiana

Public

Facilities

Authority

Revenue

Bonds

06/06/25

275,000

97.19 267

Mandarin

Grove

Community

Development

District

Special

Assessment

10/19/22

70,000

100.00 70

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

109.42 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110.09 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.54 117

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.66 117

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

225,000

100.00 225

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

109.20 109

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/09/23

175,000

87.12 152

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100.27 201

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

225,000

100.29 226

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/15/23

100,000

76.34 76

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

10/10/24

325,000

98.94 322

Maryland

Economic

Development

Corp.

Revenue

Bonds

03/20/25

3,625,000

100.80 3,654

3,781

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100.48 100

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.27 100

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.30 100

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

105.62 1,056

1,004

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

100,000

100.00 100

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

150,000

100.00 150

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/08/21

1,300,000

109.32 1,421

1,159

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

100,000

99.24 99

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98.65 247

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99.29 199

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100.00 750

618

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

05/11/23

365,000

73.52 268

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

100,000

100.00 100

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

170,000

41.97 71

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98.24 128

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98.46 182

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

05/09/25

500,000

100.00 500

514

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

05/09/25

550,000

79.16 435

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81.77 1,226

1,216

MIDA

Mountain

Veterans

Program

Public

Infrastructure

District

Tax

Allocation

10/03/24

500,000

100.00 500

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

08/21/20

1,000,000

100.00 1,000

977

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

101.56 508

511

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

96.37 482

MidCity

Improvement

District

Special

Assessment

09/13/24

100,000

100.00 100

Mineral

Business

Improvement

District

General

Obligation

Limited

10/30/24

150,000

100.00 150

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

528

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Mineral

Business

Improvement

District

General

Obligation

Limited

10/30/24

100,000

100.00 100

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

2,400,000

99.68 2,392

2,409

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

830,000

100.00 830

747

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104.28 209

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

104.86 996

870

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

104.93 944

837

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

105.16 1,078

965

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/10/25

3,000,000

97.16 2,915

3,018

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

10/06/15

2,045,000

100.20 2,049

2,045

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,135,000

95.19 1,041

970

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,025,000

99.27 1,011

946

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

935,000

23.34 218

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99.52 40

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99.66 189

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

400,000

97.05 388

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100.00 180

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

535,000

90.17 482

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/03/24

5,745,000

100.00 5,745

6,083

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

1,185,000

100.00 1,185

1,214

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

485,000

100.00 485

503

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

139,000

100.00 139

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/13/24

1,552,000

100.00 1,552

1,551

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

10/18/24

750,000

100.00 750

751

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

10/31/24

500,000

100.00 500

502

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

11/20/24

900,000

56.45 508

509

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/04/24

478,000

100.00 478

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/06/24

450,000

99.29 447

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/25/25

800,000

99.18 793

806

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/17/25

1,125,000

61.46 691

696

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

07/25/25

500,000

67.22 336

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101.48 1,015

934

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

700,000

90.71 572

555

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,000,000

110.97 1,110

928

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,100,000

99.08 1,090

807

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/02/22

1,250,000

86.48 1,081

949

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

99.01 99

New

Jersey

Economic

Development

Authority

Revenue

Bonds

05/16/25

875,000

99.03 867

903

New

York

Liberty

Development

Corp.

Revenue

Bonds

05/27/20

11,430,000

94.21 10,607

11,410

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/28/22

2,600,000

101.21 2,631

2,602

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

325,000

96.63 314

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/18/23

1,900,000

99.54 1,891

1,900

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102.42 410

New

York

State

Dormitory

Authority

Revenue

Bonds

10/27/23

900,000

95.38 858

907

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

08/10/23

250,000

100.00 250

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

09/02/25

250,000

100.00 250

Newlin

Crossing

Metropolitan

District

General

Obligation

Limited

10/24/24

500,000

100.00 500

Normandy

Community

Development

District

Special

Assessment

Revenue

Bonds

08/14/24

150,000

100.00 150

Normandy

Community

Development

District

Special

Assessment

Revenue

Bonds

08/14/24

200,000

99.57 199

North

Parkway

Municipal

Management

District

No.

Special

Assessment

10/07/21

75,000

99.42 75

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

140,000

100.00 140

Northridge

Community

Development

District

Special

Assessment

05/15/25

200,000

100.00 200

Northridge

Community

Development

District

Special

Assessment

05/15/25

160,000

99.76 160

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

100,000

100.00 100

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

445,000

97.23 433

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

4,365,000

95.21 4,062

3,995

Ohio

Housing

Finance

Agency

Revenue

Bonds

02/28/25

250,000

100.00 250

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

05/03/24

500,000

99.38 497

505

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

05/03/24

500,000

100.00 500

504

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

02/02/24

700,000

107.03 749

746

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

108.40 1,084

1,001

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103.59 1,036

927

Paddocks

Community

Development

District

Special

Assessment

10/17/24

140,000

100.00 140

Palisade

Metropolitan

District

No.

Revenue

Bonds

11/14/24

500,000

93.81 469

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

529

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

700,000

100.00 700

953

Palm

Coast

Community

Development

District

Special

Assessment

08/20/25

250,000

100.00 250

Palm

Coast

Community

Development

District

Special

Assessment

08/20/25

500,000

100.00 500

521

Palm

Coast

Community

Development

District

Special

Assessment

08/20/25

250,000

100.00 250

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100.00 100

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100.00 125

Parkdale

Community

Authority

Revenue

Bonds

03/04/24

500,000

85.38 427

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

110.27 992

903

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98.88 148

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99.59 100

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

10/11/23

940,000

91.67 862

944

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

03/28/24

2,075,000

93.16 1,933

1,756

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

09/21/23

545,000

98.35 536

549

Plaquemines

Port

Harbor

and

Terminal

District

Revenue

Bonds

06/04/24

550,000

97.78 538

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

100,000

100.00 100

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

1,450,000

88.76 1,287

955

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

325,000

90.88 295

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

300,000

100.00 300

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

350,000

100.00 350

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

925,000

100.00 925

929

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

300,000

100.00 300

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

1,900,000

100.00 1,900

1,715

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

115,000

99.23 114

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

10/13/17

500,000

99.67 498

502

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

05/09/25

100,000

100.00 100

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

05/09/25

100,000

99.70 100

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

102.78 648

631

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

102.79 771

736

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100.87 525

524

Public

Finance

Authority

Revenue

Bonds

05/01/19

10,000

100.31 10

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100.00 1,000

603

Public

Finance

Authority

Revenue

Bonds

06/12/20

75,000

102.42 77

Public

Finance

Authority

Revenue

Bonds

07/30/20

25,000

100.17 25

Public

Finance

Authority

Revenue

Bonds

07/30/20

125,000

102.51 128

Public

Finance

Authority

Revenue

Bonds

07/30/20

50,000

103.69 52

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

105.91 159

Public

Finance

Authority

Revenue

Bonds

08/28/20

525,000

101.42 532

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

104.92 472

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

104.55 68

Public

Finance

Authority

Revenue

Bonds

12/03/20

1,150,000

90.04 1,035

1,030

Public

Finance

Authority

Revenue

Bonds

03/26/21

1,285,000

91.41 1,175

1,194

Public

Finance

Authority

Revenue

Bonds

03/26/21

700,000

98.62 690

701

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.04 108

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.41 108

Public

Finance

Authority

Revenue

Bonds

08/02/21

1,575,000

85.83 1,352

1,157

Public

Finance

Authority

Revenue

Bonds

11/10/21

890,000

101.74 905

735

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108.31 1,083

916

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,685,000

99.86 1,683

1,668

Public

Finance

Authority

Revenue

Bonds

11/19/21

125,000

100.43 126

Public

Finance

Authority

Revenue

Bonds

11/19/21

785,000

84.05 660

599

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103.69 1,659

1,297

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

104.73 105

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102.37 282

Public

Finance

Authority

Revenue

Bonds

03/31/22

3,175,000

100.38 3,187

3,248

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

100.00 150

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100.74 101

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98.34 148

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97.68 171

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98.20 295

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98.24 162

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

99.15 991

1,031

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98.74 99

Public

Finance

Authority

Revenue

Bonds

08/04/23

90,000

93.28 84

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

530

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.67 50

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.72 50

Public

Finance

Authority

Revenue

Bonds

09/08/23

1,670,000

92.89 1,551

1,730

Public

Finance

Authority

Revenue

Bonds

09/11/23

1,750,000

99.17 1,735

1,817

Public

Finance

Authority

Revenue

Bonds

09/11/23

750,000

99.85 749

756

Public

Finance

Authority

Revenue

Bonds

11/15/23

400,000

100.84 403

Public

Finance

Authority

Revenue

Bonds

12/20/23

3,825,000

84.13 3,218

2,936

Public

Finance

Authority

Revenue

Bonds

06/28/24

499,000

100.00 499

Public

Finance

Authority

Revenue

Bonds

07/31/24

190,879

100.00 191

Public

Finance

Authority

Revenue

Bonds

08/28/24

461,604

100.00 462

Public

Finance

Authority

Revenue

Bonds

08/29/24

725,000

100.50 729

642

Public

Finance

Authority

Revenue

Bonds

10/04/24

1,282,000

58.47 748

750

Public

Finance

Authority

Revenue

Bonds

11/21/24

600,000

92.07 552

563

Public

Finance

Authority

Revenue

Bonds

11/25/24

100,000

97.16 97

Public

Finance

Authority

Revenue

Bonds

11/27/24

900,000

74.08 667

720

Public

Finance

Authority

Revenue

Bonds

12/04/24

270,000

93.40 252

Public

Finance

Authority

Revenue

Bonds

12/13/24

350,000

100.22 351

Public

Finance

Authority

Revenue

Bonds

12/13/24

500,000

100.37 502

503

Public

Finance

Authority

Revenue

Bonds

12/16/24

500,000

74.21 371

Public

Finance

Authority

Revenue

Bonds

01/28/25

650,000

104.33 678

662

Public

Finance

Authority

Revenue

Bonds

02/28/25

775,000

50.80 394

Public

Finance

Authority

Revenue

Bonds

03/12/25

721,680

100.00 722

706

Public

Finance

Authority

Revenue

Bonds

03/24/25

1,800,000

96.30 1,733

1,811

Public

Finance

Authority

Revenue

Bonds

03/24/25

3,000,000

99.52 2,986

3,011

Public

Finance

Authority

Revenue

Bonds

05/21/25

500,000

63.88 319

Public

Finance

Authority

Revenue

Bonds

08/15/25

110,000

97.81 108

Public

Finance

Authority

Revenue

Bonds

08/15/25

125,000

98.78 123

Public

Finance

Authority

Revenue

Bonds

09/10/25

100,000

100.00 100

Public

Finance

Authority

Revenue

Bonds

09/18/25

100,000

98.56 99

Public

Finance

Authority

Tax

Allocation

03/27/24

1,150,000

97.37 1,120

1,164

Public

Finance

Authority

Tax

Allocation

03/27/24

625,000

97.73 611

634

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

2,265,000

90.30 2,045

2,118

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

100,000

99.60 100

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/21

12,035,000

94.89 11,129

11,773

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

08/12/21

4,480,000

93.92 4,273

4,139

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100.00 600

571

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

12/05/22

1,550,000

99.72 1,544

1,623

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

03/23/23

1,800,000

100.75 1,814

1,881

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

07/30/24

2,000,000

91.57 1,831

1,700

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/25

400,000

103.78 415

Radiance

Community

Development

District

Special

Assessment

08/29/25

225,000

99.33 223

Radiance

Community

Development

District

Special

Assessment

08/29/25

175,000

99.43 174

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

895,000

100.00 895

866

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

540,000

100.00 540

541

Red

Bridge

Public

Infrastructure

District

No.

General

Obligation

Limited

07/01/21

500,000

100.00 500

River

Hall

Community

Development

District

Special

Assessment

11/01/24

65,000

100.00 65

River

Hall

Community

Development

District

Special

Assessment

11/01/24

75,000

100.00 75

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

100,000

99.56 100

Rockdale

County

Development

Authority

Revenue

Bonds

05/16/18

225,000

100.39 226

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100.00 100

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100.00 200

Rolling

Oaks

Community

Development

District

Special

Assessment

11/09/22

150,000

99.36 149

Rye

Ranch

Community

Development

District

Special

Assessment

09/13/23

60,000

99.32 60

Saltmeadows

Community

Development

District

Special

Assessment

05/29/25

100,000

100.22 100

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

60,000

100.00 60

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

50,000

99.20 50

Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

09/11/25

800,000

97.52 780

801

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99.29 99

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

07/01/21

335,000

92.19 309

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

111.88 112

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

08/01/24

225,000

100.52 226

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

08/01/24

100,000

100.73 101

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

100,000

100.00 100

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

175,000

99.66 174

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

200,000

98.77 198

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

531

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

125,000

98.87 124

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

07/10/25

600,000

100.00 600

618

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

07/10/25

100,000

100.00 100

Solaeris

Community

Development

District

Special

Assessment

06/25/25

200,000

100.00 200

Somerset

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

05/20/24

100,000

100.00 100

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97.58 415

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99.14 496

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

01/06/25

100,000

96.37 96

Spring

Valley

Community

Infrastructure

District

No.

Special

Assessment

07/29/25

2,271,000

89.06 2,023

2,147

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100.67 141

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100.83 232

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

12/04/15

1,470,000

101.35 1,490

1,445

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

10/10/23

3,850,000

100.00 3,850

3,953

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

06/14/24

250,000

100.37 251

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

06/14/24

250,000

98.57 246

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

02/21/25

1,425,000

97.65 1,392

1,128

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

105.85 291

State

of

Ohio

Revenue

Bonds

12/05/19

610,000

100.72 614

601

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

09/30/21

2,200,000

82.74 1,687

1,830

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

375,000

102.01 383

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

100,000

98.92 99

Stoneybrook

South

Community

Development

District

Special

Assessment

11/25/20

1,125,000

87.88 1,095

860

Storey

Park

Community

Development

District

Special

Assessment

05/25/21

650,000

98.97 643

522

Stuart

Crossing

Community

Development

District

Special

Assessment

03/13/24

100,000

99.00 99

Sunset

Parks

Metropolitan

District

General

Obligation

Limited

10/30/24

500,000

100.00 500

Taney

County

Industrial

Development

Authority

Revenue

Bonds

04/12/23

400,000

100.00 400

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98.32 983

944

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99.36 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.31 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.47 99

Town

of

Argyle

Special

Assessment

Revenue

Bonds

01/24/18

145,000

100.00 145

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/07/18

727,000

100.00 727

744

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

12/22/21

100,000

100.00 100

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

12/22/21

100,000

99.13 99

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/02/22

750,000

100.00 750

804

Town

of

Providence

Village

Special

Assessment

08/07/24

370,000

99.26 367

Town

of

Providence

Village

Special

Assessment

02/19/25

76,000

100.00 76

Town

of

Providence

Village

Special

Assessment

02/19/25

100,000

99.56 100

Town

of

Whiteland

Tax

Allocation

Revenue

Bonds

07/11/24

125,000

99.76 125

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

10/13/23

100,000

99.68 100

Travis

County

Development

Authority

Special

Assessment

09/13/22

100,000

100.00 100

Travis

County

Development

Authority

Special

Assessment

12/03/24

100,000

98.88 99

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98.67 261

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

690,000

98.69 681

606

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

09/16/21

560,000

94.49 529

503

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

9,685,000

95.33 9,232

9,726

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102.31 205

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

12/28/21

1,000,000

100.00 1,000

923

Union

County

Improvement

Authority

Revenue

Bonds

10/23/19

1,054,348

85.23 899

646

Union

County

Improvement

Authority

Revenue

Bonds

02/22/24

95,850

99.58 95

Union

Park

East

Community

Development

District

Special

Assessment

06/02/17

500,000

102.57 513

501

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

07/27/22

380,000

100.00 380

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

01/23/20

200,000

97.19 194

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

300,000

96.01 288

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100.57 453

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

890,000

102.04 908

749

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

1,420,000

102.18 1,451

1,086

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

400,000

102.84 411

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

06/16/22

500,000

100.00 500

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

02/02/23

425,000

74.02 315

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

03/01/23

200,000

69.45 139

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98.42 98

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

840,000

97.53 819

842

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

532

Tax-Exempt

High

Yield

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

500,000

97.66 488

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

60,000

100.00 60

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

101.51 51

Verano

No.

Community

Development

District

Special

Assessment

05/04/17

100,000

98.91 99

Verano

No.

Community

Development

District

Special

Assessment

05/30/17

100,000

100.00 100

Verk

Industrial

Regional

Public

Infrastructure

District

Tax

Allocation

07/18/25

2,000,000

100.00 2,000

2,065

Vermont

Economic

Development

Authority

Revenue

Bonds

05/20/22

175,000

100.00 175

Vermont

Economic

Development

Authority

Revenue

Bonds

03/07/25

200,000

100.00 200

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

875,000

90.36 791

752

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98.32 270

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,349,000

100.00 1,349

1,346

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

260,000

100.00 260

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

575,000

100.00 575

Village

Community

Development

District

No.

Special

Assessment

06/22/23

200,000

100.29 201

Village

of

Lincolnwood

Tax

Allocation

01/23/25

1,400,000

100.00 1,400

1,426

Village

of

Salado

Special

Assessment

Revenue

Bonds

06/07/24

100,000

100.00 100

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

03/11/16

450,000

101.01 455

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

10/24/24

350,000

102.48 359

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,500,000

103.03 1,545

1,522

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107.35 215

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

107.81 162

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

2,525,000

104.38 2,636

1,996

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,160,000

100.30 1,163

1,169

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

500,000

100.35 502

508

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,000,000

98.93 989

986

Washington

State

Housing

Finance

Commission

Revenue

Bonds

06/18/25

150,000

99.42 149

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00 150

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00 150

Waterview

North

Metropolitan

District

No.

General

Obligation

Limited

12/18/24

500,000

100.00 500

Wellness

Ridge

Community

Development

District

Special

Assessment

12/05/24

100,000

100.46 100

Wellness

Ridge

Community

Development

District

Special

Assessment

12/05/24

100,000

99.70 100

West

Meadow

Metropolitan

District

General

Obligation

Limited

04/21/23

500,000

99.26 496

528

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,700,000

101.75 1,730

1,358

West

Port

East

Community

Development

District

Special

Assessment

06/13/25

100,000

99.17 99

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

07/22/24

350,000

102.40 358

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

99.01 114

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

09/20/19

100,000

100.00 100

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

09/20/19

100,000

99.85 100

Westview

South

Community

Development

District

Special

Assessment

07/31/25

250,000

100.00 250

Wildblue

Community

Development

District

Special

Assessment

05/23/19

125,000

100.00 125

Wildblue

Community

Development

District

Special

Assessment

05/23/19

250,000

100.26 251

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation

01/05/24

1,000,000

93.58 936

934

Winsome

Metropolitan

District

No.

General

Obligation

Limited

07/08/21

500,000

100.00 500

Woodland

Crossing

Community

Development

District

Special

Assessment

04/16/25

200,000

99.66 199

Woodland

Preserve

Community

Development

District

Special

Assessment

03/06/25

100,000

100.00 100

Woodland

Preserve

Community

Development

District

Special

Assessment

03/06/25

100,000

99.56 100

Wyandotte

County

City

Unified

Government

Revenue

Bonds

04/03/23

4,800,000

47.95 2,326

2,694

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

10/24/25

1,000,000

97.47 975

973

492,978

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

533

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Short

Positions

United

States

Treasury

Long

Bond

Futures

500

USD

58,656

12/25

(1,156)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,156)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Municipal

Bonds

Alabama

$

—

$

60,844

$

—

$

—

$

60,844

Alaska

—

1,959

—

—

1,959

Arizona

—

31,968

—

—

31,968

Arkansas

—

12,908

—

—

12,908

California

—

149,233

—

—

149,233

Colorado

—

83,855

—

—

83,855

Connecticut

—

34,624

—

—

34,624

Delaware

—

1,359

—

—

1,359

District

of

Columbia

—

22,073

—

—

22,073

Florida

—

233,383

—

—

233,383

Georgia

—

47,767

—

—

47,767

Guam

—

10,840

—

—

10,840

Hawaii

—

12,188

—

—

12,188

Idaho

—

5,122

—

—

5,122

Illinois

—

158,717

—

—

158,717

Indiana

—

13,686

—

—

13,686

Iowa

—

21,043

—

—

21,043

Kansas

—

5,434

—

—

5,434

Kentucky

—

12,825

—

—

12,825

Louisiana

—

20,186

—

—

20,186

Maine

—

1,341

—

—

1,341

Maryland

—

30,301

—

—

30,301

Massachusetts

—

24,712

—

—

24,712

Michigan

—

44,507

—

—

44,507

Minnesota

—

11,973

—

—

11,973

Mississippi

—

4,502

—

—

4,502

Missouri

—

29,788

—

—

29,788

Montana

—

3,934

—

—

3,934

Nevada

—

8,081

—

—

8,081

New

Hampshire

—

21,985

—

—

21,985

New

Jersey

—

77,739

—

—

77,739

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

534

Tax-Exempt

High

Yield

Bond

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
New

Mexico

—

1,428

—

—

1,428

New

York

—

165,280

—

—

165,280

North

Carolina

—

18,151

—

—

18,151

North

Dakota

—

5,614

—

—

5,614

Ohio

—

93,232

—

—

93,232

Oklahoma

—

12,479

—

—

12,479

Oregon

—

7,617

—

—

7,617

Pennsylvania

—

99,992

—

—

99,992

Puerto

Rico

—

165,324

—

—

165,324

Rhode

Island

—

5,636

—

—

5,636

South

Carolina

—

15,420

—

—

15,420

South

Dakota

—

2,292

—

—

2,292

Tennessee

—

6,177

—

—

6,177

Texas

—

127,923

—

—

127,923

Utah

—

32,890

—

33,184

Vermont

—

3,261

—

—

3,261

Virgin

Islands

—

15,175

—

—

15,175

Virginia

—

25,972

—

—

25,972

Washington

—

30,124

—

—

30,124

West

Virginia

—

8,274

—

—

8,274

Wisconsin

—

82,762

—

—

82,762

Wyoming

—

932

—

—

932

Short-Term

Investments

—

—

—

185,096

185,096

Total

Investments

—

2,124,832

185,096

2,310,222

Other

Financial

Instruments

T

Liabilities

Futures

Contracts

(1,156)

—

—

—

(1,156)

Total

Other

Financial

Instruments

\*

$

(1,156)

$

—

$

—

$

—

$

(1,156)

\*

Futures

contracts

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

535

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

1,156

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

786

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(1,15

6)

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

repor

ted

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

536

Tax-Exempt

High

Yield

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,355,945

Investments,

at

fair

value(>)

........................................................................................................................................................

2,310,222

Cash

..............................................................................................................................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

33,347

Dividends

from

affiliated

funds

.......................................................................................................................................

575

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

4,968

From

broker(a)

.................................................................................................................................................................

3,146

Total

assets

...............................................................................................................................................................

2,352,582

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

975

Fund

shares

redeemed

......................................................................................................................................................

1,413

Accrued

fees

to

affiliates

..................................................................................................................................................

1,099

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

1,155

Total

liabilities

...........................................................................................................................................................

4,814

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,347,768

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

537

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(155,943)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,409

Additional

paid-in

capital

............................................................................................................................................................

2,501,302

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,347,768

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

185,096

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

3,146

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.74 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

10.12 Class

A

—

Net

assets

...........................................................................................................................................................

$

14,916,430

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,531,517

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.71 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,134,100

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

631,695

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.74 Class

M

—

Net

assets

..........................................................................................................................................................

$

586,872,215

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

60,241,190

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.75 Class

S

—

Net

assets

............................................................................................................................................................

$

1,739,845,692

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

178,483,061

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

538

Tax-Exempt

High

Yield

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

104,471

Dividends

from

affiliated

funds

.......................................................................................................................................

3,759

Total

investment

income

..............................................................................................................................................................

108,230

#### Expenses
Advisory

fees

...................................................................................................................................................................

10,258

Administrative

fees

..........................................................................................................................................................

1,042

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

1,129

Transfer

agent

fees

-

Class

S

............................................................................................................................................

3,195

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

16,626

Expense

reductions

..........................................................................................................................................................

(3,663)

Net

expenses

................................................................................................................................................................................

12,963

Net

investment

income

(loss)

.......................................................................................................................................................

95,267

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(14,473)

Investments

in

affiliated

funds

.........................................................................................................................................

(4) Futures

contracts

..............................................................................................................................................................

786

Net

realized

gain

(loss)

................................................................................................................................................................

(13,691)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(22,345)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

(1,156)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(23,498)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(37,189)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

58,078

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

539

#### 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)

.......................................................................................................

$

95,267

$

80,800

Net

realized

gain

(loss)

................................................................................................................

(13,691)

(3,887)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(23,498)

184,977

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

58,078

261,890

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(608) (453) Class

C

.....................................................................................................................................

(231) (193) Class

M

....................................................................................................................................

(26,010)

(23,335)

Class

S

......................................................................................................................................

(71,977)

(55,511)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(98,826)

(79,492)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

313,872

307,234

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
273,124

489,632

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

2,074,644

1,585,012

End

of

period

......................................................................................................................................

$

2,347,768

$

2,074,644

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

540

Tax-Exempt

High

Yield

Bond

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

974

$

9,327

$

4,706

Proceeds

from

reinvestment

of

distributions

607

Payments

for

shares

redeemed

(809) (7,805)

(296) (2,926)

Net

increase

(decrease)

2,129

2,233

Class

C

Proceeds

from

shares

sold

1,540

2,722

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(249) (2,404)

(182) (1,783)

Net

increase

(decrease)

(67) (633) 115

1,132

Class

M

Proceeds

from

shares

sold

16,151

156,930

19,001

187,416

Proceeds

from

reinvestment

of

distributions

2,670

25,915

2,383

23,298

Payments

for

shares

redeemed

(21,515)

(211,690)

(10,340)

(101,393)

Net

increase

(decrease)

(2,694)

(28,845)

11,044

109,321

Class

S

Proceeds

from

shares

sold

62,463

608,711

44,126

429,592

Proceeds

from

reinvestment

of

distributions

7,406

71,897

5,670

55,442

Payments

for

shares

redeemed

(35,017)

(339,387)

(29,667)

(290,486)

Net

increase

(decrease)

34,852

341,221

20,129

194,548

Total

increase

(decrease)

32,319

$

313,872

31,515

$

307,234

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

541

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### 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

9.94 8.95 9.08 11.26 10.69 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.39

.39

.36

.29

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.17)

.98

(.11)

(2.15)

.61

$

Total

from

Investment

Operations

.22

1.37 .25

(1.86)

.90

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.42)

(.38)

(.38)

(.32)

(.33)

$

Total

Distributions

(.42)

(.38)

(.38)

(.32)

(.33)

$

Net

Asset

Value,

End

of

Period

9.74 9.94 8.95 9.08 11.26 %

Total

Return

(±)

2.26 15.51 2.52 (16.83)

8.45 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 14,916

12,961

9,631

12,202

21,752

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.01 1.03 1.04 1.04 1.05 %

Expenses,

Net

(Ƃ)

.89

.90

.89

.89

.89

%

Net

Investment

Income

(Ƃ)

4.08 3.92 3.77 2.73 2.57 %

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

9.91 8.92 9.05 11.24 10.67 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.32

.31

.29

.22

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.18)

.99

(.11)

(2.17)

.62

$

Total

from

Investment

Operations

.14

1.30 .18

(1.95)

.82

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.31)

(.31)

(.24)

(.25)

$

Total

Distributions

(.34)

(.31)

(.31)

(.24)

(.25)

$

Net

Asset

Value,

End

of

Period

9.71 9.91 8.92 9.05 11.24 %

Total

Return

1.49 14.73 1.77 (17.56)

7.69 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,134

6,927

5,214

5,652

6,804

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.76 1.78 1.79 1.79 1.80 %

Expenses,

Net

(Ƃ)

1.64 1.65 1.64 1.64 1.64 %

Net

Investment

Income

(Ƃ)

3.31 3.17 3.03 2.08 1.81 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

542

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.94 8.95 9.08 11.27 10.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.43

.42

.40

.33

.33

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.18)

.99

(.12)

(2.16)

.60

$

Total

from

Investment

Operations

.25

1.41 .28

(1.83)

.93

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.45)

(.42)

(.41)

(.36)

(.36)

$

Total

Distributions

(.45)

(.42)

(.41)

(.36)

(.36)

$

Net

Asset

Value,

End

of

Period

9.74 9.94 8.95 9.08 11.27 %

Total

Return

2.61 15.90 2.88 (16.59)

8.81 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 586,872

625,790

464,352

468,687

472,832

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.76

.78

.79

.79

.80

%

Expenses,

Net

(Ƃ)

.54

.55

.54

.54

.54

%

Net

Investment

Income

(Ƃ)

4.42 4.27 4.13 3.20 2.92 %

Portfolio

Turnover

Rate

#### 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

9.95 8.95 9.08 11.28 10.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.42

.41

.39

.32

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.18)

1.00 (.12)

(2.17)

.61

$

Total

from

Investment

Operations

.24

1.41 .27

(1.85)

.93

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.41)

(.40)

(.35)

(.35)

$

Total

Distributions

(.44)

(.41)

(.40)

(.35)

(.35)

$

Net

Asset

Value,

End

of

Period

9.75 9.95 8.95 9.08 11.28 %

Total

Return

2.54 15.94 2.81 (16.73)

8.80 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,739,846

1,428,966

1,105,815

1,037,125

1,104,233

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.76

.78

.79

.79

.79

%

Expenses,

Net

(Ƃ)

.61

.62

.61

.61

.63

%

Net

Investment

Income

(Ƃ)

4.35 4.20 4.07 3.12 2.84 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

543

#### 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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

690,267

Administrative

fees

93,575

Distribution

fees

7,049

Shareholder

servicing

fees

1,276

Transfer

agent

fees

301,253

Trustees'

fees

5,753

$

1,099,173

#### 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
U.S.

Cash

Management

Fund

$

77,991

$

768,875

$

661,769

$

(4)

$

$

185,096

$

3,759

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,372,233,528

$

82,403,357

$

(144,414,782)

$

(62,011,425)

#### Tax-Exempt

#### Distributable

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

11,362,697

$

(105,293,852)

$

(62,011,423)

$

—

$

(155,942,578)

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Tax-Exempt

#### Income

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Tax-Exempt

#### Income
$

7,663,010

$

—

$

91,162,750

$

5,107,388

$

—

$

74,384,978

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

544

Tax-Exempt

High

Yield

Bond

Fund

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

545

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 98.1%
Alabama

-

4.8%

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,500

5.000 09/01/36

1,748

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,250

5.000 09/01/37

1,445

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 02/01/29

524

Alabama

Housing

Finance

Authority

Revenue

Bonds

2,965

5.750 10/01/55

3,213

Alabama

Housing

Finance

Authority

Revenue

Bonds

4,495

5.750 04/01/56

4,890

Alabama

State

University

Revenue

Bonds

1,700

5.250 09/01/40

940

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,500

5.000 07/01/29

2,655

Black

Belt

Energy

Gas

District

Revenue

Bonds

1,600

5.000 11/01/34

1,730

Black

Belt

Energy

Gas

District

Revenue

Bonds

28,000

5.000 10/01/35

29,076

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

850

4.000 12/01/49

850

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,135

3.570 10/01/52

2,114

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

14,300

4.000 10/01/52

14,388

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.250 02/01/53

4,842

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

24,865

3.870 04/01/53

24,376

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000 04/01/53

721

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500 11/01/53

5,288

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

7,860

5.250 12/01/53

8,571

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

14,000

5.000 03/01/55

7,590

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

8,170

5.250 05/01/55

8,933

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.000 12/01/55

4,966

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000 06/01/32

2,001

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 06/01/38

1,123

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

1,085

5.250 06/01/43

1,194

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.000 10/01/39

541

County

of

Jefferson

Sewer

Revenue

Bonds

580

5.250 10/01/42

627

County

of

Jefferson

Sewer

Revenue

Bonds

1,025

5.250 10/01/45

1,077

County

of

Jefferson

Sewer

Revenue

Bonds

7,500

5.500 10/01/53

7,885

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

5.000 12/01/26

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

1,015

5.000 06/01/29

1,070

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

17,000

5.000 09/01/33

17,648

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

850

5.750 04/01/54

948

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

9,990

5.250 07/01/54

10,936

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

1,000

5.000 11/15/35

1,081

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

5.000 11/15/36

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

745

5.000 11/15/37

797

Homewood

Educational

Building

Authority

Revenue

Bonds

1,475

5.500 10/01/49

1,524

Houston

County

Health

Care

Authority

Revenue

Bonds

5.000 10/01/30

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

6,730

5.125 08/01/44

3,555

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

1,400

5.250 08/01/49

733

Limestone

County

Water

and

Sewer

Authority

Revenue

Bonds

750

5.000 12/01/41

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

1,020

3.900 07/15/32

510

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

5,500

3.375 06/01/34

5,551

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780 06/01/34

702

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

2.250 11/01/27

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

550

2.375 11/01/28

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

1,590

4.000 11/01/37

965

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

1,670

4.000 11/01/38

1,014

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

Bonds

(~)(ae)(Ê)

4,090

5.000 08/01/54

4,427

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

14,000

5.000 11/01/35

14,985

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

546

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

10,200

5.500 01/01/53

10,998

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000 05/01/53

869

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

25,825

5.000 05/01/55

27,848

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

20,480

5.000 10/01/55

22,236

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

6,350

5.000 01/01/56

6,670

Town

of

Pike

Road

General

Obligation

Limited

3,055

5.000 03/01/43

3,284

Town

of

Pike

Road

General

Obligation

Limited

7,875

5.000 03/01/48

8,209

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

500

5.250 05/01/44

502

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

(Þ)

3,650

3.750 09/01/26

1,825

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650 06/01/28

1,752

295,910

Alaska

-

0.2%

Alaska

Industrial

Development

and

Export

Authority

Revenue

Bonds

5.000 06/01/33

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/26

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/27

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/28

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/29

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/30

City

of

Valdez

AK

Revenue

Bonds

(~)(Ê)

9,080

3.900 12/01/33

4,540

CIVICVentures

Revenue

Bonds

800

4.000 09/01/38

800

Municipality

of

Anchorage

General

Obligation

Unlimited

1,000

4.000 09/01/41

1,002

State

of

Alaska

General

Obligation

Unlimited

1,160

5.000 08/01/27

604

State

of

Alaska

General

Obligation

Unlimited

1,740

5.000 08/01/28

928

9,584

Arizona

-

1.8%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

6,575

2.870 01/01/37

6,458

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

3,035

3.470 01/01/46

3,022

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

715

3.470 01/01/46

715

Arizona

Industrial

Development

Authority

Revenue

Bonds

2.650 07/01/26

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/27

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/28

Arizona

Industrial

Development

Authority

Revenue

Bonds

5.000 11/01/28

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500 07/15/29

1,209

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3.000 12/15/31

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 07/01/38

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.700 10/01/40

1,563

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,050

5.000 01/01/42

13,296

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000 07/01/42

1,300

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,880

5.000 10/01/44

5,916

Arizona

Industrial

Development

Authority

Revenue

Bonds

5.000 11/01/44

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 02/01/58

1,520

Arizona

Industrial

Development

Authority

Revenue

Bonds

895

5.125 01/01/59

829

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

3.800 12/01/35

1,669

City

of

Buckeye

Revenue

Bonds

General

Obligation

Unlimited

1,100

5.000 07/01/42

1,215

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,500

5.000 07/01/28

2,591

City

of

Glendale

Water

and

Sewer Revenue

Bonds

1,500

5.000 07/01/42

1,648

City

of

Lake

Havasu

City

Wastewater

System

Revenue

General

Obligation

Limited

1,200

5.000 07/01/40

1,352

City

of

Lake

Havasu

City

Wastewater

System

Revenue

General

Obligation

Limited

1,000

5.000 07/01/41

1,116

City

of

Mesa

General

Obligation

Unlimited

2,000

5.000 07/01/42

2,209

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,000

5.000 07/01/34

1,120

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,025

5.000 07/01/41

1,113

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

547

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,750

5.000 07/01/39

3,080

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,000

5.000 07/01/40

3,321

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

2,500

5.000 07/01/41

1,385

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

2,300

5.000 07/01/42

1,263

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,750

5.000 07/01/43

1,906

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

5.000 07/01/45

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,000

5.000 07/01/36

998

Coconino

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.750 03/01/39

1,002

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,606

4.000 07/01/37

2,638

Glendale

Industrial

Development

Authority

Revenue

Bonds

2,000

5.000 05/15/43

1,068

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.750 11/15/42

541

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

4.000 02/15/41

Maricopa

County

and

Phoenix Industrial

Development

Authority

Revenue

Bonds

1,750

5.750 03/01/56

1,928

Maricopa

County

Elementary

School

District

No.

Osborn

General

Obligation

Unlimited

(µ)

5.000 07/01/26

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000 09/01/30

892

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3.000 07/01/31

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 09/01/31

1,052

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4,000

5.000 01/01/32

4,091

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000 09/01/32

973

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000 09/01/33

842

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

2,230

4.000 07/01/34

1,135

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5,000

5.000 01/01/35

5,088

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000 01/01/41

590

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

515

4.000 07/01/41

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

5,060

3.900 12/01/48

2,530

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

3,780

6.250 03/01/55

4,218

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,000

3.875 01/01/38

5,113

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

3,315

3.600 04/01/40

3,005

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

825

4.500 08/01/42

782

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

5.000 07/01/29

Navajo

County

Unified

School

District

No.

Kayenta

Revenue

Bonds

2,000

5.000 07/01/30

1,051

Northern

Arizona

University

Certificate

of

Participation

(µ)

1,050

5.000 09/01/28

1,115

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

5.000 07/01/28

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

5.000 07/01/29

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

765

5.000 07/01/30

786

Salt

Verde

Financial

Corp.

Revenue

Bonds

5.000 12/01/37

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/44

Tucson

Industrial

Development

Authority/Pima

County

Industrial

Development

Authority

Revenue

Bonds

2,500

5.500 01/01/56

2,721

109,183

Arkansas

-

0.3%

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.000 07/01/26

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.000 07/01/28

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.000 07/01/32

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.125 07/01/36

Batesville

Public

Facilities

Board

Revenue

Bonds

625

5.000 06/01/26

629

Batesville

Public

Facilities

Board

Revenue

Bonds

560

5.000 06/01/27

570

City

of

Fort

Smith

Water

and

Sewer

Revenue

Bonds

3,500

5.000 10/01/31

3,691

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

548

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Conway

Health

Facilities

Board

Revenue

Bonds

500

5.000 08/01/28

504

County

of

Pulaski

Revenue

Bonds

1,000

5.000 03/01/41

1,081

Little

Rock

School

District

General

Obligation

Limited

(µ)

3,640

2.000 02/01/36

2,880

Rogers

School

District

No.

General

Obligation

Limited

1,285

4.000 02/01/37

1,310

Rogers

School

District

No.

General

Obligation

Limited

3,815

4.000 02/01/38

3,865

Southern

Arkansas

University

Revenue

Bonds

(µ)

860

4.000 03/01/36

860

University

of

Central

Arkansas

Revenue

Bonds

(µ)

5.000 11/01/36

16,361

California

-

7.5%

Alameda

Community

Facilities

District

Special

Tax

5.000 09/01/48

Bay

Area

Toll

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,750

3.520 04/01/56

1,722

Bay

Area

Toll

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,200

3.630 04/01/56

1,184

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

990

5.000 09/02/29

991

Brentwood

Union

School

District

General

Obligation

Unlimited

5.000 08/01/32

Brentwood

Union

School

District

General

Obligation

Unlimited

5.000 08/01/33

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

1,000

4.000 07/01/54

937

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,250

4.000 02/01/52

1,276

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

18,220

5.250 01/01/54

19,341

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 02/01/54

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 02/01/55

703

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

14,745

5.000 08/01/55

15,784

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,810

5.000 11/01/55

14,663

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

9,480

5.000 12/01/55

10,166

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(Ê)

2,000

5.000 03/01/56

2,194

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

5.000 06/01/49

California

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/32

California

Educational

Facilities

Authority

Revenue

Bonds

800

5.000 10/01/35

844

California

Enterprise

Development

Authority

Revenue

Bonds

1,310

3.500 08/01/40

1,283

California

Enterprise

Development

Authority

Revenue

Bonds

2,970

4.000 08/01/40

3,072

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000 02/01/27

1,306

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000 02/01/28

1,391

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5,000

5.000 12/01/28

5,247

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000 08/15/33

608

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000 08/15/35

1,619

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,370

5.000 12/01/36

1,516

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 10/01/39

1,030

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/41

1,223

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5.000 08/15/42

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5,000

5.000 11/15/43

5,442

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/43

1,199

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,620

5.000 10/01/44

1,620

California

Health

Facilities

Financing

Authority

Revenue

Bonds

850

5.000 08/15/47

840

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5.000 05/01/54

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

2,515

3.250 08/01/29

2,532

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

920

4.000 05/01/39

930

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

4.000 05/01/40

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

3,645

5.000 07/01/41

3,835

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

1,800

5.000 07/01/42

1,876

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

1,400

5.000 07/01/43

1,448

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

1,000

5.000 07/01/44

1,026

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

5.000 11/01/44

504

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

549

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

6,400

5.250 07/01/49

6,574

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200 12/01/50

2,559

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250 11/01/35

1,270

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000 08/15/27

722

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/27

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,150

3.750 06/01/28

1,164

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/28

California

Municipal

Finance

Authority

Revenue

Bonds

590

4.000 11/15/28

590

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/29

California

Municipal

Finance

Authority

Revenue

Bonds

10,100

5.000 05/15/30

10,576

California

Municipal

Finance

Authority

Revenue

Bonds

(ae)

5.000 01/01/31

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000 08/15/32

831

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/33

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000 08/15/34

1,244

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.125 11/01/40

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,500

4.325 11/20/40

2,518

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(Ê)

12,943

3.356 02/20/41

12,070

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/41

California

Municipal

Finance

Authority

Revenue

Bonds

820

5.000 05/15/42

845

California

Municipal

Finance

Authority

Revenue

Bonds

1,470

5.000 05/15/43

1,491

California

Municipal

Finance

Authority

Revenue

Bonds

570

5.000 07/01/47

570

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,750

5.000 06/01/56

925

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,400

3.150 08/01/59

1,208

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.700 08/01/40

California

Public

Finance

Authority

Revenue

Bonds

4.000 10/15/26

California

Public

Finance

Authority

Revenue

Bonds

4.000 10/15/28

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000 11/01/31

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/33

California

School

Finance

Authority

Revenue

Bonds

(Þ)

830

4.000 11/01/36

784

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/39

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 08/01/42

998

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000 06/01/44

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 08/01/46

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/01/46

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000 06/01/54

California

State

University

Revenue

Bonds

6,350

5.000 11/01/41

6,410

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,620

3.500 11/01/27

1,612

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 12/01/27

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,320

1.750 09/01/29

1,225

California

Statewide

Communities

Development

Authority

Revenue

Bonds

5.000 04/01/30

California

Statewide

Communities

Development

Authority

Revenue

Bonds

700

4.500 11/01/33

731

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

775

5.000 12/01/36

777

California

Statewide

Communities

Development

Authority

Revenue

Bonds

3.000 04/01/37

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,315

5.000 04/01/38

2,534

California

Statewide

Communities

Development

Authority

Revenue

Bonds

5.000 05/15/40

California

Statewide

Communities

Development

Authority

Revenue

Bonds

2,500

5.000 12/01/41

2,739

California

Statewide

Communities

Development

Authority

Revenue

Bonds

570

5.250 12/01/44

570

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,825

5.000 04/01/47

1,830

California

Statewide

Communities

Development

Authority

Special

Assessment

4.000 09/02/28

California

Statewide

Communities

Development

Authority

Special

Assessment

4.000 09/02/30

California

Statewide

Communities

Development

Authority

Special

Assessment

4.750 09/02/33

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

550

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Statewide

Communities

Development

Authority

Special

Tax

1,965

5.000 09/01/42

2,045

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000 09/01/36

863

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000 09/01/41

711

City

and

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000 04/01/40

5,490

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

(Þ)

5.000 09/01/32

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

(Þ)

5.000 09/01/37

City

of

Atwater

Wastewater

Revenue

Bonds

(µ)

5.000 05/01/43

City

of

Beaumont

Special

Tax

600

5.000 09/01/43

620

City

of

Beaumont

Special

Tax

650

5.000 09/01/44

670

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375 08/01/33

506

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375 08/01/34

505

City

of

Calimesa

Special

Tax

4.000 09/01/33

City

of

Fillmore

Special

Tax

920

5.000 09/01/38

985

City

of

Fillmore

Special

Tax

1,100

5.000 09/01/43

1,136

City

of

Lemoore

Water

Revenue

Bonds

(µ)

500

5.000 06/01/38

528

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

7,630

4.000 05/15/39

7,695

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

12,945

4.000 05/15/40

12,988

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

9,645

5.000 05/15/41

10,852

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

4,535

5.000 05/15/42

5,061

City

of

Palm

Desert

Special

Tax

4.000 09/01/30

City

of

Palm

Desert

Special

Tax

4.000 09/01/33

City

of

Palm

Desert

Special

Tax

4.000 09/01/36

City

of

Rancho

Cordova

Special

Tax

1,490

4.000 09/01/26

1,495

City

of

Rocklin

Special

Tax

(µ)

1,490

4.000 09/01/43

1,447

City

of

Roseville

Special

Tax

4.000 09/01/26

City

of

Roseville

Special

Tax

5.000 09/01/30

City

of

Roseville

Special

Tax

4.000 09/01/32

City

of

Roseville

Special

Tax

4.000 09/01/33

City

of

Roseville

Special

Tax

4.500 09/01/33

City

of

Roseville

Special

Tax

4.000 09/01/34

City

of

Roseville

Special

Tax

2,250

5.000 09/01/35

2,280

City

of

Roseville

Special

Tax

4.000 09/01/36

City

of

Roseville

Special

Tax

2.500 09/01/37

City

of

Roseville

Special

Tax

4.000 09/01/38

City

of

Roseville

Special

Tax

4.000 09/01/40

City

of

Roseville

Special

Tax

725

4.000 09/01/41

647

City

of

Roseville

Special

Tax

1,500

6.000 09/01/53

1,620

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250 09/01/35

3,324

Corona

Community

Facilities

District

Special

Tax

5.000 09/01/30

Corona

Community

Facilities

District

Special

Tax

5.000 09/01/31

Corona

Community

Facilities

District

Special

Tax

5.250 09/01/33

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/28

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/33

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

500

5.000 09/01/35

538

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000 09/01/37

645

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/47

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000 09/01/28

1,148

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000 09/01/32

801

Dublin

Community

Facilities

District

No.

2015-1

Special

Tax

2,385

5.000 09/01/37

2,419

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

551

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
East

County

Advanced

Water

Purification

Joint

Powers

Authority

Revenue

Bonds

20,000

3.125 09/01/26

10,018

El

Camino

Community

College

District

Foundation

(The)

General

Obligation

Unlimited

630

4.000 08/01/43

El

Centro

Elementary

School

District

General

Obligation

Unlimited

1,930

5.000 06/15/30

1,076

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375 08/01/44

1,059

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(ae)

3,690

5.000 06/01/28

3,843

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(ae)

750

5.000 06/01/33

802

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000 08/01/42

2,000

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000 06/01/36

1,011

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

5.000 08/15/30

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000 08/15/31

1,952

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000 08/15/32

1,716

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000 08/15/33

1,160

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000 05/01/33

1,026

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/31

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/32

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000 08/01/33

506

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.250 05/01/48

1,013

Irvine

Unified

School

District

Special

Tax

5.000 09/01/30

Irvine

Unified

School

District

Special

Tax

5.000 09/01/34

Irvine

Unified

School

District

Special

Tax

5.000 09/01/36

Irvine

Unified

School

District

Special

Tax

800

4.000 09/01/39

811

Kern

Community

College

District

General

Obligation

Unlimited

1,000

5.250 08/01/35

1,168

Los

Angeles

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

630

3.750 12/01/46

630

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5.000 07/01/27

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

4,465

5.000 07/01/27

4,608

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

4,150

5.000 07/01/28

2,178

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,000

5.000 07/01/29

2,168

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

3,750

5.000 07/01/30

4,089

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,270

5.000 07/01/30

1,402

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

965

5.000 07/01/31

1,006

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,000

5.000 07/01/32

2,139

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

3,740

5.000 07/01/33

4,292

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

7,265

5.000 07/01/33

8,156

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5,475

5.000 07/01/34

4,190

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,500

5.000 07/01/35

1,748

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5.000 07/01/36

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,070

5.000 07/01/36

2,339

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5,155

5.000 07/01/37

5,776

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.000 07/01/37

1,133

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,035

5.000 07/01/38

1,134

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

6,630

5.000 07/01/39

7,113

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,615

5.000 07/01/39

1,719

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.000 07/01/39

1,114

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,290

5.000 07/01/40

1,392

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5.000 07/01/41

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,250

5.000 07/01/41

1,370

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

4,830

5.000 07/01/42

5,253

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

2,250

5.250 07/01/44

2,460

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

3,750

5.000 07/01/45

3,988

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.250 07/01/46

1,081

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

552

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5.000 07/01/52

Los

Angeles

Department

of

Water

and

Power

Water

System

Revenue

Bonds

5.000 07/01/27

Los

Angeles

Department

of

Water

and

Power

Water

System

Revenue

Bonds

725

5.000 07/01/27

727

Los

Angeles

Department

of

Water

and

Power

Water

System

Revenue

Bonds

2,000

5.000 07/01/46

2,004

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

1,355

5.000 07/01/27

1,415

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

Zero

coupon

08/01/31

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

Zero

coupon

08/01/32

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

Zero

coupon

08/01/33

507

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

630

Zero

coupon

08/01/34

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

785

Zero

coupon

08/01/35

527

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

Zero

coupon

08/01/36

626

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000 09/01/36

2,439

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000 08/01/44

1,240

Menifee

Union

School

District

Special

Tax

5.000 09/01/42

Modesto

Irrigation

District

Revenue

Bonds

(~)(µ)(Ê)

2,500

3.600 09/01/37

2,442

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

4.000 08/01/31

4,012

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250 08/01/28

812

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/30

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/32

Palomar

Health

General

Obligation

Unlimited

2,230

5.000 08/01/29

2,235

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000 08/01/38

687

Rio

Vista

Public

Financing

Authority

Special

Tax

5.000 09/01/27

Rio

Vista

Public

Financing

Authority

Special

Tax

5.000 09/01/29

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

555

4.000 09/01/37

572

River

Islands

Public

Financing

Authority

Special

Tax

4.000 09/01/41

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000 10/01/28

1,002

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000 10/01/30

1,152

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

5.000 10/01/28

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

1,010

5.000 10/01/37

1,025

Riverside

County

Transportation

Commission

Revenue

Bonds

4.000 06/01/40

Riverside

Unified

School

District

Special

Tax

4.000 09/01/27

Riverside

Unified

School

District

Special

Tax

4.000 09/01/28

Riverside

Unified

School

District

Special

Tax

4.000 09/01/29

Riverside

Unified

School

District

Special

Tax

4.000 09/01/30

Romoland

School

District

Special

Tax

5.000 09/01/38

Root

Creek

Water

District

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

Special

Tax

2,690

5.000 09/01/43

2,776

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(~)(µ)(Ê)

1,740

3.520 06/01/34

1,667

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

Zero

coupon

07/01/34

2,082

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

Zero

coupon

07/01/36

1,203

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

Zero

coupon

07/01/37

1,914

San

Diego

Unified

School

District

General

Obligation

Unlimited

Zero

coupon

07/01/31

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,000

1.000 07/01/41

1,079

San

Francisco

City

and

County

Airports

Commission

International

Airport

Revenue

Bonds

5,000

5.000 05/01/43

5,411

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

553

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
San

Francisco

City

and

County

Airports

Commission

International

Airport

Revenue

Bonds

3,000

5.250 05/01/48

3,229

San

Jacinto

Community

Facilities

District

Special

Tax

5.000 09/01/33

San

Jacinto

Community

Facilities

District

Special

Tax

5.000 09/01/34

San

Jacinto

Unified

School

District

Financing

Authority

Revenue

Bonds

5.000 09/01/36

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,640

5.250 01/15/49

1,641

San

Joaquin

Valley

Clean

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

5.500 01/01/56

2,513

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/34

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000 09/01/28

1,177

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

780

5.000 08/01/33

807

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

1,275

5.000 08/01/34

1,318

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000 04/01/33

1,421

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,500

5.000 04/01/35

1,562

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000 04/01/36

2,207

Santa

Clara

Unified

School

District

General

Obligation

Unlimited

2,500

3.250 07/01/44

2,155

South

Orange

County

Public

Financing

Authority

Special

Tax

(µ)

700

5.000 08/15/30

741

Southern

California

Logistics

Airport

Authority

Tax

Allocation

(µ)

500

5.000 12/01/39

Southern

California

Public

Power

Authority

Revenue

Bonds

1,475

5.000 07/01/31

1,652

Southern

California

Public

Power

Authority

Revenue

Bonds

715

5.000 07/01/35

808

Southern

California

Public

Power

Authority

Revenue

Bonds

500

5.000 07/01/36

568

Southern

California

Public

Power

Authority

Revenue

Bonds

5.000 07/01/39

Southern

California

Public

Power

Authority

Revenue

Bonds

(µ)

2,000

5.000 07/01/39

2,237

Southern

California

Public

Power

Authority

Revenue

Bonds

1,650

5.000 07/01/43

1,772

Southern

California

Public

Power

Authority

Revenue

Bonds

(µ)

1,730

5.250 07/01/45

1,884

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

10,980

5.000 07/01/53

7,222

State

of

California

General

Obligation

Unlimited

5.000 04/01/49

Stockton

Community

Facilities

District

Special

Tax

2.250 09/01/26

Stockton

Community

Facilities

District

Special

Tax

2.375 09/01/28

Stockton

Community

Facilities

District

Special

Tax

2.750 09/01/31

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/33

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/34

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/35

Stockton

Community

Facilities

District

Special

Tax

3.125 09/01/37

Stockton

Community

Facilities

District

Special

Tax

3.125 09/01/39

Stockton

Community

Facilities

District

Special

Tax

3.250 09/01/41

Stockton

Community

Facilities

District

Special

Tax

800

5.000 09/01/44

824

Stockton

Community

Facilities

District

Special

Tax

525

5.000 09/01/49

531

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000 10/01/30

1,675

Tobacco

Securitization

Authority

of

Northern

California

Revenue

Bonds

4.000 06/01/49

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

5.000 06/01/28

Town

of

Tiburon

Special

Assessment

2.375 09/02/41

Town

of

Tiburon

Special

Assessment

2.500 09/02/46

Transbay

Joint

Powers

Authority

Tax

Allocation

890

5.000 10/01/36

954

Transbay

Joint

Powers

Authority

Tax

Allocation

5.000 10/01/38

Transbay

Joint

Powers

Authority

Tax

Allocation

5.000 10/01/39

University

of

California

Revenue

Bonds

3,300

5.000 05/15/28

3,529

University

of

California

Revenue

Bonds

7,065

5.000 05/15/40

8,016

University

of

California

Revenue

Bonds

2,650

5.000 05/15/41

2,674

Vista

Unified

School

District

General

Obligation

Unlimited

(µ)

3,455

5.250 08/01/41

3,922

Washington

Township

Health

Care

District

Revenue

Bonds

875

5.750 07/01/48

920

464,190

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

554

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

-

2.5%

Adams

Co.

Five

Star

Schools

General

Obligation

Unlimited

1,700

5.250 12/15/44

1,886

Arapahoe

County

School

District

No.

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300 12/15/28

2,170

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000 10/01/27

1,031

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000 10/01/28

1,260

Arkansas

River

Power

Authority

Revenue

Bonds

1,005

5.000 10/01/29

1,050

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000 10/01/30

1,044

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000 10/01/31

782

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000 10/01/38

2,756

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

2,000

5.000 12/01/33

2,195

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

4.000 12/01/46

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

5.000 12/01/49

BNC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

5.000 12/01/32

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000 12/01/35

1,040

City

and

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000 11/15/40

990

City

and

County

of

Denver

Airport

System

Revenue

Bonds

1,215

5.000 11/15/41

1,327

City

and

County

of

Denver

Airport

System

Revenue

Bonds

1,190

5.000 11/15/42

1,288

City

and

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

2,580

5.000 08/01/44

2,612

City

of

Boulder

Water

and

Sewer

Revenue

Bonds

4,250

4.000 12/01/42

4,183

City

of

Colorado

Springs

Utilities

System

Revenue

Bonds

2,500

5.000 11/15/40

2,821

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,000

5.250 12/01/38

1,146

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

800

5.000 12/01/41

876

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

2,645

5.000 12/01/43

2,844

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,660

5.250 12/01/49

1,779

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

855

5.000 08/15/30

856

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000 12/01/31

851

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/36

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/41

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

4.000 10/01/46

Colorado

Health

Facilities

Authority

Revenue

Bonds

3,450

5.000 11/01/25

1,725

Colorado

Health

Facilities

Authority

Revenue

Bonds

685

2.125 05/15/28

668

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 08/01/30

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

3,150

5.000 08/01/32

3,414

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

1,950

5.000 08/01/33

2,097

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000 08/01/34

1,572

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000 08/01/35

892

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

5,885

5.000 08/01/35

6,328

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 01/01/37

1,018

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 08/01/38

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250 11/01/38

1,206

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 05/15/39

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/01/39

1,032

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.250 11/01/39

1,092

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,330

5.000 12/01/39

1,448

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

932

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500 11/01/47

1,156

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

850

4.000 08/01/49

760

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,370

5.000 11/15/59

3,753

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,550

5.000 11/15/60

1,941

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.500 11/01/43

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

620

4.250 11/01/49

626

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

555

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

Housing

and

Finance

Authority

Revenue

Bonds

2,525

3.250 05/01/52

2,492

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

1,500

6.250 05/01/55

1,693

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000 05/15/31

2,430

Denver

City

and

County

School

District

No.

General

Obligation

Unlimited

4,000

5.250 12/01/38

4,661

Denver

City

and

County

School

District

No.

General

Obligation

Unlimited

2,000

5.500 12/01/49

2,221

Denver

Health

and

Hospital

Authority

Revenue

Bonds

1,500

5.000 12/01/30

1,593

Denver

Health

and

Hospital

Authority

Revenue

Bonds

620

5.000 12/01/31

658

Denver

Health

and

Hospital

Authority

Revenue

Bonds

5.000 12/01/33

Denver

Health

and

Hospital

Authority

Revenue

Bonds

1,000

5.000 12/01/45

510

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,125

5.250 12/01/39

1,126

Public

Highway

Authority

Revenue

Bonds

(µ)

3,865

Zero

coupon

09/01/27

3,673

Public

Highway

Authority

Revenue

Bonds

880

5.000 09/01/28

936

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,407

Public

Highway

Authority

Revenue

Bonds

5.000 09/01/34

Public

Highway

Authority

Revenue

Bonds

1,200

5.000 09/01/36

1,315

Public

Highway

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,400

3.638 09/01/39

5,384

Eagle

County

Housing

and

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,300

3.550 12/01/45

1,156

Elbert

County

Independence

Water

and

Sanitation

District

Revenue

Bonds

1,000

5.125 12/01/33

515

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.000 12/01/32

1,277

Flatiron

Meadows

Metropolitan

District

General

Obligation

Limited

(µ)

800

5.000 12/01/39

858

Glen

Metropolitan

District

No.

General

Obligation

Limited

1,320

5.000 12/01/47

1,277

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250 12/01/34

1,054

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250 12/01/35

525

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250 12/01/37

2,664

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,065

5.000 06/01/34

2,296

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

1,525

5.000 06/01/36

1,678

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,155

5.000 06/01/40

2,316

Lakes

at

Centerra

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,050

4.000 12/01/43

989

Metropolitan

State

University

of

Denver

Revenue

Bonds

1,800

5.000 12/01/42

1,972

Morgan

Hill

Metropolitan

District

No.

General

Obligation

Limited

3.000 12/01/31

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000 12/01/26

1,001

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000 12/01/28

1,163

Park

Creek

Metropolitan

District

Revenue

Bonds

5.000 12/01/34

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000 12/01/37

500

Parterre

Metropolitan

District

No.

General

Obligation

Limited

880

5.125 12/01/35

926

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

1,500

5.000 12/15/41

1,505

Public

Authority

for

Colorado

Energy

Revenue

Bonds

835

6.250 11/15/28

876

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.500 11/15/38

1,212

Regional

Transportation

District

Certificate

of

Participation

2,000

5.000 06/01/39

2,254

Regional

Transportation

District

Revenue

Bonds

500

5.000 01/15/28

518

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

5.000 12/01/47

State

of

Colorado

Certificate

of

Participation

2,000

6.000 12/15/41

2,332

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,500

5.000 12/01/36

1,639

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

2,875

5.000 12/01/37

3,129

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,045

5.000 12/01/39

1,129

Sterling

Ranch

Community

Authority

Board

Revenue

Bonds

500

3.375 12/01/30

500

Town

of

Castle

Rock

Certificate

of

Participation

750

5.000 12/01/39

839

Town

of

Castle

Rock

Certificate

of

Participation

775

5.000 12/01/40

858

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(µ)

650

4.000 12/01/44

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

556

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Trailside

Metropolitan

District

No.

General

Obligation

Limited

(µ)

750

5.000 12/01/39

801

University

of

Colorado

Hospital

Authority

Revenue

Bonds

10,770

5.000 11/15/29

5,860

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/29

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/30

VDW

Metropolitan

District

No.

General

Obligation

Limited

(µ)

885

4.000 12/01/45

812

Village

at

Dry

Creek

Metropolitan

District

No.

(The)

General

Obligation

Limited

500

4.375 12/01/44

Village

Metropolitan

District(The)

General

Obligation

Limited

4,085

5.000 12/01/49

4,014

Wildwing

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,000

4.250 12/01/44

964

155,384

Connecticut

-

1.5%

City

of

Ansonia

Certificate

of

Participation

4.750 12/01/45

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000 08/15/27

1,393

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000 11/01/33

1,690

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000 11/01/34

720

City

of

New

Haven

General

Obligation

Unlimited

600

5.000 08/01/26

609

City

of

New

Haven

General

Obligation

Unlimited

(µ)

600

5.000 02/01/27

615

City

of

New

Haven

General

Obligation

Unlimited

5.000 08/01/27

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/29

City

of

New

Haven

General

Obligation

Unlimited

500

5.500 08/01/30

532

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000 09/01/30

1,916

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/32

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/33

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,000

4.000 08/01/37

1,003

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,900

5.250 08/01/43

2,073

City

of

West

Haven

General

Obligation

Unlimited

800

5.000 11/01/25

City

of

West

Haven

General

Obligation

Unlimited

525

5.000 11/01/26

536

City

of

West

Haven

General

Obligation

Unlimited

5.000 11/01/27

Connecticut

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,605

3.850 11/15/64

1,605

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000 07/01/26

1,006

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 01/01/30

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/35

3,371

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

500

4.000 07/01/41

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

950

5.000 07/01/44

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

5,000

2.800 07/01/48

4,994

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,315

2.950 07/01/49

1,308

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

6,700

5.000 07/01/49

7,139

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,830

5.000 07/01/53

1,872

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

16,000

5.000 07/01/64

9,311

Metropolitan

District

(The)

General

Obligation

Unlimited

(µ)

630

5.000 11/01/30

640

Norwalk

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.050 09/01/58

996

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

3,935

4.000 08/01/38

4,015

Stamford

Housing

Authority

Revenue

Bonds

4,000

4.250 10/01/30

2,010

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Revenue

Bonds

4,000

5.000 02/01/33

4,273

State

of

Connecticut

General

Obligation

Unlimited

1,060

5.000 06/15/27

1,099

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000 04/15/28

10,422

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/28

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000 03/15/29

5,540

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/29

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

557

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Connecticut

General

Obligation

Unlimited

3,025

3.000 01/15/32

2,964

State

of

Connecticut

General

Obligation

Unlimited

1,750

4.000 04/15/37

1,788

State

of

Connecticut

General

Obligation

Unlimited

2,000

3.000 11/15/42

859

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250 07/01/40

3,394

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,200

4.000 11/01/40

3,252

Town

of

Hamden

General

Obligation

Unlimited

(µ)

5.000 08/15/29

Town

of

Stratford

General

Obligation

Unlimited

(µ)

1,970

4.000 01/01/38

1,978

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000 03/15/29

1,596

University

of

Connecticut

Revenue

Bonds

(µ)

600

5.000 04/15/29

631

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000 01/15/36

3,516

95,013

Delaware

-

0.7%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 08/01/29

Delaware

State

Economic

Development

Authority

Revenue

Bonds

2,000

3.600 01/01/31

1,034

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 08/01/39

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,200

4.000 10/01/40

1,107

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 09/01/41

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

5,000

4.000 10/01/45

2,526

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000 06/01/30

619

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000 10/01/40

2,117

Delaware

State

Housing

Authority

Revenue

Bonds

4,160

4.300 07/01/44

2,048

Delaware

State

Housing

Authority

Revenue

Bonds

5,785

5.750 01/01/55

6,276

Delaware

State

Housing

Authority

Revenue

Bonds

2,270

6.000 01/01/55

2,493

Delaware

State

Housing

Authority

Revenue

Bonds

2,770

5.500 07/01/55

2,992

Delaware

State

Housing

Authority

Revenue

Bonds

3,980

5.750 01/01/56

4,356

Delaware

State

Housing

Authority

Revenue

Bonds

7,200

6.000 01/01/56

7,982

Delaware

Transportation

Authority

Revenue

Bonds

3,460

3.000 07/01/41

1,551

Delaware

Transportation

Authority

Revenue

Bonds

3,560

3.000 07/01/42

1,570

State

of

Delaware

General

Obligation

Unlimited

1,520

5.000 05/01/36

1,741

Town

of

Bridgeville

Special

Tax

4.000 07/01/26

Town

of

Bridgeville

Special

Tax

4.000 07/01/27

Town

of

Bridgeville

Special

Tax

4.000 07/01/30

Town

of

Bridgeville

Special

Tax

(Þ)

1,945

5.250 07/01/44

1,988

41,341

District

of

Columbia

-

0.8%

District

of

Columbia

General

Obligation

Unlimited

5.250 01/01/48

District

of

Columbia

General

Obligation

Unlimited

1,020

5.000 08/01/49

538

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,850

5.000 12/01/26

1,852

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,605

5.000 06/01/27

1,607

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

575

5.000 03/01/28

601

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,575

3.650 07/01/28

1,588

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 12/01/28

5,204

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 03/01/29

1,035

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000 10/01/41

4,536

District

of

Columbia

Income

Tax

Revenue

Bonds

5,000

5.000 06/01/37

2,869

District

of

Columbia

Income

Tax

Revenue

Bonds

1,755

5.000 10/01/37

1,992

District

of

Columbia

Income

Tax

Revenue

Bonds

2,500

5.000 12/01/37

2,784

District

of

Columbia

Income

Tax

Revenue

Bonds

2,185

4.000 03/01/45

2,092

District

of

Columbia

Income

Tax

Revenue

Bonds

2,180

5.000 06/01/50

1,147

District

of

Columbia

Income

Tax

Revenue

Bonds

1,660

5.250 06/01/50

896

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,007

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

558

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
District

of

Columbia

Revenue

Bonds

1,325

5.000 07/01/37

1,353

District

of

Columbia

Revenue

Bonds

1,905

5.000 06/01/40

1,919

District

of

Columbia

Revenue

Bonds

(~)(ae)(Ê)

3,050

5.000 04/01/60

1,718

District

of

Columbia

Water

and

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.000 10/01/57

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

4,000

5.000 10/01/26

4,083

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

5.000 10/01/31

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

605

5.000 10/01/33

636

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

893

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/38

1,049

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

3,000

4.000 10/01/44

2,878

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000 10/01/49

1,602

Washington

Convention

and

Sports

Authority

Revenue

Bonds

1,300

5.000 10/01/27

1,355

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

Bonds

5,000

5.000 07/15/49

2,609

51,915

Florida

-

5.7%

Abbott

Square

Community

Development

District

Special

Assessment

4.500 06/15/27

Abbott

Square

Community

Development

District

Special

Assessment

1,000

5.000 05/01/35

527

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250 05/01/36

947

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

2.350 05/01/26

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

3.000 05/01/31

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

500

3.250 05/01/41

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

4.000 10/01/40

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

4.500 05/01/30

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

5.400 05/01/43

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000 05/01/26

1,250

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125 05/01/27

1,287

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250 05/01/28

1,340

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500 05/01/32

1,381

Artisan

Lakes

East

Community

Development

District

Special

Assessment

2.300 05/01/26

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

2.300 05/01/26

Astonia

Community

Development

District

Special

Assessment

(Þ)

2.500 05/01/26

Astonia

Community

Development

District

Special

Assessment

4.350 06/15/30

Astonia

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/31

Astonia

Community

Development

District

Special

Assessment

4.500 05/01/31

Avalon

Park

West

Community

Development

District

Special

Assessment

4.700 05/01/32

Ave

Maria

Stewardship

Community

District

Special

Assessment

2.875 05/01/27

Ave

Maria

Stewardship

Community

District

Special

Assessment

3.000 05/01/27

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,225

2.750 05/01/33

2,086

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

500

4.500 05/01/33

504

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000 05/01/38

2,603

Ave

Maria

Stewardship

Community

District

Special

Assessment

2,000

4.000 05/01/42

1,739

Avenir

Community

Development

District

Special

Assessment

4.500 05/01/30

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

3.100 11/01/31

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

2.375 05/01/26

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

2.875 05/01/31

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

850

4.300 05/01/31

864

Bannon

Lakes

Community

Development

District

Special

Assessment

3.300 05/01/32

Bauer

Drive

Community

Development

District

Special

Assessment

4.500 06/15/30

Bauer

Drive

Community

Development

District

Special

Assessment

5.375 06/15/43

Bauer

Drive

Community

Development

District

Special

Assessment

790

5.500 06/15/53

784

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

559

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Bella

Collina

Community

Development

District

Special

Assessment

1,190

4.250 05/01/31

610

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

4.625 05/01/30

Black

Creek

Community

Development

District

Special

Assessment

5.125 06/15/32

Bonterra

Community

Development

District

Special

Assessment

3.250 05/01/27

Bonterra

Community

Development

District

Special

Assessment

3.400 05/01/28

Bonterra

Community

Development

District

Special

Assessment

720

3.625 05/01/31

724

Bonterra

Community

Development

District

Special

Assessment

655

4.000 05/01/37

657

Bridgewalk

Community

Development

District

Special

Assessment

2.500 06/15/27

Bridgewalk

Community

Development

District

Special

Assessment

5.500 12/15/30

Broward

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.050 09/01/56

Buena

Lago

Community

Development

District

Special

Assessment

810

4.700 05/01/31

Buena

Lago

Community

Development

District

Special

Assessment

4.500 05/01/32

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

5.250 06/01/39

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

5.250 06/01/44

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

6.250 06/15/45

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4.500 01/01/35

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4.000 07/01/41

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,000

5.250 12/01/43

1,000

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250 12/01/58

Capital

Trust

Authority

Revenue

Bonds

(Þ)

4.750 07/01/40

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,525

5.000 06/01/44

1,455

Capital

Trust

Authority

Revenue

Bonds

(Þ)

800

6.500 06/15/45

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.000 07/01/45

Caribe

Palm

Community

Development

District

Special

Assessment

545

4.500 05/01/35

545

Caymas

Community

Development

District

Special

Assessment

Revenue

Bonds

4.450 05/01/31

Celebration

Community

Development

District

Special

Assessment

2.250 05/01/26

Celebration

Community

Development

District

Special

Assessment

2.750 05/01/31

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

5.000 05/01/30

Centre

Lake

Community

Development

District

Special

Assessment

2.750 05/01/31

Centre

Lake

Community

Development

District

Special

Assessment

1,000

3.000 05/01/42

734

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

3.500 11/01/27

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

3.500 11/01/28

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

4.000 05/01/31

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

650

4.000 11/01/33

627

Century

Gardens

Village

Community

Development

District

Special

Assessment

3.500 05/01/31

Century

Gardens

Village

Community

Development

District

Special

Assessment

1,036

4.000 05/01/37

958

CFM

Community

Development

District

Special

Assessment

Revenue

Bonds

2.400 05/01/26

CFM

Community

Development

District

Special

Assessment

Revenue

Bonds

2.875 05/01/31

Charles

Cove

Community

Development

District

Special

Assessment

2.400 05/01/26

Charles

Cove

Community

Development

District

Special

Assessment

3.000 05/01/31

City

of

Cape

Coral

FL

Water

and

Sewer

Revenue

Bonds

2,590

5.000 10/01/39

2,660

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

5.000 07/01/28

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

5.000 07/01/30

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

5.000 07/01/31

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

5.000 07/01/32

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,450

4.000 07/01/37

1,445

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000 07/01/42

924

City

of

Fort

Lauderdale

Water

and

Sewer

Revenue

Bonds

2,440

4.000 03/01/38

2,463

City

of

Jacksonville

Revenue

Bonds

3,000

5.000 10/01/26

3,064

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000 09/01/33

1,757

City

of

Miami

Beach

Revenue

Bonds

1,350

5.000 09/01/45

1,350

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

560

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Orlando

Revenue

Bonds

(µ)

2,250

5.000 11/01/40

2,457

City

of

Orlando

Revenue

Bonds

(µ)

1,955

5.250 11/01/41

2,172

City

of

Orlando

Revenue

Bonds

(µ)

3,000

5.250 11/01/42

3,305

City

of

Orlando

Revenue

Bonds

(µ)

1,500

5.250 11/01/43

1,639

City

of

Orlando

Revenue

Bonds

(µ)

1,500

5.250 11/01/44

1,627

City

of

Orlando

Revenue

Bonds

(µ)

2,500

5.250 11/01/45

2,690

City

of

Palmetto

Revenue

Bonds

4.250 06/01/27

City

of

Palmetto

Revenue

Bonds

5.000 06/01/32

City

of

Palmetto

Revenue

Bonds

5.125 06/01/42

City

of

Tallahassee

Revenue

Bonds

650

5.000 12/01/28

651

City

of

Tampa

Special

Assessment

Revenue

Bonds

2,345

5.250 05/01/46

2,429

City

of

Venice

Revenue

Bonds

(Þ)

1,800

4.250 01/01/30

886

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

2,380

3.650 05/01/28

2,400

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

3,000

4.000 05/01/33

3,149

Cobblestone

Community

Development

District

Special

Assessment

3.400 05/01/27

Cobblestone

Community

Development

District

Special

Assessment

(Þ)

3.800 05/01/32

Cobblestone

Community

Development

District

Special

Assessment

3.800 05/01/32

Coddington

Community

Development

District

Special

Assessment

4.200 05/01/27

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,360

5.500 06/01/31

2,511

Connerton

East

Community

Development

District

Special

Assessment

510

4.250 06/15/30

511

Copes

Landing

Community

Development

District

Special

Assessment

4.875 05/01/30

Copper

Oaks

Community

Development

District

Special

Assessment

681

3.000 05/01/31

666

Copper

Oaks

Community

Development

District

Special

Assessment

770

3.000 05/01/35

682

Cordova

Palms

Community

Development

District

Special

Assessment

2.400 05/01/26

Cordova

Palms

Community

Development

District

Special

Assessment

4.500 05/01/27

Cordova

Palms

Community

Development

District

Special

Assessment

2.800 05/01/31

Cordova

Palms

Community

Development

District

Special

Assessment

5.100 05/01/32

Cordova

Palms

Community

Development

District

Special

Assessment

5.300 05/01/32

Corkscrew

Crossing

Community

Development

District

Special

Assessment

4.125 05/01/28

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

4.500 11/01/28

Country

Greens

Community

Development

District

Special

Assessment

4.000 05/01/34

Country

of

Brevard

Solid

Waste

Management

System

Revenue

Bonds

5,415

5.500 09/01/48

5,923

County

of

Broward

Tourist

Development

Tax

Revenue

Bonds

(µ)

4,500

4.000 09/01/39

4,543

County

of

Escambia

Revenue

Bonds

(~)(ae)(Ê)

1,500

3.450 11/01/33

1,508

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

Zero

coupon

10/01/35

2,813

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000 04/01/45

1,965

County

of

Miami-Dade

Revenue

Bonds

1,285

5.000 04/01/48

1,337

County

of

Okaloosa

Revenue

Bonds

(Þ)

5.500 05/15/45

County

of

Okeechobee

Revenue

Bonds

(~)(Ê)

4,000

3.800 07/01/39

3,919

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

1,000

6.150 10/01/39

1,203

County

of

Pasco

Revenue

Bonds

(µ)

5.250 09/01/35

County

of

Pasco

Revenue

Bonds

(µ)

5.250 09/01/36

County

of

Pasco

Revenue

Bonds

(µ)

5.500 09/01/37

County

of

Pasco

Revenue

Bonds

(µ)

5.500 09/01/38

County

of

Pasco

Revenue

Bonds

(µ)

3,755

5.500 09/01/39

4,258

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750 09/01/54

768

County

of

St.

Johns

Water

and

Sewer

Revenue

Bonds

3,000

5.000 06/01/52

3,139

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

500

4.250 11/01/30

501

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,255

4.700 11/01/39

1,213

Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

4.250 05/01/31

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

561

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

740

5.000 05/01/44

737

Cross

Creek

North

Community

Development

District

Special

Assessment

4.500 05/01/30

Crossings

Community

Development

District

Special

Assessment

530

4.750 05/01/31

Crossings

Community

Development

District

Special

Assessment

1,735

5.000 05/01/42

1,699

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050 05/01/41

662

Cypress

Bay

West

Community

Development

District

Special

Assessment

4.625 05/01/30

Cypress

Bluff

Community

Development

District

Special

Assessment

(Þ)

800

3.625 05/01/40

682

Cypress

Mill

Community

Development

District

Special

Assessment

3.000 06/15/31

Cypress

Mill

Community

Development

District

Special

Assessment

635

5.000 05/01/43

641

Cypress

Reserve

Community

Development

District

Special

Assessment

(Þ)

600

4.000 05/01/30

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/32

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/37

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/42

Deer

Run

Community

Development

District

Special

Assessment

955

5.400 05/01/39

977

Deerbrook

Community

Development

District

Special

Assessment

4.375 05/01/30

Del

Webb

River

Reserve

Community

Development

District

Special

Assessment

4.750 05/01/35

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

2.375 05/01/26

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/32

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

3.625 05/01/31

East

547

Community

Development

District

Special

Assessment

5.500 05/01/30

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

4.375 11/01/29

East

Nassau

Stewardship

District

Special

Assessment

2.400 05/01/26

East

Nassau

Stewardship

District

Special

Assessment

3.000 05/01/31

Eden

Hills

Community

Development

District

Special

Assessment

3.250 05/01/27

Edgewater

East

Community

Development

District

Special

Assessment

2.500 05/01/26

Edgewater

East

Community

Development

District

Special

Assessment

3.000 05/01/27

Edgewater

East

Community

Development

District

Special

Assessment

3.100 05/01/31

Edgewater

West

Community

Development

District

Special

Assessment

1,800

4.500 05/01/31

908

Elevation

Pointe

Community

Development

District

Special

Assessment

3.900 05/01/27

Elevation

Pointe

Community

Development

District

Special

Assessment

4.125 05/01/32

Elevation

Pointe

Community

Development

District

Special

Assessment

1,105

4.400 05/01/32

1,089

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

790

3.750 05/01/31

784

Entrada

Community

Development

District

Special

Assessment

(Þ)

2.625 05/01/31

Epperson

North

Community

Development

District

Special

Assessment

2.500 05/01/26

Epperson

North

Community

Development

District

Special

Assessment

2.450 11/01/26

Epperson

North

Community

Development

District

Special

Assessment

3.000 05/01/31

Epperson

North

Community

Development

District

Special

Assessment

3.100 11/01/31

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5.000 08/15/32

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/33

1,049

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5.000 08/15/34

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

540

5.000 08/15/35

563

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/36

1,041

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5.000 08/15/38

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

3.250 11/01/25

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

4.750 05/01/35

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

4.000 11/01/40

Fish

Lake

Cover

Community

Development

District

Special

Assessment

1,090

4.350 05/01/32

561

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

2.750 11/01/35

Florida

Department

of

Management

Services

Certificate

of

Participation

1,000

3.000 11/01/35

927

Florida

Development

Finance

Corp.

Revenue

Bonds

5.000 04/01/26

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/01/26

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

562

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 12/15/29

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/31

Florida

Development

Finance

Corp.

Revenue

Bonds

4.000 07/01/31

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

925

5.000 10/01/32

951

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000 06/15/33

772

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000 06/15/34

812

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 12/15/34

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/35

Florida

Development

Finance

Corp.

Revenue

Bonds

1,260

5.000 06/15/35

1,276

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000 06/15/36

1,342

Florida

Development

Finance

Corp.

Revenue

Bonds

1,750

5.000 02/01/37

1,799

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000 06/15/37

2,816

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000 06/15/38

871

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 12/15/39

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.125 06/01/40

Florida

Development

Finance

Corp.

Revenue

Bonds

2,000

5.250 06/01/44

1,033

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

800

4.500 06/01/33

771

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

4.750 06/01/38

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

2,350

6.000 07/01/45

1,173

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.350 10/01/27

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

14,000

3.500 11/01/42

7,045

Florida

Insurance

Assistance

Interlocal

Agency,

Inc.

Revenue

Bonds

605

5.000 09/01/26

609

Florida

Insurance

Assistance

Interlocal

Agency,

Inc.

Revenue

Bonds

1,425

5.000 09/01/27

1,450

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

1,250

5.750 07/01/44

650

Flow

Way

Community

Development

District

Special

Assessment

4.000 11/01/28

Flow

Way

Community

Development

District

Special

Assessment

4.875 11/01/37

Flow

Way

Community

Development

District

Special

Assessment

5.000 11/01/38

Flow

Way

Community

Development

District

Special

Assessment

2,200

5.000 05/01/44

1,058

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/25

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/26

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/27

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/28

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/29

Forest

Brooke

Community

Development

District

Special

Assessment

1,000

3.000 11/01/39

871

Fox

Branch

Ranch

Community

Development

District

Special

Assessment

4.150 05/01/30

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

5.375 05/01/44

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

510

4.250 05/01/32

517

Gracewater

Sarasota

Community

Development

District

Special

Assessment

2.400 05/01/26

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

750

5.000 05/01/35

816

Grand

Oaks

Community

Development

District

Special

Assessment

2.625 11/01/26

Grande

Pines

Community

Development

District

Special

Assessment

800

3.200 05/01/31

773

Grove

Resort

Community

Development

District

Special

Assessment

2.950 05/01/27

Hacienda

North

Community

Development

District

Special

Assessment

900

5.500 05/01/33

942

Hammock

Oaks

Community

Development

District

Special

Assessment

4.875 05/01/30

Hammock

Oaks

Community

Development

District

Special

Assessment

5.000 05/01/31

Hammock

Oaks

Community

Development

District

Special

Assessment

(Þ)

1,000

4.500 05/01/32

508

Harbor

Bay

Community

Development

District

Special

Assessment

775

3.300 05/01/29

763

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

4.750 05/01/29

Harmony

West

Community

Development

District

Special

Assessment

4.125 05/01/30

Harmony

West

Community

Development

District

Special

Assessment

4.600 05/01/32

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

620

5.100 05/01/38

625

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

563

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Harmony

West

Community

Development

District

Special

Assessment

635

5.000 05/01/43

619

Harvest

Ridge

Community

Development

District

Special

Assessment

1,300

5.375 05/01/54

626

Heritage

Harbor

North

Community

Development

District

Special

Assessment

5.000 05/01/34

Highlands

County

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

12,150

3.900 11/15/60

6,075

Hillcrest

Community

Development

District

Special

Assessment

4.000 11/01/28

Hillcrest

Community

Development

District

Special

Assessment

4.500 11/01/38

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

3.500 05/01/31

Hillsborough

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,420

3.250 09/01/42

707

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,500

5.000 11/15/34

4,064

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

11,900

4.000 08/01/45

11,199

Hilltop

Point

Community

Development

District

Special

Assessment

5.100 05/01/32

Hyde

Park

Community

Development

District

No.

Special

Assessment

3.250 05/01/27

Hyde

Park

Community

Development

District

No.

Special

Assessment

500

3.600 05/01/32

Island

Lakes

Estate

Special

Assessment

4.875 12/15/28

Jacksonville

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

750

3.400 07/01/58

JEA

Water

and

Sewer

System

Revenue

Bonds

8,340

5.250 10/01/49

9,002

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000 05/01/32

1,108

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/28

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

2.750 05/01/31

Kelly

Park

Community

Development

District

Special

Assessment

5.125 11/01/30

Keys

Edge

Community

Development

District

Special

Assessment

1,950

5.100 05/01/44

982

Kindred

Community

Development

District

II

Special

Assessment

Revenue

Bonds

2.200 05/01/26

Kindred

Community

Development

District

II

Special

Assessment

Revenue

Bonds

2.700 05/01/31

Kingman

Gate

Community

Development

District

Special

Assessment

2.500 06/15/26

Kingman

Gate

Community

Development

District

Special

Assessment

3.125 06/15/31

Kings

Creek

I

Community

Development

District

Special

Assessment

600

4.500 05/01/30

Kingston

One

Community

Development

District

Special

Assessment

3,170

4.250 05/01/30

1,592

Knightsbridge

Community

Development

District

Special

Assessment

(Þ)

690

5.200 06/15/44

685

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

4.500 05/01/30

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

3.400 05/01/31

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

3.625 05/01/31

Lakeshore

Ranch

Community

Development

District

Special

Assessment

3.000 05/01/26

Lakeshore

Ranch

Community

Development

District

Special

Assessment

3.000 05/01/27

Lakeshore

Ranch

Community

Development

District

Special

Assessment

3.000 05/01/28

Lakeshore

Ranch

Community

Development

District

Special

Assessment

3.000 05/01/29

Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000 05/01/35

2,452

Lakewood

Park

Community

Development

District

Special

Assessment

4.750 05/01/30

Lakewood

Ranch

Stewardship

District

Special

Assessment

2.125 05/01/26

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

550

2.000 05/01/27

536

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000 05/01/30

545

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

3.125 05/01/30

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

3.200 05/01/30

Lakewood

Ranch

Stewardship

District

Special

Assessment

2.625 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

2.700 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

545

4.500 05/01/31

550

Lakewood

Ranch

Stewardship

District

Special

Assessment

4.625 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.125 05/01/43

528

Lakewood

Ranch

Stewardship

District

Special

Assessment

585

5.250 05/01/44

585

Laurel

Road

Community

Development

District

Special

Assessment

2.600 05/01/26

Laurel

Road

Community

Development

District

Special

Assessment

3.125 05/01/31

Lee

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.500 12/01/42

1,005

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

564

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Lee

County

Industrial

Development

Authority

Revenue

Bonds

1,550

4.375 11/15/29

1,561

Lee

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

3,635

5.000 04/01/33

2,638

Liberty

Cove

Community

Development

District

Special

Assessment

4.800 05/01/31

Longleaf

Community

Development

District

Special

Assessment

Revenue

Bonds

4.375 05/01/31

Los

Cayos

Community

Development

District

Special

Assessment

850

5.250 06/15/44

849

LT

Ranch

Community

Development

District

Special

Assessment

5.200 05/01/27

LT

Ranch

Community

Development

District

Special

Assessment

770

4.650 05/01/31

780

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

610

4.750 05/01/31

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

4.850 05/01/31

Lucerne

Park

Community

Development

District

Special

Assessment

1,025

4.625 05/01/39

986

Madeira

Community

Development

District

Special

Assessment

Revenue

Bonds

3,120

5.000 05/01/35

1,657

Madeira

Community

Development

District

Special

Assessment

Revenue

Bonds

1,170

5.000 05/01/39

623

Mangrove

Point

and

Mangrove

Manor

Community

Development

District

Special

Assessment

3.800 05/01/27

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

4.750 11/01/29

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

2.400 05/01/26

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

3.000 05/01/31

Mediterranea

Community

Development

District

Special

Assessment

4.250 05/01/29

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750 05/01/37

1,119

Merrick

Square

Community

Development

District

Special

Assessment

4.500 05/01/30

Miami-Dade

County

Expressway

Authority

Revenue

Bonds

2,000

5.000 07/01/40

2,003

Middleton

Community

Development

District

A

Special

Assessment

Revenue

Bonds

600

4.200 05/01/39

600

Midtown

Miami

Community

Development

District

Special

Assessment

5.000 05/01/29

Midtown

Miami

Community

Development

District

Special

Assessment

1,960

5.000 05/01/37

1,960

Mirabella

Community

Development

District

Special

Assessment

1,456

5.000 05/01/44

742

Mitchell

Ranch

Community

Development

District

Special

Assessment

3.375 12/15/30

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

4.625 11/01/29

Newfield

Community

Development

District

Special

Assessment

Revenue

Bonds

770

4.400 05/01/30

778

North

Dade

Community

Development

District

Special

Assessment

3.500 05/01/26

North

Dade

Community

Development

District

Special

Assessment

3.500 05/01/27

North

Dade

Community

Development

District

Special

Assessment

3.500 05/01/28

North

Dade

Community

Development

District

Special

Assessment

3.750 05/01/31

North

Dade

Community

Development

District

Special

Assessment

824

4.000 05/01/38

784

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

540

5.000 03/01/28

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

560

5.000 03/01/34

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

830

5.000 03/01/40

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

830

5.000 03/01/42

Northridge

Community

Development

District

Special

Assessment

(Þ)

4.550 05/01/30

Orange

County

Health

Facilities

Authority

Revenue

Bonds

4,110

5.000 08/01/40

2,160

Orlando

Utilities

Commission

Revenue

Bonds

(~)(ae)(Ê)

575

1.250 10/01/46

524

Pacific

Ace

Community

Development

District

Special

Assessment

4.450 05/01/31

Palm

Beach

County

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000 10/01/34

1,081

Palm

Beach

County

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/43

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.000 06/01/26

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.000 05/15/30

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

625

4.000 06/01/31

621

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

1,105

4.000 05/15/36

1,064

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

7.500 05/15/53

Palm

Beach

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,515

5.000 02/01/27

3,530

Palm

Coast

Park

Community

Development

District

Special

Assessment

4.700 05/01/33

Palm

Glades

Community

Development

District

Special

Assessment

750

4.000 11/01/33

761

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

565

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Park

East

Community

Development

District

Special

Assessment

2.400 11/01/26

Parker

Pointe

Community

Development

District

Special

Assessment

4.950 05/01/31

Parker

Road

Community

Development

District

Special

Assessment

3.375 05/01/30

Parkway

Center

Community

Development

District

Special

Assessment

4.000 05/01/26

Parkway

Center

Community

Development

District

Special

Assessment

4.000 05/01/27

Parkway

Center

Community

Development

District

Special

Assessment

4.000 05/01/28

Parrish

Plantation

Community

Development

District

Special

Assessment

4.750 05/01/31

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.000 05/01/27

501

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.500 05/01/31

Peace

Creek

Community

Development

District

Special

Assessment

4.500 05/01/32

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

2.375 12/15/26

Pine

Isle

Community

Development

District

Special

Assessment

4.500 06/15/30

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

3.000 12/15/31

Pine

Isle

Community

Development

District

Special

Assessment

525

5.375 06/15/43

530

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500 06/15/53

809

Pinellas

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.300 01/01/42

Pioneer

Ranch

Community

Development

District

Special

Assessment

720

4.200 05/01/31

Polk

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

522

4.150 12/01/40

524

Portico

Community

Development

District

Special

Assessment

Revenue

Bonds

3.250 05/01/31

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

(Þ)

940

4.500 05/01/32

Preston

Cove

Community

Development

District

Special

Assessment

3.250 05/01/27

Preston

Cove

Community

Development

District

Special

Assessment

3.600 05/01/32

Preston

Cove

Community

Development

District

Special

Assessment

1,800

4.125 05/01/52

1,457

Prosperity

Lakes

Community

Development

District

Special

Assessment

5.150 12/15/30

Radiance

Community

Development

District

Special

Assessment

(Þ)

750

6.200 05/01/45

Ranches

At

Lake

Mcleod

Community

Development

District

Special

Assessment

4.625 06/15/30

Reflection

Bay

Community

Development

District

Special

Assessment

4.500 05/01/30

Reflection

Bay

Community

Development

District

Special

Assessment

5.000 05/01/35

Reunion

East

Community

Development

District

Special

Assessment

2.400 05/01/26

Reunion

East

Community

Development

District

Special

Assessment

700

2.850 05/01/31

668

Reunion

West

Community

Development

District

Special

Assessment

2.600 05/01/27

Reunion

West

Community

Development

District

Special

Assessment

3.000 05/01/28

Reunion

West

Community

Development

District

Special

Assessment

3.000 05/01/29

Reunion

West

Community

Development

District

Special

Assessment

3.000 05/01/30

Reunion

West

Community

Development

District

Special

Assessment

3.000 05/01/31

Reunion

West

Community

Development

District

Special

Assessment

3.000 05/01/36

Ridge

at

Apopka

Community

Development

District

Special

Assessment

500

5.000 05/01/32

514

River

Hall

Community

Development

District

Special

Assessment

2.500 05/01/29

River

Hall

Community

Development

District

Special

Assessment

5.375 05/01/30

River

Hall

Community

Development

District

Special

Assessment

2.500 05/01/31

River

Hall

Community

Development

District

Special

Assessment

750

3.000 05/01/31

726

River

Hall

Community

Development

District

Special

Assessment

509

3.000 05/01/34

River

Hall

Community

Development

District

Special

Assessment

750

3.000 05/01/36

650

River

Hall

Community

Development

District

Special

Assessment

685

3.000 05/01/38

585

River

Landing

Community

Development

District

Special

Assessment

1,250

4.200 05/01/32

627

River

Landing

Community

Development

District

Special

Assessment

850

4.125 05/01/40

767

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

2.400 05/01/26

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/31

Riversong

Community

Development

District

Special

Assessment

(Þ)

740

4.000 05/01/30

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

566

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Riverwalk

Community

Development

District

Special

Assessment

(Þ)

500

4.150 05/01/30

Riverwalk

Community

Development

District

Special

Assessment

530

4.650 05/01/31

537

Rivington

Community

Development

District

Special

Assessment

Revenue

Bonds

3.250 05/01/27

Rivington

Community

Development

District

Special

Assessment

Revenue

Bonds

3.625 05/01/32

Rolling

Hills

Community

Development

District

Special

Assessment

3.400 05/01/32

Rolling

Hills

Community

Development

District

Special

Assessment

540

3.650 05/01/32

508

Rolling

Hills

Community

Development

District

Special

Assessment

3.750 05/01/42

Rye

Crossing

Community

Development

District

Special

Assessment

4.125 05/01/30

Rye

Ranch

Community

Development

District

Special

Assessment

(Þ)

5.000 11/01/30

Sabal

Palm

Community

Development

District

Special

Assessment

1,620

5.000 05/01/34

861

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

2.375 05/01/35

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

2.625 05/01/40

Sanctuary

Cove

Community

Development

District

Special

Assessment

2.625 05/01/31

Sanctuary

Cove

Community

Development

District

Special

Assessment

3.125 05/01/41

Sanctuary

Cove

Community

Development

District

Special

Assessment

770

4.000 05/01/52

608

Sandmine

Road

Community

Development

District

Special

Assessment

2.300 11/01/26

Sandmine

Road

Community

Development

District

Special

Assessment

5.000 11/01/29

Sarasota

National

Community

Development

District

Special

Assessment

1,495

3.500 05/01/31

1,453

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000 05/01/39

1,984

Savanna

Lakes

Community

Development

District

Special

Assessment

(Þ)

4.250 06/15/30

Savanna

Lakes

Community

Development

District

Special

Assessment

660

4.625 06/15/31

Sawgrass

Village

Community

Development

District

Special

Assessment

4.875 05/01/30

Sawgrass

Village

Community

Development

District

Special

Assessment

5.500 05/01/43

Sawyers

Landing

Community

Development

District

Special

Assessment

3.250 05/01/26

Scenic

Terrace

South

Community

Development

District

Special

Assessment

3.750 05/01/27

Scenic

Terrace

South

Community

Development

District

Special

Assessment

5.750 11/01/30

School

District

of

Broward

County

General

Obligation

Unlimited

590

5.000 07/01/40

642

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

4.625 06/15/30

Sebastian

Isles

Community

Development

District

Special

Assessment

500

4.250 05/01/31

Sebastian

Isles

Community

Development

District

Special

Assessment

1,400

5.000 05/01/44

697

Sedona

Point

Community

Development

District

Special

Assessment

4.125 06/15/30

Seminole

Improvement

District

Revenue

Bonds

4.400 10/01/27

Seminole

Improvement

District

Revenue

Bonds

5.000 10/01/32

Seminole

Improvement

District

Revenue

Bonds

500

5.300 10/01/37

503

Seminole

Palms

Community

Development

District

Special

Assessment

4.750 05/01/30

Seminole

Palms

Community

Development

District

Special

Assessment

(Þ)

1,360

4.450 05/01/31

685

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

4.625 11/01/29

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

2.500 06/15/26

Siena

North

Community

Development

District

Special

Assessment

2.875 06/15/27

Silver

Oaks

Community

Development

District

Special

Assessment

4.700 05/01/31

Silver

Palms

West

Community

Development

District

Special

Assessment

2.600 06/15/27

Silverlake

Community

Development

District

Special

Assessment

4.500 05/01/30

Six

Mile

Creek

Community

Development

District

Special

Assessment

4.750 05/01/30

Six

Mile

Creek

Community

Development

District

Special

Assessment

4.300 05/01/31

Somerset

Bay

Community

Development

District

Special

Assessment

(Þ)

4.850 05/01/31

Somerset

Community

Development

District

Special

Assessment

600

4.000 05/01/26

601

Somerset

Community

Development

District

Special

Assessment

625

4.000 05/01/27

629

Somerset

Community

Development

District

Special

Assessment

4.000 05/01/32

Sorrento

Pines

Community

Development

District

Revenue

Bonds

4.375 05/01/30

South

Fork

East

Community

Development

District

Special

Assessment

3.000 05/01/31

South

Fork

East

Community

Development

District

Special

Assessment

1,990

4.125 05/01/36

1,847

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

567

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
South

Fork

East

Community

Development

District

Special

Assessment

597

3.000 05/01/38

South

Fork

East

Community

Development

District

Special

Assessment

1,720

5.000 05/01/44

877

South

Kendall

Community

Development

District

Special

Assessment

4.000 11/01/31

South

Village

Community

Development

District

Special

Assessment

Revenue

Bonds

3.500 05/01/32

South

Village

Community

Development

District

Special

Assessment

Revenue

Bonds

3.750 05/01/38

Southern

Groves

Community

Development

District

No.

Special

Assessment

2.400 05/01/26

Southern

Groves

Community

Development

District

No.

Special

Assessment

700

2.800 05/01/31

656

Southshore

Bay

Community

Development

District

Special

Assessment

730

4.750 05/01/31

Stillwater

Community

Development

District

Special

Assessment

(Þ)

1,000

3.500 06/15/41

824

Stonegate

Community

Development

District

Special

Assessment

3.000 05/01/26

Stonegate

Community

Development

District

Special

Assessment

3.000 05/01/27

Stonegate

Community

Development

District

Special

Assessment

3.000 05/01/28

Stonegate

Community

Development

District

Special

Assessment

3.000 05/01/29

Stonegate

Community

Development

District

Special

Assessment

1,260

3.000 05/01/34

1,100

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000 05/01/39

1,142

Stonegate

Preserve

Community

Development

District

Special

Assessment

920

4.800 06/15/35

Stonewater

Community

Development

District

Special

Assessment

(Þ)

2.250 11/01/26

Stoneybrook

Community

Development

District

Special

Assessment

3.500 05/01/32

Stoneybrook

Community

Development

District

Special

Assessment

1,230

4.125 05/01/42

1,240

Stoneybrook

North

Community

Development

District

Special

Assessment

5.500 11/01/29

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

4.500 06/15/30

Storey

Drive

Community

Development

District

Special

Assessment

2.550 06/15/27

Stuart

Crossing

Community

Development

District

Special

Assessment

(Þ)

4.375 05/01/31

Summer

Woods

Community

Development

District

Special

Assessment

2.500 05/01/26

Summerstone

Community

Development

District

Special

Assessment

(Þ)

2.200 05/01/26

Sumter

County

School

Board

Certificate

of

Participation

(µ)

600

5.250 01/01/49

633

Sunbridge

Stewardship

District

Special

Assessment

500

5.200 05/01/42

500

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)

2.250 05/01/27

Talis

Park

Community

Development

District

Special

Assessment

(Þ)

3,750

5.000 05/01/44

1,803

Tampa

Bay

Water

Revenue

Bonds

1,545

5.000 10/01/41

1,682

Tampa

Bay

Water

Revenue

Bonds

3,500

5.000 10/01/49

3,706

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

2,525

5.000 07/01/48

2,560

Tern

Bay

Community

Development

District

Special

Assessment

3.125 06/15/27

Terreno

Community

Development

District

Special

Assessment

4.250 05/01/30

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

4.625 11/01/29

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

535

5.000 11/01/38

535

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000 06/15/30

631

Tohoqua

Community

Development

District

Special

Assessment

Revenue

Bonds

3.125 05/01/31

Tolomato

Community

Development

District

Special

Assessment

715

2.625 05/01/27

706

Tolomato

Community

Development

District

Special

Assessment

2.875 05/01/27

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,505

3.000 05/01/29

1,502

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,810

3.000 05/01/31

1,801

Tolomato

Community

Development

District

Special

Assessment

1,330

3.200 05/01/32

1,258

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000 05/01/33

1,140

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000 05/01/37

851

Tolomato

Community

Development

District

Special

Assessment

(µ)

600

3.000 05/01/40

516

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,300

4.000 05/01/40

1,271

Tolomato

Community

Development

District

Special

Assessment

875

4.800 05/01/44

853

Touchstone

Community

Development

District

Special

Assessment

1,800

5.500 05/01/53

1,830

Town

of

Davie

Revenue

Bonds

550

5.000 04/01/33

570

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

568

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tradition

Community

Development

District

No.

Special

Assessment

2.300 05/01/26

Tradition

Community

Development

District

No.

Special

Assessment

2.700 05/01/31

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

2.875 11/01/31

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/38

Tuckers

Pointe

Community

Development

District

Special

Assessment

3.000 05/01/27

Tuckers

Pointe

Community

Development

District

Special

Assessment

3.375 05/01/32

Two

Lakes

Community

Development

District

Special

Assessment

1,430

5.000 05/01/33

785

Two

Lakes

Community

Development

District

Special

Assessment

5.000 05/01/44

Two

Ridges

Community

Development

District

Special

Assessment

1,000

5.750 05/01/45

519

Two

Rivers

East

Community

Development

District

Special

Assessment

705

4.875 05/01/30

717

Two

Rivers

North

Community

Development

District

Special

Assessment

4.625 05/01/27

Two

Rivers

North

Community

Development

District

Special

Assessment

630

4.875 05/01/32

644

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

2.400 05/01/26

Varrea

South

Community

Development

District

Special

Assessment

4.250 05/01/30

V-Dana

Community

Development

District

Special

Assessment

2.600 05/01/26

V-Dana

Community

Development

District

Special

Assessment

3.125 05/01/31

V-Dana

Community

Development

District

Special

Assessment

4.450 05/01/32

V-Dana

Community

Development

District

Special

Assessment

500

5.375 05/01/45

504

Venetian

Parc

Community

Development

District

Special

Assessment

2,680

5.000 05/01/44

1,403

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

2.500 05/01/26

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

3.100 05/01/31

Veranda

Landing

Community

Development

District

Special

Assessment

4.500 06/15/30

Verano

No.

Community

Development

District

Special

Assessment

2.375 05/01/26

Verano

No.

Community

Development

District

Special

Assessment

3.000 05/01/31

Verano

No.

Community

Development

District

Special

Assessment

900

5.750 05/01/45

Vida's

Way

Community

Development

District

Special

Assessment

630

4.150 05/01/31

Viera

Stewardship

District

Special

Assessment

2.300 05/01/26

Viera

Stewardship

District

Special

Assessment

2.800 05/01/31

Viera

Stewardship

District

Special

Assessment

4.600 05/01/33

Viera

Stewardship

District

Special

Assessment

1,000

5.300 05/01/43

1,005

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

855

3.800 05/01/28

857

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1.800 05/01/26

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1,275

5.125 05/01/37

1,325

Village

Community

Development

District

No.

Special

Assessment

(Þ)

4.250 05/01/28

Village

Community

Development

District

No.

Special

Assessment

(Þ)

655

4.375 05/01/33

676

Village

Community

Development

District

No.

Special

Assessment

(Þ)

4.850 05/01/38

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

2.700 05/01/27

Villamar

Community

Development

District

Special

Assessment

4.875 05/01/30

Villamar

Community

Development

District

Special

Assessment

3.625 05/01/32

Villamar

Community

Development

District

Special

Assessment

3.500 11/01/32

Villamar

Community

Development

District

Special

Assessment

875

5.625 05/01/43

897

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

1,500

5.000 06/01/35

831

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

1,000

5.000 06/01/36

550

Waterford

Community

Development

District

Special

Assessment

4.375 05/01/31

Watergrass

Community

Development

District

II

Special

Assessment

2.000 05/01/26

Watergrass

Community

Development

District

II

Special

Assessment

4.450 05/01/28

Watergrass

Community

Development

District

II

Special

Assessment

1,035

2.500 05/01/31

966

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150 05/01/38

2,270

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800 05/01/39

1,046

West

Hillcrest

Community

Development

District

Special

Assessment

4.500 06/15/30

West

Port

Community

Development

District

Special

Assessment

4.250 05/01/27

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

569

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
West

Port

East

Community

Development

District

Special

Assessment

(Þ)

530

4.850 05/01/35

West

Villages

Improvement

District

Special

Assessment

(Þ)

4.000 05/01/30

West

Villages

Improvement

District

Special

Assessment

5.250 05/01/30

West

Villages

Improvement

District

Special

Assessment

825

3.125 05/01/31

795

West

Villages

Improvement

District

Special

Assessment

650

4.500 05/01/31

656

West

Villages

Improvement

District

Special

Assessment

1,750

5.000 05/01/35

931

West

Villages

Improvement

District

Special

Assessment

1,810

5.750 05/01/45

964

Westside

Haines

City

Community

Development

District

Special

Assessment

2.500 05/01/26

Westside

Haines

City

Community

Development

District

Special

Assessment

3.000 05/01/31

Westview

North

Community

Development

District

Special

Assessment

5.000 06/15/29

Westview

South

Community

Development

District

Special

Assessment

4.750 05/01/28

Westview

South

Community

Development

District

Special

Assessment

(Þ)

1,000

4.050 05/01/30

Whispering

Pines

Community

Development

District

Special

Assessment

5.375 05/01/43

Willowbrook

Community

Development

District

Special

Assessment

(Þ)

1,150

4.125 05/01/30

572

Willowbrook

Community

Development

District

Special

Assessment

4.950 05/01/31

Willows

Community

Development

District

Special

Assessment

4.700 05/01/29

Wind

Meadows

South

Community

Development

District

Special

Assessment

920

5.375 05/01/43

929

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

3.250 05/01/27

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

545

3.625 05/01/32

529

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

4.000 05/01/42

Wiregrass

II

Community

Development

District

Special

Assessment

4.800 05/01/32

Woodcreek

Community

Development

District

Special

Assessment

600

5.350 05/01/45

602

355,312

Georgia

-

3.4%

Athens-Clarke

County

Unified

Government

Development

Authority

Revenue

Bonds

1,700

3.000 06/15/39

780

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

1,000

5.250 07/01/40

1,026

Atlanta

Development

Authority

(The)

Revenue

Bonds

1,550

5.250 07/01/40

1,552

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

1,000

5.000 04/01/34

509

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

2.375 07/01/26

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

2,080

2.875 07/01/31

1,977

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,700

5.000 05/01/28

4,841

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,370

2.900 09/01/28

2,160

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

500

3.400 02/01/29

503

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950 12/01/32

777

Burke

County

Development

Authority

Pollution

Control

Revenue

Bonds

(~)(Ê)

21,770

3.950 11/01/52

10,885

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

8,750

5.000 07/01/41

9,499

City

of

Atlanta

Water

and

Wastewater

Revenue

Bonds

8,370

5.000 11/01/40

8,381

Columbus

County

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.300 11/01/28

County

of

DeKalb

Water

and

Sewerage

Revenue

Bonds

4,500

5.000 10/01/41

4,947

County

of

Fulton

Water

and

Sewerage

Revenue

Bonds

1,000

4.000 01/01/35

1,001

Coweta

County

Water

and

Sewage

Authority

Revenue

Bonds

4.000 06/01/46

Coweta

County

Water

and

Sewage

Authority

Revenue

Bonds

5.000 06/01/54

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

750

3.700 10/01/32

761

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

9,350

3.600 01/01/40

9,454

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,425

3.375 11/01/48

1,426

Development

Authority

of

Monroe

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,200

3.875 10/01/48

2,203

Development

Authority

of

Monroe

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

1.000 07/01/49

East

Palm

Drive

Community

Development

District

Special

Assessment

660

4.375 06/15/31

Macon

Water

Authority

Revenue

Bonds

2,000

5.000 10/01/54

1,048

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

4,700

4.000 11/01/25

2,350

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000 11/01/26

551

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

570

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

1,210

4.000 11/01/27

1,207

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000 05/15/29

2,978

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

5,450

5.000 12/01/31

5,863

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 07/01/52

2,022

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 09/01/52

1,526

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

10,000

5.000 12/01/52

10,453

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000 06/01/53

7,413

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,670

5.000 07/01/53

8,176

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

36,000

4.588 12/01/53

36,811

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

840

5.000 12/01/53

904

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,150

5.000 04/01/54

6,655

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

9,750

5.000 05/01/54

10,533

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

24,750

5.000 05/01/55

26,895

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,675

5.000 06/01/55

7,276

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

12,000

5.000 12/01/55

6,509

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,195

5.000 01/01/48

1,199

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,000

5.000 07/01/52

2,039

Paulding

County

Hospital

Authority

Revenue

Bonds

(µ)

1,975

4.000 04/01/41

1,962

Private

Colleges

and

Universities

Authority

Revenue

Bonds

750

4.000 04/01/39

756

Sunbridge

Stewardship

District

Special

Assessment

5.000 05/01/32

Sunbridge

Stewardship

District

Special

Assessment

920

5.400 05/01/42

931

Warner

Robins

Housing

Authority

Resident

Council

Corp.

Revenue

Bonds

(~)(ae)(Ê)

630

5.000 02/01/29

211,343

Guam

-

0.6%

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/30

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/32

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/33

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/34

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/37

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/38

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/39

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/40

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/41

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/42

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/43

Guam

Department

of

Education

Certificate

of

Participation

4.250 02/01/30

Guam

Government

Waterworks

Authority

Revenue

Bonds

605

5.000 07/01/29

621

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,220

5.000 07/01/35

686

Guam

Government

Waterworks

Authority

Revenue

Bonds

2,520

5.000 07/01/36

2,134

Guam

Government

Waterworks

Authority

Revenue

Bonds

3,280

5.000 07/01/37

1,798

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000 07/01/40

1,389

Guam

Government

Waterworks

Authority

Revenue

Bonds

2,000

5.000 01/01/46

2,001

Guam

Power

Authority

Revenue

Bonds

5.000 10/01/29

Guam

Power

Authority

Revenue

Bonds

1,825

5.000 10/01/34

1,864

Guam

Power

Authority

Revenue

Bonds

2,690

5.000 10/01/35

2,745

Guam

Power

Authority

Revenue

Bonds

900

5.000 10/01/40

Territory

of

Guam

Revenue

Bonds

5.000 11/01/27

Territory

of

Guam

Revenue

Bonds

5.000 01/01/28

Territory

of

Guam

Revenue

Bonds

5.000 11/01/28

Territory

of

Guam

Revenue

Bonds

7,725

5.000 11/15/28

7,729

Territory

of

Guam

Revenue

Bonds

2,000

5.000 12/01/28

2,025

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

571

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Territory

of

Guam

Revenue

Bonds

5.000 01/01/29

Territory

of

Guam

Revenue

Bonds

5.000 11/01/29

Territory

of

Guam

Revenue

Bonds

5.000 01/01/30

Territory

of

Guam

Revenue

Bonds

5.000 11/01/30

Territory

of

Guam

Revenue

Bonds

2,535

5.000 12/01/32

2,559

Territory

of

Guam

Revenue

Bonds

1,205

5.000 12/01/35

1,214

Territory

of

Guam

Revenue

Bonds

5,980

4.000 01/01/36

6,033

Territory

of

Guam

Revenue

Bonds

980

5.000 12/01/36

986

Territory

of

Guam

Revenue

Bonds

1,500

5.250 01/01/40

829

39,006

Hawaii

-

0.2%

City

and

County

Honolulu

Wastewater

System

Revenue

Bonds

1,575

5.000 07/01/36

1,590

City

and

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

1,270

5.000 06/01/27

1,283

Kauai

County

Community

Facilities

District

Special

Tax

4.000 05/15/27

Kauai

County

Community

Facilities

District

Special

Tax

5.000 05/15/32

Kauai

County

Community

Facilities

District

Special

Tax

4.000 05/15/33

Kauai

County

Community

Facilities

District

Special

Tax

4.000 05/15/34

State

of

Hawaii

Airports

System

Revenue

Bonds

725

5.000 07/01/38

822

State

of

Hawaii

Airports

System

Revenue

Bonds

6,500

5.000 07/01/49

6,955

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

600

5.000 07/01/34

612

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,400

3.200 07/01/39

1,215

13,683

Idaho

-

0.2%

City

of

Boise

City

Airport

Revenue

Bonds

1,000

5.000 09/01/51

1,026

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000 09/01/27

2,106

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000 09/01/28

2,059

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000 09/01/31

2,407

Idaho

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 03/01/60

1,126

Idaho

Housing

and

Finance

Association

Revenue

Bonds

1,670

5.000 07/15/31

1,672

Idaho

Housing

and

Finance

Association

Revenue

Bonds

565

3.000 05/01/32

552

10,948

Illinois

-

9.9%

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)

1,000

5.000 01/01/35

1,071

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

5.000 01/01/37

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000 01/01/37

631

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/26

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/27

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/28

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

565

5.000 01/01/32

585

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

5.000 01/01/33

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

10,000

5.750 04/01/33

10,225

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.000 04/01/34

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.750 04/01/34

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.000 04/01/35

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.000 04/01/36

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.000 04/01/37

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

785

5.000 04/01/46

760

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000 12/01/25

676

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,875

5.000 12/01/27

16,500

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

572

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

Zero

coupon

12/01/28

9,819

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000 12/01/28

2,898

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,630

Zero

coupon

12/01/30

5,530

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,160

5.500 12/01/30

1,223

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

6.750 12/01/30

1,572

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

Zero

coupon

12/01/31

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000 12/01/31

8,344

Chicago

Board

of

Education

General

Obligation

Unlimited

3,575

5.000 12/01/31

3,636

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000 12/01/32

6,760

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000 12/01/33

8,001

Chicago

Board

of

Education

General

Obligation

Unlimited

1,465

5.250 12/01/35

1,465

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000 12/01/37

3,865

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000 12/01/38

1,244

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000 12/01/39

3,330

Chicago

Board

of

Education

General

Obligation

Unlimited

5.250 12/01/39

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000 12/01/42

5,145

Chicago

Board

of

Education

General

Obligation

Unlimited

5,750

7.000 12/01/44

5,764

Chicago

Board

of

Education

General

Obligation

Unlimited

3,420

5.000 12/01/46

3,095

Chicago

Board

of

Education

General

Obligation

Unlimited

6,875

5.000 12/01/47

6,279

Chicago

Midway

International

Airport

Revenue

Bonds

(µ)

5,000

5.000 01/01/35

5,632

Chicago

Midway

International

Airport

Revenue

Bonds

4,000

5.000 01/01/41

4,013

Chicago

Midway

International

Airport

Revenue

Bonds

8,420

5.000 01/01/46

8,433

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,560

4.000 01/01/35

5,720

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000 01/01/36

1,341

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000 01/01/37

3,587

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,500

4.000 01/01/37

6,598

Chicago

O'Hare

International

Airport

Revenue

Bonds

7,045

5.000 01/01/37

7,209

Chicago

O'Hare

International

Airport

Revenue

Bonds

9,350

5.000 01/01/39

8,632

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,000

5.000 01/01/40

1,106

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,700

5.250 01/01/40

1,839

Chicago

O'Hare

International

Airport

Revenue

Bonds

8,810

5.000 01/01/41

7,378

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.000 01/01/42

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,200

5.000 01/01/42

1,736

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,000

5.250 01/01/42

1,069

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,800

5.000 01/01/43

6,223

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,830

5.000 01/01/48

7,094

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 01/01/52

1,002

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000 01/01/32

5,160

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000 01/01/33

7,009

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000 01/01/39

3,109

Chicago

Park

District

General

Obligation

Limited

855

5.000 01/01/39

945

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000 01/01/44

14,698

Chicago

Park

District

General

Obligation

Limited

2,680

5.250 01/01/46

2,809

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,730

5.000 12/01/40

2,985

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,425

5.000 12/01/49

2,493

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

715

5.500 03/01/29

769

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

795

5.500 03/01/31

868

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

5.500 03/01/36

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

573

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Calumet

City

General

Obligation

Unlimited

(µ)

545

5.500 03/01/37

588

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500 03/01/43

1,671

City

of

Chicago

General

Obligation

Unlimited

(µ)

2,650

Zero

coupon

01/01/27

2,560

City

of

Chicago

General

Obligation

Unlimited

670

5.000 01/01/28

685

City

of

Chicago

General

Obligation

Unlimited

4,675

5.000 01/01/29

4,811

City

of

Chicago

General

Obligation

Unlimited

870

5.000 01/01/31

893

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000 01/01/32

4,195

City

of

Chicago

General

Obligation

Unlimited

4.000 01/01/35

City

of

Chicago

General

Obligation

Unlimited

600

5.000 01/01/35

626

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000 01/01/38

3,700

City

of

Chicago

General

Obligation

Unlimited

4,750

6.000 01/01/38

4,822

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500 01/01/40

6,009

City

of

Chicago

General

Obligation

Unlimited

4,250

5.500 01/01/41

2,232

City

of

Chicago

General

Obligation

Unlimited

660

5.500 01/01/43

672

City

of

Chicago

General

Obligation

Unlimited

4,290

5.000 01/01/44

4,097

City

of

Chicago

General

Obligation

Unlimited

7,580

5.250 01/01/45

3,787

City

of

Chicago

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000 11/01/26

3,000

City

of

Chicago

Special

Assessment

(Þ)

3.200 12/01/29

City

of

Chicago

Special

Assessment

(Þ)

3.290 12/01/30

City

of

Chicago

Special

Assessment

(Þ)

3.380 12/01/31

City

of

Chicago

Special

Assessment

(Þ)

3.450 12/01/32

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

4,840

5.000 01/01/32

2,712

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000 01/01/36

4,990

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

5.000 01/01/36

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,050

5.000 01/01/37

1,155

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,000

5.000 01/01/40

1,094

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,350

5.000 01/01/41

1,465

City

of

Chicago

Waterworks

Revenue

Bonds

1,100

5.000 11/01/26

1,121

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000 12/01/29

1,007

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/37

1,088

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/38

1,082

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250 12/15/40

1,175

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,195

5.500 12/15/42

1,313

City

of

Joliet

General

Obligation

Unlimited

(µ)

2,725

5.500 12/15/44

2,960

City

of

Peoria

General

Obligation

Unlimited

(µ)

5.000 01/01/29

City

of

Peoria

General

Obligation

Unlimited

(µ)

5.000 01/01/31

City

of

Springfield

Electric

Revenue

Bonds

(µ)

10,000

3.000 03/01/38

9,184

Cook

County

High

School

District

No.

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500 12/01/36

2,627

Cook

County

School

District

No.

Orland

General

Obligation

Limited

630

5.000 12/01/27

Cook

County

School

District

No.

Orland

General

Obligation

Limited

5.000 12/01/28

Cook

County

School

District

No.

Orland

General

Obligation

Limited

5.000 12/01/29

County

of

Cook

Sales

Tax

Revenue

Bonds

5.000 11/15/32

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250 11/15/36

1,296

County

of

Cook

Sales

Tax

Revenue

Bonds

2,000

4.000 11/15/37

2,011

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000 11/15/37

1,767

County

of

Cook

Sales

Tax

Revenue

Bonds

5.000 11/15/38

County

of

Cook

Sales

Tax

Revenue

Bonds

500

4.000 11/15/39

501

County

of

Cook

Sales

Tax

Revenue

Bonds

4.000 11/15/41

County

of

Cook

Sales

Tax

Revenue

Bonds

3,000

5.000 11/15/41

1,613

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

574

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Cook

Sales

Tax

Revenue

Bonds

1,385

5.000 11/15/42

1,476

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/26

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 02/15/27

507

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

580

5.000 02/15/27

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/27

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/27

1,014

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/28

Illinois

Finance

Authority

Revenue

Bonds

(ae)

3,000

5.000 01/01/29

3,083

Illinois

Finance

Authority

Revenue

Bonds

5.000 02/15/29

Illinois

Finance

Authority

Revenue

Bonds

745

5.000 08/01/29

770

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/29

Illinois

Finance

Authority

Revenue

Bonds

5.000 08/01/30

Illinois

Finance

Authority

Revenue

Bonds

630

5.000 08/15/30

692

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/30

Illinois

Finance

Authority

Revenue

Bonds

5.000 08/01/31

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/31

Illinois

Finance

Authority

Revenue

Bonds

5.000 08/01/32

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 09/01/32

1,048

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 12/01/32

511

Illinois

Finance

Authority

Revenue

Bonds

695

5.000 09/01/33

725

Illinois

Finance

Authority

Revenue

Bonds

5.000 10/01/33

Illinois

Finance

Authority

Revenue

Bonds

1,725

5.000 08/15/34

1,902

Illinois

Finance

Authority

Revenue

Bonds

5.000 09/01/34

Illinois

Finance

Authority

Revenue

Bonds

520

5.000 09/01/35

538

Illinois

Finance

Authority

Revenue

Bonds

(ae)

5.000 01/01/36

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 03/01/36

1,050

Illinois

Finance

Authority

Revenue

Bonds

3,250

5.250 04/01/38

3,702

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 07/01/38

1,009

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250 08/01/38

1,382

Illinois

Finance

Authority

Revenue

Bonds

790

5.000 09/01/38

802

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.250 04/01/39

1,132

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 07/01/39

1,012

Illinois

Finance

Authority

Revenue

Bonds

750

5.500 10/01/39

815

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.875 05/01/40

Illinois

Finance

Authority

Revenue

Bonds

4.000 09/01/41

Illinois

Finance

Authority

Revenue

Bonds

4.000 11/01/41

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000 07/01/42

1,640

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 07/01/43

542

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.000 10/01/45

Illinois

Finance

Authority

Revenue

Bonds

5.000 09/01/46

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,400

5.875 09/01/46

698

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 12/01/47

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/52

4,112

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000 08/15/54

Illinois

Finance

Authority

Revenue

Bonds

3,830

5.250 10/01/54

2,004

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(Ê)

4,730

5.000 02/01/27

4,749

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,240

5.000 11/01/27

4,318

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

3.150 02/01/29

1,993

Illinois

Housing

Development

Authority

Revenue

Bonds

725

4.250 10/01/39

730

Illinois

Housing

Development

Authority

Revenue

Bonds

2,575

4.375 10/01/41

2,584

Illinois

Housing

Development

Authority

Revenue

Bonds

6,560

4.450 04/01/43

3,266

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

575

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Illinois

Housing

Development

Authority

Revenue

Bonds

590

4.700 10/01/44

599

Illinois

Housing

Development

Authority

Revenue

Bonds

990

4.000 10/01/49

993

Illinois

Housing

Development

Authority

Revenue

Bonds

1,810

3.000 04/01/51

1,772

Illinois

Housing

Development

Authority

Revenue

Bonds

4,760

6.000 10/01/55

5,240

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

925

5.000 06/15/30

985

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250 06/15/31

1,001

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 12/01/32

5,014

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 01/01/37

5,004

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

7,425

5.000 01/01/38

7,432

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,650

5.000 01/01/39

5,655

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,195

5.000 01/01/40

9,202

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000 01/01/42

1,199

Jersey

and

Greene

County

Community

Unit

School

District

No.

Jerseyville

General

Obligation

Unlimited

(µ)

1,100

5.000 12/01/27

1,101

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

3,920

5.000 12/01/27

4,083

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000 12/01/28

2,076

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000 12/01/29

2,073

Lake

County

Community

Consolidated

School

District

No.

Antioch

General

Obligation

Unlimited

11,500

5.000 01/01/47

5,978

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

3,230

4.000 12/15/26

1,628

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

760

4.000 12/15/27

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

5.000 12/15/27

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,600

5.000 06/15/29

831

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/29

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

5,705

Zero

coupon

06/15/30

4,937

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,300

5.000 12/15/30

1,349

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

555

5.000 12/15/31

576

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

600

5.000 12/15/33

621

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,860

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

500

5.000 12/15/34

517

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

540

Zero

coupon

12/15/37

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

12/15/42

1,125

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,250

4.000 12/15/42

1,175

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,560

Zero

coupon

06/15/44

1,094

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

540

Zero

coupon

06/15/45

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,650

Zero

coupon

12/15/47

1,199

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

3,475

Zero

coupon

12/15/56

771

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

1,500

5.000 12/01/45

1,528

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/27

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/29

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/31

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,870

5.000 01/01/26

3,878

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,385

5.000 01/01/27

6,532

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,895

5.000 01/01/28

5,109

Sales

Tax

Securitization

Corp.

Revenue

Bonds

10,035

5.000 01/01/29

10,693

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

576

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500 01/01/31

20,436

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000 01/01/32

6,171

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000 01/01/36

1,114

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000 01/01/38

710

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,600

5.000 01/01/43

4,902

Sangamon

and

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500 02/01/38

806

Sangamon

and

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

5.500 02/01/43

514

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/33

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/34

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/35

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/37

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000 04/01/27

1,472

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000 04/01/28

851

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000 10/15/33

1,007

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

4,100

5.000 04/01/38

4,613

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,545

5.500 12/01/39

2,793

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/26

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/29

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/38

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/40

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

5.000 01/01/41

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

525

5.000 01/01/43

549

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

600

5.000 01/01/44

624

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/49

State

of

Illinois

General

Obligation

Unlimited

8,500

5.000 11/01/25

4,250

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000 11/01/26

1,520

State

of

Illinois

General

Obligation

Unlimited

1,155

5.000 11/01/27

1,201

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000 10/01/28

1,706

State

of

Illinois

General

Obligation

Unlimited

11,210

5.000 11/01/28

11,642

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000 03/01/29

4,357

State

of

Illinois

General

Obligation

Unlimited

3,200

5.000 10/01/29

3,377

State

of

Illinois

General

Obligation

Unlimited

6,810

5.000 11/01/29

7,049

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000 02/01/30

4,540

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000 03/01/30

2,033

State

of

Illinois

General

Obligation

Unlimited

600

5.500 05/01/30

645

State

of

Illinois

General

Obligation

Unlimited

1,300

5.000 05/01/32

1,358

State

of

Illinois

General

Obligation

Unlimited

4.000 11/01/34

State

of

Illinois

General

Obligation

Unlimited

4.250 01/01/36

State

of

Illinois

General

Obligation

Unlimited

650

5.000 05/01/38

714

State

of

Illinois

General

Obligation

Unlimited

5.250 05/01/38

538

State

of

Illinois

General

Obligation

Unlimited

1,375

5.000 05/01/39

1,495

State

of

Illinois

General

Obligation

Unlimited

805

5.250 05/01/39

882

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000 10/01/39

981

State

of

Illinois

General

Obligation

Unlimited

550

5.000 05/01/40

591

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

577

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Illinois

General

Obligation

Unlimited

825

4.000 10/01/40

797

State

of

Illinois

General

Obligation

Unlimited

(µ)

1,675

4.000 06/01/41

1,656

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/42

738

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/43

730

State

of

Illinois

General

Obligation

Unlimited

700

5.000 12/01/45

718

State

of

Illinois

General

Obligation

Unlimited

1,125

5.500 03/01/47

1,192

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250 12/01/35

1,676

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250 12/01/36

3,211

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250 12/01/37

3,386

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250 12/01/38

3,119

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.625 03/01/43

Village

of

Bradley

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/40

1,063

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/27

625

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/28

638

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,430

5.000 12/01/26

1,463

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000 12/01/27

1,566

Volo

Village

Special

Service

Area

No.

and

Special

Tax

(µ)

1,094

5.000 03/01/34

1,098

Will

County

Forest

Preserve

District

General

Obligation

Limited

1,000

5.000 12/15/41

544

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

5.000 01/01/35

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

765

5.250 01/01/39

844

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250 01/01/40

1,129

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

4,700

5.500 01/01/47

5,046

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000 12/01/25

1,452

614,874

Indiana

-

1.2%

Avon

Community

School

Building

Corp.

Revenue

Bonds

1,000

5.500 07/15/40

1,120

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,540

5.500 07/15/40

1,700

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

3,800

5.000 07/15/42

2,027

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

4,810

5.500 07/15/42

5,267

Indiana

Finance

Authority

Revenue

Bonds

4.000 07/01/30

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000 11/01/30

985

Indiana

Finance

Authority

Revenue

Bonds

800

5.000 06/01/38

845

Indiana

Finance

Authority

Revenue

Bonds

675

5.000 10/01/38

755

Indiana

Finance

Authority

Revenue

Bonds

5.000 03/01/39

Indiana

Finance

Authority

Revenue

Bonds

5.000 03/01/40

Indiana

Finance

Authority

Revenue

Bonds

5.000 07/01/40

Indiana

Finance

Authority

Revenue

Bonds

5.000 03/01/41

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000 10/01/42

1,633

Indiana

Finance

Authority

Revenue

Bonds

855

5.000 06/01/43

874

Indiana

Finance

Authority

Revenue

Bonds

5.250 11/15/46

Indiana

Finance

Authority

Revenue

Bonds

1,500

4.250 03/01/49

690

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2.100 11/01/49

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,410

5.000 10/01/54

4,966

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 10/01/57

509

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000 10/01/59

5,149

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,600

5.000 10/01/64

1,397

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,560

2.900 03/01/29

1,764

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

615

3.300 01/01/45

615

Indiana

Municipal

Power

Agency

Revenue

Bonds

(µ)

5,685

5.000 01/01/43

6,127

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

5.000 01/01/37

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

578

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

600

5.000 01/01/39

668

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

5.000 01/01/40

509

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

1,600

5.000 07/15/40

882

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

1,240

5.000 01/01/41

900

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

1,650

5.000 07/15/41

901

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

1,000

5.000 01/01/42

544

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,000

5.000 07/15/42

1,082

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,650

5.000 01/01/48

2,751

IPS

Multi-School

Building

Corp.

Revenue

Bonds

2,500

5.250 07/15/42

2,679

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000 07/15/41

1,131

South

Bend

Redevelopment

Authority

Revenue

Bonds

2,735

4.000 08/01/38

2,818

South

Bend

Redevelopment

Authority

Revenue

Bonds

4.250 08/01/43

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

2,890

5.000 07/01/37

3,258

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,000

5.000 07/01/39

1,113

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,910

5.000 07/01/40

2,110

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,000

5.000 07/01/41

1,097

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,700

5.000 07/01/42

1,853

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

3,720

5.500 07/15/41

4,208

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

4,930

5.500 07/15/43

5,528

72,431

Iowa

-

0.8%

City

of

Coralville

General

Obligation

Unlimited

(µ)

735

5.000 05/01/36

785

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,400

5.000 05/01/38

1,481

City

of

Coralville

General

Obligation

Unlimited

(µ)

2,265

5.000 05/01/40

2,383

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,650

5.000 05/01/41

1,718

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,170

5.000 06/01/42

1,205

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,010

5.000 06/01/43

1,033

City

of

Coralville

Revenue

Bonds

860

5.000 05/01/42

873

City

of

Des

Moines

General

Obligation

Unlimited

1,480

1.500 06/01/34

1,212

City

of

Orange

Sewer

Revenue

Bonds

(µ)

4.000 06/01/34

City

of

Waterloo

General

Obligation

Unlimited

700

4.500 06/01/27

706

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500 06/01/38

1,664

Iowa

Finance

Authority

Revenue

Bonds

675

5.000 05/15/43

660

Iowa

Finance

Authority

Revenue

Bonds

2,500

4.500 07/01/44

2,529

Iowa

Finance

Authority

Revenue

Bonds

5.500 10/01/45

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/47

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/48

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 12/01/50

1,643

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,520

5.000 12/01/50

2,914

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,000

5.000 12/01/50

1,160

Iowa

Finance

Authority

Revenue

Bonds

5,300

6.250 07/01/54

5,829

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

4.000 10/01/35

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/35

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/36

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/37

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,310

5.250 10/01/40

700

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/45

State

of

Iowa

Board

of

Regents

Revenue

Bonds

7,000

4.125 09/01/42

6,998

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,250

4.250 09/01/43

3,267

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,500

4.375 09/01/45

3,520

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

579

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
West

Des

Moines

Community

School

District

Infrastructure

Sales

Services

and

Use

Tax

Revenue

Bonds

(µ)

2,265

6.000 07/01/29

2,410

47,638

Kansas

-

0.3%

Butler

County

Unified

School

District

No.

El

Dorado

General

Obligation

Unlimited

(µ)

1,375

3.000 09/01/39

1,161

City

of

Burlington

Revenue

Bonds

(~)(ae)(Ê)

1,225

4.300 03/01/45

1,230

City

of

Garden

Revenue

Bonds

(Þ)

1,000

4.000 06/01/29

501

City

of

Manhattan

General

Obligation

Unlimited

2,210

5.000 11/01/40

2,456

City

of

Manhattan

Revenue

Bonds

4.000 06/01/36

City

of

Prairie

Village

Tax

Allocation

820

3.125 04/01/36

778

Crawford

County

Unified

School

District

No.

Pittsburg

General

Obligation

Unlimited

(µ)(ae)

5.000 09/01/35

Kansas

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 09/01/28

Kansas

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,795

5.000 06/01/43

6,938

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,110

5.000 04/01/31

1,118

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000 04/01/32

1,007

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000 04/01/38

1,006

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,160

4.500 06/01/40

1,157

17,727

Kentucky

-

2.1%

City

of

Ashland

Revenue

Bonds

2,565

5.000 02/01/40

2,576

County

of

Boone

Revenue

Bonds

2,750

3.700 08/01/27

2,750

County

of

Owen

Revenue

Bonds

(~)(ae)(Ê)

3.875 06/01/40

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000 03/01/45

766

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000 03/01/48

791

Kentucky

Asset

Liability

Commission

Revenue

Bonds

3,015

5.000 09/01/26

3,071

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(µ)

2,300

5.000 09/01/49

2,344

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(~)(µ)(ae)(Ê)

7,500

5.000 08/15/55

8,529

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000 07/01/31

1,744

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000 07/01/33

1,000

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

5.000 08/01/44

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,105

5.000 01/01/45

2,106

Kentucky

Interlocal

School

Transportation

Association

Certificate

of

Participation

4.000 03/01/26

Kentucky

Interlocal

School

Transportation

Association

Certificate

of

Participation

4.000 03/01/27

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

2,170

5.000 01/01/36

2,464

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

1,000

5.000 01/01/37

1,123

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

5.000 01/01/38

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

2,350

5.000 01/01/40

2,581

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

1,000

5.000 01/01/41

1,091

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,150

5.000 01/01/45

1,210

Kentucky

Public

Energy

Authority

Revenue

Bonds

11,000

5.000 12/01/33

10,422

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 02/01/50

2,033

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.000 08/01/52

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

8,075

5.250 04/01/54

8,832

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

33,760

5.000 01/01/55

36,607

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.250 06/01/55

5,334

Kentucky

State

Property

and

Building

Commission

Revenue

Bonds

3,800

5.000 11/01/25

1,900

Kentucky

State

Property

and

Building

Commission

Revenue

Bonds

9,450

5.000 11/01/25

4,725

Kentucky

State

Property

and

Building

Commission

Revenue

Bonds

7,270

5.000 11/01/27

7,588

Kentucky

State

Property

and

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000 05/01/31

2,878

Kentucky

State

Property

and

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000 05/01/32

2,110

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

580

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisville

and

Jefferson

County

Metropolitan

Sewer

District

Revenue

Bonds

1,750

5.000 05/15/38

1,979

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

1,400

5.000 10/01/27

1,454

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000 10/01/32

789

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

4,250

2.000 10/01/33

3,693

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000 10/01/34

877

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

(µ)

2,350

4.000 10/01/40

2,351

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

830

5.000 10/01/41

892

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000 10/01/42

595

131,067

Louisiana

-

2.2%

City

of

New

Orleans

General

Obligation

Limited

3,130

4.000 10/01/37

3,183

City

of

New

Orleans

General

Obligation

Unlimited

2,000

5.000 12/01/46

2,041

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/36

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/37

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/38

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/40

City

of

Shreveport

General

Obligation

Unlimited

(µ)

5.250 03/01/37

City

of

Shreveport

General

Obligation

Unlimited

(µ)

5.250 03/01/39

City

of

Shreveport

General

Obligation

Unlimited

(µ)

1,000

5.000 03/01/41

1,064

City

of

Shreveport

General

Obligation

Unlimited

(µ)

770

5.250 03/01/42

833

City

of

Shreveport

Water

and

Sewer

Revenue

Bonds

(µ)

1,020

5.000 12/01/31

1,072

City

of

Shreveport

Water

and

Sewer

Revenue

Bonds

(µ)

2,955

5.000 12/01/32

2,959

City

of

Shreveport

Water

and

Sewer

Revenue

Bonds

(µ)

1,000

5.000 12/01/33

1,001

City

of

Shreveport

Water

and

Sewer

Revenue

Bonds

(µ)

5,000

4.000 12/01/44

4,645

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

50,100

2.470 08/01/35

25,050

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

43,860

2.470 12/01/40

21,930

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

805

5.000 11/01/37

805

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

1,910

5.000 11/01/42

1,910

Jefferson

Parish

Consolidated

Sewerage

District

No.

Revenue

Bonds

(µ)

4.000 02/01/42

Juban

Crossing

Economic

Development

District

Revenue

Bonds

5.000 09/15/38

Juban

Trails

Community

Development

District

Special

Assessment

3.375 06/01/27

Juban

Trails

Community

Development

District

Special

Assessment

3.750 06/01/32

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000 11/01/29

700

Lafayette

Parish

School

Board

Sale

Tax

Revenue

Bonds

1,680

5.500 04/01/45

958

Louisiana

Housing

Corp.

Revenue

Bonds

3,870

5.000 07/01/26

3,917

Louisiana

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.750 02/01/28

2,006

Louisiana

Housing

Corp.

Revenue

Bonds

6,460

4.750 06/01/40

3,358

Louisiana

Housing

Corp.

Revenue

Bonds

690

4.500 12/01/47

697

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

4.250 11/15/30

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

7,050

3.500 11/01/32

6,848

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(µ)

5.000 10/01/33

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

6,000

2.500 04/01/36

5,211

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

900

5.000 11/15/44

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

2,500

4.150 09/01/27

2,555

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.200 09/01/33

2,532

Louisiana

Public

Facilities

Authority

Revenue

Bonds

17,000

5.000 05/15/30

12,962

Louisiana

Public

Facilities

Authority

Revenue

Bonds

935

5.000 10/01/32

1,003

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000 10/01/34

832

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

581

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000 10/01/35

1,062

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000 05/15/42

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

4.000 10/01/42

972

Louisiana

Public

Facilities

Authority

Revenue

Bonds

4.000 07/01/44

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000 06/01/45

2,625

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

2,700

5.250 12/01/52

1,500

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

9,000

3.950 05/01/54

4,500

Louisiana

Stadium

and

Exposition

District

Revenue

Bonds

1,050

5.000 07/01/37

1,156

Louisiana

Stadium

and

Exposition

District

Revenue

Bonds

5.000 07/01/38

Parish

of

East

Baton

Rouge

Capital

Improvements

District

Revenue

Bonds

4,000

5.000 08/01/46

4,244

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

6.100 12/01/40

1,097

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)

1,500

3.700 08/01/41

747

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

4.050 06/01/37

1,419

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000 04/01/48

1,010

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

1,650

5.250 04/01/55

878

Rapides

Parish

School

District

No.

Pineville

General

Obligation

Unlimited

(µ)

5.250 03/01/40

State

of

Louisiana

Gasoline

and

Fuels

Tax

Revenue

Bonds

(~)(ae)(Ê)

535

3.517 05/01/43

532

136,051

Maine

-

0.2%

City

of

Portland

General

Airport

Revenue

Bonds

800

4.000 01/01/39

804

Finance

Authority

of

Maine

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 07/01/65

2,815

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/38

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/40

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/42

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000 07/01/45

941

Maine

State

Housing

Authority

Revenue

Bonds

5.000 06/15/36

512

Maine

State

Housing

Authority

Revenue

Bonds

5.000 06/15/37

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

1,000

5.000 07/01/31

1,119

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

1,000

5.000 07/01/32

1,134

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

5.000 07/01/33

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

500

5.000 07/01/34

579

9,659

Maryland

-

1.0%

City

of

Annapolis

General

Obligation

Unlimited

1,725

4.000 08/01/27

1,766

City

of

Baltimore

Revenue

Bonds

4.500 06/01/33

City

of

Baltimore

Revenue

Bonds

(µ)

1,460

4.000 07/01/36

1,500

City

of

Baltimore

Revenue

Bonds

(µ)

1,235

4.000 07/01/37

1,259

City

of

Baltimore

Revenue

Bonds

(µ)

605

4.000 07/01/39

612

City

of

Baltimore

Revenue

Bonds

4.875 06/01/42

City

of

Baltimore

Revenue

Bonds

1,000

5.000 07/01/49

1,021

City

of

Gaithersburg

Revenue

Bonds

675

5.000 01/01/37

692

City

of

Gaithersburg

Revenue

Bonds

600

5.125 01/01/42

602

County

of

Baltimore

Revenue

Bonds

4.000 01/01/32

County

of

Baltimore

Revenue

Bonds

4.000 01/01/33

County

of

Baltimore

Revenue

Bonds

4.000 01/01/34

County

of

Baltimore

Revenue

Bonds

4.000 01/01/37

County

of

Baltimore

Revenue

Bonds

4.000 01/01/38

County

of

Baltimore

Revenue

Bonds

4.000 01/01/39

County

of

Charles

General

Obligation

Unlimited

2,870

1.625 10/01/34

2,359

County

of

Charles

General

Obligation

Unlimited

1,955

1.750 10/01/35

1,565

County

of

Frederick

Tax

Allocation

740

3.250 07/01/29

731

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

582

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Frederick

Tax

Allocation

500

3.750 07/01/39

County

of

Howard

Tax

Allocation

650

5.000 02/15/44

674

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

5.125 07/01/39

Maryland

Community

Development

Administration

Revenue

Bonds

1,400

3.300 01/01/29

711

Maryland

Community

Development

Administration

Revenue

Bonds

1,150

3.700 01/01/29

585

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000 09/01/42

3,128

Maryland

Community

Development

Administration

Revenue

Bonds

1,285

4.500 09/01/48

1,302

Maryland

Department

of

Housing

and

Community

Development

Revenue

Bonds

3,500

4.450 07/01/44

1,766

Maryland

Department

of

Housing

and

Community

Development

Revenue

Bonds

1,250

6.250 03/01/56

1,406

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,500

5.000 06/01/35

1,549

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,625

4.100 10/01/36

1,658

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375 07/01/38

1,088

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625 07/01/43

1,350

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

3,760

5.000 07/01/37

4,227

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

3,570

4.250 07/01/39

3,679

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,945

4.250 07/01/40

1,991

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/43

3,201

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

3,000

5.000 07/01/45

3,316

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/45

3,156

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

4,000

5.000 07/01/46

4,191

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 10/01/50

1,284

Montgomery

County

Housing

Opportunities

Commission

Revenue

Bonds

3,000

3.850 07/01/34

3,120

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,000

5.000 12/01/26

3,077

Washington

Suburban

Sanitary

Commission

Revenue

Bonds

3,130

5.000 06/01/27

3,243

64,184

Massachusetts

-

1.1%

City

of

Somerville

General

Obligation

Unlimited

1,500

2.000 10/15/38

1,146

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500 08/01/30

1,122

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,490

2.000 03/01/37

2,796

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,825

5.000 07/01/37

3,864

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,010

2.000 03/01/38

789

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000 02/01/42

3,982

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,000

4.000 09/01/42

1,987

Commonwealth

of

Massachusetts

General

Obligation

Limited

5,425

5.250 09/01/43

5,639

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,620

5.000 08/01/49

859

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,500

5.000 10/01/51

3,677

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,400

5.000 08/01/52

2,327

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

2,350

5.250 10/01/47

2,523

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,516

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

5,000

5.250 07/01/48

5,395

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(Ê)

4,500

5.000 11/01/26

4,500

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

825

5.000 11/15/28

851

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,335

5.250 09/01/30

1,430

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000 07/01/31

1,685

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000 10/01/31

1,210

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000 10/01/32

1,250

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,160

5.250 09/01/33

1,277

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000 10/01/33

756

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

900

4.250 07/01/34

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

583

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000 10/01/34

841

Massachusetts

Development

Finance

Agency

Revenue

Bonds

575

5.250 09/01/36

635

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 10/01/36

Massachusetts

Development

Finance

Agency

Revenue

Bonds

500

5.250 10/01/37

Massachusetts

Development

Finance

Agency

Revenue

Bonds

575

5.000 07/01/38

581

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/38

1,701

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250 10/01/38

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,000

5.000 10/01/39

2,247

Massachusetts

Development

Finance

Agency

Revenue

Bonds

590

5.500 09/01/40

638

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/40

1,671

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 01/01/41

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,020

3.300 07/01/41

1,526

Massachusetts

Development

Finance

Agency

Revenue

Bonds

900

5.250 01/01/42

954

Massachusetts

Development

Finance

Agency

Revenue

Bonds

4.000 07/01/42

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,185

5.250 07/01/50

2,250

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,650

5.250 07/01/55

829

68,049

Michigan

-

1.8%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000 02/15/28

760

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250 05/01/43

1,095

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/26

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/27

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/28

City

of

Detroit

General

Obligation

Unlimited

5.250 05/01/28

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/29

City

of

Detroit

General

Obligation

Unlimited

800

5.250 05/01/29

855

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/30

City

of

Detroit

General

Obligation

Unlimited

750

5.250 05/01/30

813

City

of

Detroit

General

Obligation

Unlimited

600

5.250 05/01/31

659

City

of

Detroit

General

Obligation

Unlimited

730

5.250 05/01/32

811

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/33

510

City

of

Detroit

General

Obligation

Unlimited

895

5.250 05/01/33

1,003

City

of

Detroit

General

Obligation

Unlimited

915

5.000 04/01/34

983

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/34

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/35

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/35

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/38

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/39

City

of

Detroit

General

Obligation

Unlimited

700

5.000 04/01/46

708

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000 04/01/50

1,004

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(~)(µ)(Ê)

3,160

3.445 07/01/32

3,146

Detroit

Downtown

Development

Authority

Tax

Allocation

1,370

5.000 07/01/48

1,428

Detroit

Regional

Convention

Facility

Authority

Revenue

Bonds

2,210

5.000 10/01/39

1,198

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000 04/01/28

939

Ferndale

Public

Schools

General

Obligation

Unlimited

1,400

5.000 05/01/46

1,460

Four

Lakes

District

Special

Assessment

(µ)

2,145

5.000 06/01/39

2,358

Four

Lakes

District

Special

Assessment

(µ)

2,075

5.125 06/01/44

2,216

Gobles

Public

Schools

General

Obligation

Unlimited

1,350

5.250 05/01/48

723

Gobles

Public

Schools

General

Obligation

Unlimited

1,050

5.250 05/01/51

556

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

2,085

4.000 05/15/27

2,092

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000 05/01/34

2,448

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

584

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000 05/01/35

1,007

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/26

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/28

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

1,000

5.000 07/01/26

1,015

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/35

3,028

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,075

5.000 07/01/37

2,337

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/38

3,357

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,525

5.000 07/01/46

2,540

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

4.000 05/15/31

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000 11/01/34

879

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000 11/01/35

1,027

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000 11/01/37

1,438

Michigan

Finance

Authority

Revenue

Bonds

1,075

5.250 02/01/27

1,085

Michigan

Finance

Authority

Revenue

Bonds

4,155

5.000 04/15/30

4,553

Michigan

Finance

Authority

Revenue

Bonds

4.000 02/01/32

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000 11/15/32

1,521

Michigan

Finance

Authority

Revenue

Bonds

585

5.000 12/01/36

585

Michigan

Finance

Authority

Revenue

Bonds

(ae)

7,385

3.750 12/01/38

7,626

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000 12/01/39

2,363

Michigan

Finance

Authority

Revenue

Bonds

675

5.000 06/01/40

705

Michigan

Finance

Authority

Revenue

Bonds

2,405

5.000 11/01/44

2,405

Michigan

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

6,495

3.875 12/01/44

6,545

Michigan

Finance

Authority

Revenue

Bonds

5.500 02/28/49

Michigan

State

Building

Authority

Revenue

Bonds

1,470

5.000 04/15/41

1,491

Michigan

State

Housing

Development

Authority

Revenue

Bonds

1,000

4.000 12/01/39

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,790

3.625 04/01/42

5,805

Michigan

State

Housing

Development

Authority

Revenue

Bonds

530

4.450 10/01/44

Michigan

State

Housing

Development

Authority

Revenue

Bonds

2,000

4.350 12/01/44

962

Michigan

State

Housing

Development

Authority

Revenue

Bonds

2,130

4.250 12/01/49

2,143

Michigan

State

Housing

Development

Authority

Revenue

Bonds

1,500

4.450 12/01/49

737

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3,000

6.250 06/01/55

3,287

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,570

5.000 05/01/41

1,702

State

of

Michigan

Trunk

Line

Revenue

Bonds

10,000

5.500 11/15/44

11,252

Summit

Academy

North

Revenue

Bonds

780

4.000 11/01/31

769

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

5,590

5.000 12/01/40

5,600

109,921

Minnesota

-

0.5%

City

of

Apple

Valley

Revenue

Bonds

950

5.375 09/01/45

City

of

Crookston

Revenue

Bonds

2,410

5.000 05/01/34

1,670

City

of

Independence

Revenue

Bonds

4.000 07/01/31

City

of

St.

Cloud

Revenue

Bonds

5.000 05/01/48

City

of

St.

Cloud

Revenue

Bonds

4.000 05/01/49

Duluth

Economic

Development

Authority

Revenue

Bonds

5.000 06/15/30

Duluth

Economic

Development

Authority

Revenue

Bonds

5.000 06/15/32

530

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/38

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/39

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

5.000 02/01/26

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250 02/01/37

4,731

Minneapolis

Special

School

District

No.

General

Obligation

Unlimited

800

4.000 02/01/37

828

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/26

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/27

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

585

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/28

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/29

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/30

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/31

Minnesota

Housing

Finance

Agency

Revenue

Bonds

1,825

6.250 01/01/55

2,029

Minnesota

Housing

Finance

Agency

Revenue

Bonds

10,635

6.250 07/01/55

11,910

Minnesota

Housing

Finance

Agency

Revenue

Bonds

1,250

6.250 01/01/56

1,381

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

3.000 10/01/34

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000 10/01/41

St.

Paul

Housing

and

Redevelopment

Authority

Revenue

Bonds

1,075

4.250 12/01/32

1,081

Woodbury

Housing

and

Redevelopment

Authority

Revenue

Bonds

GM(~)(ae)(Ê)

2,000

3.200 02/01/46

1,001

28,597

Mississippi

-

2.1%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650 04/01/37

1,485

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

91,100

2.450 12/01/30

45,550

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

22,830

2.460 12/01/30

11,415

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

16,816

3.900 12/01/30

8,408

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

92,020

3.900 11/01/35

46,010

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

5.000 10/01/26

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

5.000 10/01/27

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

5.000 10/01/28

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

5.000 10/01/29

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000 03/01/34

1,006

Mississippi

Development

Bank

Revenue

Bonds

(µ)

570

5.000 03/01/36

645

Mississippi

Development

Bank

Revenue

Bonds

(µ)

500

5.000 03/01/37

561

Mississippi

Development

Bank

Revenue

Bonds

1,330

5.250 06/01/41

1,464

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000 03/01/43

4,318

Mississippi

Development

Bank

Revenue

Bonds

1,000

5.250 06/01/43

1,086

Mississippi

Development

Bank

Revenue

Bonds

(µ)

2,000

5.000 03/01/45

2,110

Mississippi

Home

Corp.

Revenue

Bonds

(~)(ae)(Ê)

650

5.000 11/01/28

Mississippi

Home

Corp.

Revenue

Bonds

2,000

5.000 12/01/39

2,160

Mississippi

Home

Corp.

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.625 06/01/43

2,260

Mississippi

Hospital

Equipment

and

Facilities

Authority

Revenue

Bonds

2,000

5.000 09/01/36

2,014

State

of

Mississippi

General

Obligation

Unlimited

1,000

4.000 11/01/38

1,005

132,444

Missouri

-

1.2%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/30

1,022

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

4.000 03/01/41

City

of

Poplar

Bluff

Certificate

of

Participation

2.500 10/01/41

City

of

Poplar

Bluff

Certificate

of

Participation

2.625 10/01/46

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000 07/01/47

1,010

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

7,990

5.250 07/01/49

8,536

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.875 06/15/34

County

of

Boone

Revenue

Bonds

2,230

5.000 08/01/30

2,119

County

of

Boone

Revenue

Bonds

1,700

4.000 08/01/33

1,451

County

of

Phelps

Revenue

Bonds

1,225

5.000 12/01/35

1,366

County

of

Phelps

Revenue

Bonds

1,010

5.000 12/01/40

1,067

County

of

Phelps

Revenue

Bonds

1,000

5.750 12/01/45

1,082

Jefferson

City

School

District

General

Obligation

Unlimited

8,050

5.500 03/01/43

8,980

Jefferson

County

School

District

No.

Northwest

General

Obligation

Unlimited

2,115

5.250 03/01/39

2,341

Jefferson

County

School

District

No.

Northwest

General

Obligation

Unlimited

1,500

5.250 03/01/41

1,644

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

586

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/46

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

4.325 08/15/47

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

4.825 08/15/47

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

620

4.375 03/15/30

589

Metropolitan

Sewer

District

Revenue

Bonds

6,150

5.000 05/01/47

6,270

Missouri

Housing

Development

Commission

Revenue

Bonds

4,700

5.750 05/01/56

5,102

Missouri

Southern

State

University

Revenue

Bonds

3.000 10/01/26

Missouri

Southern

State

University

Revenue

Bonds

4.000 10/01/31

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,165

5.000 02/01/31

1,239

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 11/15/35

3,405

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 08/01/36

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 02/15/37

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 02/15/38

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 06/01/39

1,043

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 08/01/41

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

700

5.250 02/01/44

717

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 02/15/44

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

670

4.000 05/01/51

673

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 05/01/52

5,263

North

Kansas

City

School

District

No.

General

Obligation

Unlimited

4,000

5.250 03/01/39

4,479

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

3.000 05/01/26

St.

Charles

County

School

District

No.

R-IV

Wentzville

General

Obligation

Unlimited

10,000

1.875 03/01/39

7,179

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

2,000

5.000 10/01/45

2,049

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000 03/01/38

1,170

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000 03/01/39

1,165

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000 03/01/41

1,041

74,042

Montana

-

0.2%

City

of

Forsyth

Revenue

Bonds

5,370

3.875 07/01/28

5,450

City

of

Forsyth

Revenue

Bonds

(~)(Ê)

2,035

3.900 03/01/31

2,035

City

of

Kalispell

Revenue

Bonds

2,100

4.625 05/15/31

1,056

County

of

Gallatin

Revenue

Bonds

(Þ)

2,420

4.000 10/15/32

2,199

County

of

Gallatin

Revenue

Bonds

(Þ)

4.000 10/15/36

County

of

Gallatin

Revenue

Bonds

(Þ)

655

4.000 10/15/41

Montana

Board

of

Housing

Revenue

Bonds

(~)(ae)(Ê)

3.320 07/01/46

Montana

Board

of

Housing

Revenue

Bonds

1,170

5.750 06/01/55

1,266

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

5.000 06/01/33

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,000

5.000 06/01/34

1,034

14,625

Nebraska

-

0.3%

Central

Plains

Energy

Project

Revenue

Bonds

(~)(Ê)

3,000

5.000 08/01/55

1,620

Nebraska

State

Highway

Commission

Revenue

Bonds

1,100

4.000 06/15/41

1,124

Nebraska

State

Highway

Commission

Revenue

Bonds

4.000 06/15/42

Omaha

Public

Power

District

Nebraska

City

Station

Unit

Revenue

Bonds

4,250

5.250 02/01/42

4,255

Omaha

Public

Power

District

Nebraska

City

Station

Unit

Revenue

Bonds

7,130

5.000 02/01/46

7,155

Omaha

School

District

General

Obligation

Unlimited

1,850

1.750 12/15/35

1,457

16,001

Nevada

-

0.9%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

2.750 06/01/33

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

515

2.750 06/01/36

City

of

Las

Vegas

Special

Improvement

District

No.

818

Special

Assessment

1,870

5.000 12/01/44

1,878

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

587

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Clark

County

School

District

General

Obligation

Limited

1,255

5.000 06/15/30

1,322

Clark

County

School

District

General

Obligation

Limited

(µ)

5.000 06/15/33

Clark

County

School

District

General

Obligation

Limited

(µ)

5.000 06/15/34

Clark

County

School

District

General

Obligation

Limited

3,500

4.000 06/15/42

3,435

Clark

County

School

District

General

Obligation

Limited

2,500

4.000 06/15/44

2,405

County

of

Clark

Department

of

Aviation

Revenue

Bonds

5,270

5.000 07/01/26

5,349

County

of

Clark

Department

of

Aviation

Revenue

Bonds

1,025

5.000 07/01/36

1,137

County

of

Clark

General

Obligation

Limited

2,555

5.000 06/01/33

2,683

County

of

Clark

General

Obligation

Limited

6,620

3.000 11/01/33

6,471

County

of

Clark

General

Obligation

Limited

4,500

4.000 07/01/39

4,500

County

of

Humboldt

Revenue

Bonds

1,155

3.550 10/01/29

1,168

County

of

Washoe

Revenue

Bonds

(~)(ae)(Ê)

1,155

3.625 03/01/36

1,166

Henderson

Local

Improvement

Districts

Special

Assessment

3.000 09/01/36

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

5.000 07/01/26

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

1,750

5.000 07/01/37

1,832

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

5,365

5.000 07/01/43

5,509

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

3,650

4.000 07/01/49

3,325

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

(Þ)

4.500 12/15/29

Nevada

Housing

Division

Revenue

Bonds

(~)(ae)(Ê)

600

5.000 07/01/28

Reno-Tahoe

Airport

Authority

Revenue

Bonds

5.000 07/01/39

Reno-Tahoe

Airport

Authority

Revenue

Bonds

600

5.000 07/01/41

645

Reno-Tahoe

Airport

Authority

Revenue

Bonds

650

5.000 07/01/42

692

Reno-Tahoe

Airport

Authority

Revenue

Bonds

690

5.000 07/01/43

730

Reno-Tahoe

Airport

Authority

Revenue

Bonds

670

5.000 07/01/44

705

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

5.000 07/15/27

State

of

Nevada

Highway

Improvement

Revenue

Bonds

2,850

3.000 12/01/39

2,620

State

of

Nevada

Highway

Improvement

Revenue

Bonds

1,000

3.000 12/01/41

880

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

845

5.000 07/01/33

885

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/40

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000 07/01/37

1,616

53,921

New

Hampshire

-

1.3%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4.875 12/01/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,664

3.625 08/20/39

5,418

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,923

4.180 11/20/39

8,948

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000 01/01/41

709

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,263

4.168 01/20/41

5,244

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,926

4.250 07/20/41

3,914

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

18,369

4.086 11/20/42

18,055

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,805

5.250 07/01/44

1,869

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,765

5.250 07/01/49

3,809

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,436

4.034 10/01/51

8,304

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,945

5.000 08/01/32

2,020

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000 08/01/33

1,797

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,740

5.000 08/01/35

1,804

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,920

5.000 08/01/37

1,986

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000 08/01/38

1,069

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

(~)

(ae)(Ê)

3,200

3.300 06/01/40

1,606

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,000

5.000 08/01/40

1,026

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

1,610

6.250 01/01/55

1,749

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

588

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

6,095

6.500 01/01/56

6,899

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

5,300

6.500 07/01/56

6,034

82,537

New

Jersey

-

2.5%

Atlantic

City

General

Obligation

Unlimited

(µ)

5.000 03/01/26

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000 03/01/32

771

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

4.000 08/01/33

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

4.000 08/01/34

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

(~)(Ê)

950

5.000 03/01/27

954

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

6.000 06/15/42

City

of

Bayonne

General

Obligation

Unlimited

(µ)(ae)

1,500

5.000 07/01/33

1,524

City

of

Bayonne

General

Obligation

Unlimited

(µ)(ae)

1,865

5.000 07/01/34

1,894

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

2,300

5.750 10/15/48

1,303

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

2,000

5.750 10/15/55

1,114

New

Jersey

Building

Authority

Revenue

Bonds

(µ)(ae)

580

5.000 06/15/28

589

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250 07/01/26

523

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000 07/01/27

803

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000 07/01/28

2,057

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

1,000

5.500 06/15/30

1,032

New

Jersey

Economic

Development

Authority

Revenue

Bonds

3.000 06/01/32

New

Jersey

Economic

Development

Authority

Revenue

Bonds

665

5.000 06/01/32

683

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000 06/15/36

5,140

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.250 06/15/36

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000 06/15/37

1,034

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.250 06/15/37

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.250 06/15/38

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.250 06/15/39

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

900

5.000 06/15/41

924

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/46

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,800

5.000 07/01/33

3,940

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000 07/01/33

2,012

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

9,400

5.000 07/01/64

8,027

New

Jersey

General

Obligation

Unlimited

5,425

4.000 06/01/31

5,812

New

Jersey

General

Obligation

Unlimited

1,090

5.000 06/01/40

1,171

New

Jersey

General

Obligation

Unlimited

7,500

5.000 06/01/41

7,989

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(ae)

5.000 07/01/29

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,700

5.000 07/01/29

1,757

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(ae)

5.000 07/01/30

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 07/01/31

1,010

New

Jersey

Housing

and

Mortgage

Finance

Agency

Revenue

Bonds

540

0.900 11/01/25

New

Jersey

Housing

and

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950 10/01/26

1,898

New

Jersey

Housing

and

Mortgage

Finance

Agency

Revenue

Bonds

3,250

3.375 11/01/27

3,260

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/25

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,095

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,100

Zero

coupon

12/15/26

2,030

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000 06/15/29

2,361

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,465

Zero

coupon

12/15/29

1,296

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,600

5.000 06/15/30

5,668

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

589

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000 06/15/31

743

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/31

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,250

4.000 12/15/31

1,289

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,945

Zero

coupon

12/15/32

1,540

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000 12/15/33

1,235

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,225

5.000 12/15/34

2,344

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,200

Zero

coupon

12/15/35

3,615

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

5.000 12/15/35

829

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

Zero

coupon

12/15/36

9,834

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000 12/15/36

1,052

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

26,955

Zero

coupon

12/15/37

17,017

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,050

5.000 06/15/38

5,679

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

Zero

coupon

12/15/38

3,002

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250 12/15/38

693

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250 06/15/39

2,240

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000 06/15/41

3,284

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.250 06/15/41

1,113

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000 06/15/42

1,011

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,755

5.000 01/01/27

3,840

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,000

5.000 01/01/42

3,259

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,250

5.000 01/01/44

3,484

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

670

5.250 07/01/43

687

Randolph

Township

School

District

General

Obligation

Unlimited

990

1.000 08/01/26

Randolph

Township

School

District

General

Obligation

Unlimited

1,470

1.000 08/01/27

709

Randolph

Township

School

District

General

Obligation

Unlimited

1,600

1.000 08/01/28

759

Randolph

Township

School

District

General

Obligation

Unlimited

1,330

1.000 08/01/29

620

Randolph

Township

School

District

General

Obligation

Unlimited

3,450

1.000 08/01/30

1,578

Randolph

Township

School

District

General

Obligation

Unlimited

3,570

1.000 08/01/31

1,601

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000 11/01/39

1,094

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

4,000

4.000 11/01/40

4,051

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,825

5.000 06/01/46

2,759

156,129

New

Mexico

-

0.3%

City

of

Farmington

Revenue

Bonds

1,200

1.800 04/01/29

1,108

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

8,305

3.875 06/01/40

8,433

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.900 06/01/40

1,389

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

4.700 09/01/49

502

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

3,620

3.000 07/01/52

3,546

Santa

Fe

Public

School

District

General

Obligation

Unlimited

1,000

5.000 08/01/27

1,039

16,017

New

York

-

7.9%

Albany

Capital

Resource

Corp.

Revenue

Bonds

680

4.000 06/01/29

646

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

500

5.250 04/01/39

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

750

5.250 04/01/54

768

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,845

5.000 07/15/42

1,845

Buffalo

and

Erie

County

Industrial

Land

Development

Corp.

Revenue

Bonds

1,330

5.500 05/01/35

710

Buffalo

and

Erie

County

Industrial

Land

Development

Corp.

Revenue

Bonds

4,500

6.250 05/01/45

2,397

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

590

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/29

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/31

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/32

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/32

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 08/01/32

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/33

Build

NYC

Resource

Corp.

Revenue

Bonds

550

5.000 07/01/35

586

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/36

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000 07/01/37

604

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/39

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500 06/15/43

631

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/44

Chautauqua

County

Capital

Resource

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,545

4.250 04/01/42

1,581

City

of

New

York

General

Obligation

Unlimited

1,850

5.000 09/01/26

1,885

City

of

New

York

General

Obligation

Unlimited

5.000 06/01/34

City

of

New

York

General

Obligation

Unlimited

(µ)

2,500

3.000 08/01/36

2,289

City

of

New

York

General

Obligation

Unlimited

2,500

5.250 05/01/38

2,799

City

of

New

York

General

Obligation

Unlimited

2,000

5.250 05/01/39

2,228

City

of

New

York

General

Obligation

Unlimited

5.000 03/01/44

City

of

New

York

General

Obligation

Unlimited

(µ)

3,000

5.000 09/01/44

3,191

City

of

New

York

General

Obligation

Unlimited

2,390

5.250 02/01/45

2,612

City

of

New

York

General

Obligation

Unlimited

3,215

5.250 03/01/47

3,445

City

of

New

York

General

Obligation

Unlimited

(µ)

2,785

5.000 09/01/47

2,918

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 07/01/37

517

County

of

Nassau

General

Obligation

Limited

(µ)

2,525

5.000 04/01/38

2,763

Empire

State

Development

Corp.

Revenue

Bonds

1,000

4.000 03/15/39

1,015

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

650

5.000 12/01/29

692

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000 02/15/39

5,389

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000 02/15/44

9,630

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,000

5.000 02/15/45

5,068

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)

2,625

4.000 02/15/47

2,448

Long

Island

Power

Authority

Revenue

Bonds

750

5.000 09/01/33

775

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000 09/01/34

1,033

Long

Island

Power

Authority

Revenue

Bonds

2,000

5.000 09/01/47

2,017

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,555

3.000 09/01/49

5,571

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,350

5.000 09/01/52

3,434

Mahopac

Central

School

District

General

Obligation

Unlimited

1,755

1.800 06/01/36

1,428

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Special

Tax

4,910

5.000 11/15/49

2,569

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

1,220

3.461 11/01/26

1,215

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/27

Metropolitan

Transportation

Authority

Revenue

Bonds

1,315

5.000 11/15/28

1,382

Metropolitan

Transportation

Authority

Revenue

Bonds

5.250 11/15/28

Metropolitan

Transportation

Authority

Revenue

Bonds

1,645

5.000 11/15/29

1,713

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000 11/15/30

608

Metropolitan

Transportation

Authority

Revenue

Bonds

5.250 11/15/31

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/32

Metropolitan

Transportation

Authority

Revenue

Bonds

2,800

Zero

coupon

11/15/33

2,165

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/34

Metropolitan

Transportation

Authority

Revenue

Bonds

3,215

5.000 11/15/39

3,533

Metropolitan

Transportation

Authority

Revenue

Bonds

810

4.000 11/15/43

778

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

591

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,450

5.000 11/15/44

1,477

Metropolitan

Transportation

Authority

Revenue

Bonds

6,075

4.000 11/15/45

5,668

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000 11/15/45

2,669

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000 11/15/46

2,361

Metropolitan

Transportation

Authority

Revenue

Bonds

2,375

5.000 11/15/47

2,477

Metropolitan

Transportation

Authority

Revenue

Bonds

4,625

5.250 11/15/49

4,901

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

69,710

3.900 11/15/50

34,855

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

Bonds

750

4.000 07/01/33

748

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2,070

2.400 08/01/40

1,613

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,895

3.400 11/01/62

5,884

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,400

3.400 11/01/64

2,411

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(Ê)

5,275

3.750 05/01/65

5,322

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3.000 03/01/36

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3,435

2.500 03/01/37

2,904

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3.000 01/01/39

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3.000 03/01/40

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

4.000 03/01/45

New

York

City

Industrial

Development

Agency

Revenue

Bonds

1,075

4.000 03/01/45

974

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,050

4.000 06/15/40

5,048

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,800

5.000 06/15/40

1,865

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

7,500

5.000 06/15/46

8,010

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

8,205

5.000 06/15/48

8,576

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

5,000

5.000 07/15/32

5,022

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

5,360

5.000 07/15/36

3,132

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,760

5.000 07/15/43

2,772

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000 02/01/38

2,289

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000 08/01/42

2,328

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

500

4.000 05/01/43

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

4.000 05/01/45

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5,000

5.000 08/01/45

5,077

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,215

5.000 11/01/28

1,301

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/32

1,144

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

2,030

5.000 11/01/38

1,148

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.500 05/01/40

1,146

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

5,000

5.000 11/01/42

5,436

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

4,630

5.250 11/01/45

5,030

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

2,150

5.000 11/01/46

2,273

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

16,985

5.250 05/01/48

12,711

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

4,000

5.500 11/01/49

4,373

New

York

City

Water

and

Sewer

System

Revenue

Bonds

(~)(Ê)

1,870

3.900 06/15/50

935

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

6,985

Zero

coupon

11/15/40

3,503

New

York

Energy

Finance

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

9,500

5.000 07/01/56

10,213

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,490

5.150 11/15/34

1,491

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

750

5.375 11/15/40

750

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750 11/15/41

11,206

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000 02/15/43

6,390

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

7,160

5.000 11/15/44

7,147

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

675

7.250 11/15/44

676

New

York

Power

Authority

Revenue

Bonds

(µ)

1,000

5.000 11/15/38

1,133

New

York

Power

Authority

Revenue

Bonds

(µ)

5.250 11/15/39

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

592

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

Power

Authority

Revenue

Bonds

(µ)

5.250 11/15/40

514

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000 03/15/26

1,325

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/27

New

York

State

Dormitory

Authority

Revenue

Bonds

2,015

5.000 03/15/30

2,050

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/31

New

York

State

Dormitory

Authority

Revenue

Bonds

2,620

3.450 11/15/31

1,308

New

York

State

Dormitory

Authority

Revenue

Bonds

2,630

5.000 03/15/32

1,502

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/32

New

York

State

Dormitory

Authority

Revenue

Bonds

4,800

5.000 10/01/32

4,987

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000 07/01/33

1,539

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/34

New

York

State

Dormitory

Authority

Revenue

Bonds

2,825

3.250 03/15/35

2,794

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/35

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/35

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

4.000 03/15/37

4,899

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

5.000 10/01/37

2,143

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000 03/15/38

508

New

York

State

Dormitory

Authority

Revenue

Bonds

4,500

4.000 03/15/38

2,320

New

York

State

Dormitory

Authority

Revenue

Bonds

3,655

5.000 07/01/38

3,703

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/38

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000 03/15/39

1,023

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000 03/15/39

5,066

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.250 05/01/39

536

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

3,000

5.000 07/01/39

3,311

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/39

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/40

New

York

State

Dormitory

Authority

Revenue

Bonds

7,285

5.000 02/15/40

7,517

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000 03/15/40

1,082

New

York

State

Dormitory

Authority

Revenue

Bonds

5.250 05/01/40

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/40

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,360

5.000 07/01/40

1,478

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/40

New

York

State

Dormitory

Authority

Revenue

Bonds

3,860

3.000 03/15/41

3,408

New

York

State

Dormitory

Authority

Revenue

Bonds

1,685

4.000 03/15/41

1,692

New

York

State

Dormitory

Authority

Revenue

Bonds

1,300

5.000 03/15/41

1,352

New

York

State

Dormitory

Authority

Revenue

Bonds

1,250

5.250 05/01/41

661

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/41

New

York

State

Dormitory

Authority

Revenue

Bonds

5,750

5.000 03/15/42

6,009

New

York

State

Dormitory

Authority

Revenue

Bonds

1,050

5.250 05/01/42

551

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

2,000

5.250 07/01/42

1,646

New

York

State

Dormitory

Authority

Revenue

Bonds

4,200

4.000 03/15/43

2,072

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,000

5.250 07/01/43

545

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,000

5.250 10/01/43

1,083

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,000

5.250 07/01/44

542

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000 03/15/45

965

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

593

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,200

5.250 07/01/45

646

New

York

State

Dormitory

Authority

Revenue

Bonds

5,250

4.000 03/15/47

4,945

New

York

State

Dormitory

Authority

Revenue

Bonds

12,000

5.000 03/15/48

12,670

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,655

5.000 05/01/48

2,658

New

York

State

Dormitory

Authority

Revenue

Bonds

7,100

5.250 03/15/49

7,556

New

York

State

Energy

Research

and

Development

Authority

Revenue

Bonds

2,900

4.000 04/01/34

2,935

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

4,100

5.000 06/15/33

4,158

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

2,730

3.350 06/15/54

1,887

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,750

3.450 06/15/54

1,385

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1.100 11/01/61

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

2,355

3.100 05/01/62

2,344

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.850 05/01/62

4,502

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.600 11/01/64

3,005

New

York

State

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,550

2.000 10/01/31

1,411

New

York

State

Thruway

Authority

Revenue

Bonds

4,700

4.000 03/15/43

4,616

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,000

5.000 03/15/41

5,519

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,000

5.000 12/01/28

1,057

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000 12/01/31

5,136

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,235

5.000 12/01/32

1,347

New

York

Transportation

Development

Corp.

Revenue

Bonds

950

5.000 12/01/34

1,032

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000 12/01/35

541

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000 12/01/36

539

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,850

5.000 12/01/37

3,059

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/32

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/33

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/35

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/36

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/39

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/40

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

640

4.000 12/01/49

573

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

1,000

6.000 09/01/43

1,066

Onondaga

Civic

Development

Corp.

Revenue

Bonds

1,000

5.000 12/01/39

1,131

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.000 12/01/40

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000 07/01/35

641

Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

1,000

5.000 08/01/39

1,112

Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

4,000

5.000 01/15/40

2,252

Port

Authority

of

New

York

and

New

Jersey

Revenue

Bonds

1,000

5.000 08/01/40

1,104

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

4.000 06/01/50

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

8,400

5.000 03/15/27

8,669

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

5,000

5.000 02/01/28

5,272

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,000

4.000 11/15/38

2,068

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

1,000

5.000 11/15/38

1,001

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,300

4.000 11/15/39

2,356

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

5,000

5.000 11/15/41

5,502

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,180

5.000 11/15/43

2,377

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000 05/15/45

6,225

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

900

5.000 11/15/47

907

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

1,150

5.000 12/01/50

1,202

TSASC,

Inc.

Revenue

Bonds

2,500

5.000 06/01/29

2,550

Utility

Debt

Securitization

Authority

Revenue

Bonds

1,000

5.000 12/15/33

1,002

Utility

Debt

Securitization

Authority

Revenue

Bonds

2,935

5.000 12/15/41

3,277

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

594

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 01/01/32

507

Westchester

County

Local

Development

Corp.

Revenue

Bonds

525

5.000 01/01/37

545

Westchester

County

Local

Development

Corp.

Revenue

Bonds

800

5.000 07/01/38

848

489,391

North

Carolina

-

1.1%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 01/15/49

558

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 01/15/50

1,062

City

of

Charlotte

Airport

Revenue

Bonds

2,000

5.000 07/01/39

1,127

City

of

Charlotte

Airport

Revenue

Bonds

3,900

5.000 07/01/40

2,959

City

of

Charlotte

Airport

Revenue

Bonds

3,865

5.000 07/01/41

2,895

City

of

Charlotte

Airport

Revenue

Bonds

2,500

5.000 07/01/42

1,372

City

of

Charlotte

Airport

Revenue

Bonds

2,300

5.000 07/01/43

2,504

City

of

Charlotte

Airport

Revenue

Bonds

500

5.000 07/01/47

506

City

of

Charlotte

Airport

Revenue

Bonds

1,310

5.000 07/01/48

1,376

County

of

Alamance

General

Obligation

Unlimited

2,555

2.000 05/01/35

2,183

County

of

Gaston

General

Obligation

Unlimited

2,500

5.000 03/01/39

2,865

Nash

Health

Care

Systems

Revenue

Bonds

2,270

5.500 02/01/43

2,507

Nash

Health

Care

Systems

Revenue

Bonds

1,990

5.500 02/01/44

1,090

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

500

5.000 10/01/44

506

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

795

5.000 04/01/29

834

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

3,480

4.350 01/01/44

1,750

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,000

4.550 07/01/44

1,007

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

755

4.000 01/01/50

758

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

5,135

5.500 01/01/54

5,494

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,475

6.250 01/01/55

2,756

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,695

6.250 07/01/55

1,861

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,000

6.250 01/01/56

2,248

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

6,575

3.200 07/01/56

6,576

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 01/01/26

North

Carolina

Medical

Care

Commission

Revenue

Bonds

565

5.000 01/01/27

567

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 03/01/27

North

Carolina

Medical

Care

Commission

Revenue

Bonds

790

5.000 01/01/28

794

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 03/01/28

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.250 09/01/28

North

Carolina

Medical

Care

Commission

Revenue

Bonds

680

3.900 01/01/29

680

North

Carolina

Medical

Care

Commission

Revenue

Bonds

560

5.000 01/01/29

565

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/29

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000 01/01/30

658

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/30

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

5.000 10/01/30

707

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000 01/01/31

625

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/31

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,450

4.000 09/01/34

1,480

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/36

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000 01/01/38

505

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,500

5.000 06/01/38

1,695

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 09/01/41

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,800

5.000 06/01/42

3,049

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.375 10/01/45

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(~)(Ê)

4,030

5.000 06/01/55

3,759

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/28

1,036

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

595

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000 01/01/28

1,340

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

5.000 01/01/35

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

3,495

5.000 01/01/49

3,553

69,264

North

Dakota

-

0.2%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

800

4.000 12/01/35

792

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

675

4.000 12/01/37

675

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000 12/01/37

613

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

5.000 12/01/39

522

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,795

4.000 12/01/41

1,715

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

5.000 12/01/41

538

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000 12/01/43

577

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000 12/01/48

1,020

City

of

Horace

General

Obligation

Unlimited

3.000 05/01/41

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

1,500

5.000 07/01/42

1,574

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

990

6.250 01/01/55

1,104

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

2,250

6.000 07/01/55

2,502

Williston

Parks

and

Recreation

District

Revenue

Bonds

(µ)

3,160

4.750 12/01/50

1,588

13,335

Ohio

-

1.0%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

700

4.000 11/15/37

749

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

4.000 11/15/38

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

5.000 06/01/34

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

5.000 06/01/35

1,045

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

4.000 06/01/39

962

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000 04/01/33

4,752

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

1,000

4.375 12/01/30

510

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

1,500

5.000 12/01/35

814

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

2,500

5.000 12/01/41

1,554

City

of

Upper

Arlington

General

Obligation

Limited

610

5.250 12/01/36

611

City

of

Upper

Arlington

General

Obligation

Limited

500

5.750 12/01/40

501

Columbus

Regional

Airport

Authority

Revenue

Bonds

2,500

5.250 01/01/55

2,653

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

7.000 07/01/53

County

of

Allen

Hospital

Facilities

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 10/01/49

1,344

County

of

Franklin

Revenue

Bonds

700

5.000 07/01/35

751

County

of

Franklin

Revenue

Bonds

800

5.000 07/01/36

853

County

of

Franklin

Revenue

Bonds

575

4.000 07/01/40

517

County

of

Franklin

Revenue

Bonds

580

5.250 11/15/40

564

County

of

Lucas

Hospital

Revenue

Bonds

1,000

5.250 11/15/48

981

County

of

Miami

Revenue

Bonds

1,940

5.000 08/01/49

1,948

County

of

Montgomery

Revenue

Bonds

2,000

5.250 09/01/54

1,016

County

of

Warren

Hospital

Facilities

Revenue

Bonds

680

5.000 05/15/34

Cuyahoga

County

Hospital

Revenue

Bonds

1,000

5.500 02/15/52

1,001

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

2.000 12/01/31

Euclid

City

School

District

General

Obligation

Unlimited

3,925

5.250 01/15/44

3,939

Forest

Hills

Local

School

District

General

Obligation

Unlimited

4,125

5.000 12/01/44

4,131

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/47

1,088

Northeast

Ohio

Medical

University

Revenue

Bonds

4.000 12/01/35

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

1,000

2.875 02/01/26

997

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

4,500

3.200 05/01/26

4,495

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,360

4.000 09/01/30

2,403

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

596

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000 01/01/34

5,053

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000 07/01/31

536

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000 07/01/33

772

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 07/01/34

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 01/15/35

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

695

4.000 07/01/36

704

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 01/15/37

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000 07/01/37

603

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.750 09/01/37

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,460

5.000 05/01/39

783

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/42

Ohio

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

600

3.400 07/01/42

Ohio

Housing

Finance

Agency

Revenue

Bonds

2,785

6.250 03/01/56

3,070

Ohio

Housing

Finance

Agency

Revenue

Bonds

1,585

6.500 03/01/56

1,806

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

3.750 12/01/31

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.375 06/15/56

State

of

Ohio

Revenue

Bonds

2,200

4.000 01/15/38

2,212

State

of

Ohio

Revenue

Bonds

(Þ)

5.000 12/01/38

State

of

Ohio

Revenue

Bonds

(~)(ae)(Ê)

1,435

2.750 01/01/52

1,428

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,605

5.000 07/01/29

1,606

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/38

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/41

63,179

Oklahoma

-

0.5%

Broken

Arrow

Economic

Development

Authority

Tax

Allocation

1,300

6.625 06/01/45

660

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000 09/01/31

3,792

City

of

Tulsa

General

Obligation

Unlimited

2,800

2.000 11/01/28

2,663

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

775

5.000 07/01/26

787

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

750

5.000 07/01/27

779

Oklahoma

County

Finance

Authority

Revenue

Bonds

550

5.000 09/01/32

Oklahoma

County

Finance

Authority

Revenue

Bonds

1,100

5.000 09/01/35

582

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000 08/15/28

2,002

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250 08/15/43

3,022

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

4,975

6.500 03/01/56

5,620

Oklahoma

Turnpike

Authority

Revenue

Bonds

1,175

5.000 01/01/39

1,338

Oklahoma

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/40

1,121

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.500 01/01/53

2,134

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/26

508

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/27

518

Tulsa

County

Home

Finance

Authority

Revenue

Bonds

2,000

5.750 01/01/56

2,195

Wagoner

County

Development

Authority/OK

Revenue

Bonds

700

6.500 05/01/35

28,364

Oregon

-

0.5%

City

of

Forest

Grove

Revenue

Bonds

500

5.000 05/01/33

City

of

Portland

Sewer

System

Revenue

Bonds

1,500

5.000 10/01/41

1,672

City

of

Portland

Sewer

System

Revenue

Bonds

5.000 10/01/42

City

of

Portland

Sewer

System

Revenue

Bonds

1,125

5.000 10/01/43

1,231

City

of

Portland

Sewer

System

Revenue

Bonds

2,000

5.000 12/01/47

2,112

Mount

Hood

Community

College

District

General

Obligation

Unlimited

5,755

5.000 06/15/38

6,625

Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/28

Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/29

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

597

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/35

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000 10/01/36

751

Salem

Hospital

Facility

Authority

Revenue

Bonds

5.000 05/15/26

Salem

Hospital

Facility

Authority

Revenue

Bonds

1,530

4.000 05/15/41

1,429

State

of

Oregon

General

Obligation

Unlimited

1,220

5.000 05/01/26

1,234

State

of

Oregon

General

Obligation

Unlimited

1.250 08/01/27

State

of

Oregon

General

Obligation

Unlimited

1.375 08/01/28

State

of

Oregon

General

Obligation

Unlimited

1.500 08/01/29

State

of

Oregon

General

Obligation

Unlimited

3,250

5.000 05/01/39

3,708

State

of

Oregon

General

Obligation

Unlimited

2,000

5.000 05/01/40

2,259

State

of

Oregon

General

Obligation

Unlimited

2,000

5.250 06/01/42

2,278

State

of

Oregon

General

Obligation

Unlimited

1,750

5.250 06/01/43

1,974

State

of

Oregon

General

Obligation

Unlimited

4.250 06/01/49

State

of

Oregon

Housing

and

Community

Services

Department

Revenue

Bonds

2,345

6.500 07/01/54

2,594

Tualatin

Valley

Water

District

Revenue

Bonds

2,345

5.000 06/01/41

2,601

Washington

Clackamas

and

Yamhill

Counties

School

District

No.

88J

General

Obligation

Unlimited

2,900

Zero

coupon

06/15/42

1,315

33,573

Pennsylvania

-

3.4%

Adams

County

General

Authority

Revenue

Bonds

500

3.600 06/01/29

504

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/34

539

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/39

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/44

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000 10/15/26

806

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000 10/15/27

854

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000 10/15/28

890

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(~)(ae)(Ê)

750

3.307 02/01/33

743

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250 09/01/33

707

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

5.125 05/01/30

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000 06/01/35

1,023

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,600

5.000 02/01/32

2,764

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000 05/01/27

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

520

5.000 05/01/27

528

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

725

5.000 05/01/32

736

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

6,600

5.000 05/01/42

6,629

Bethel

Park

School

District

General

Obligation

Limited

2,590

5.000 08/01/42

1,413

Borough

of

Punxsutawney

PA

General

Obligation

Limited

(µ)

2,000

5.250 12/01/55

1,020

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/26

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/27

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/28

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/29

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/30

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/30

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/31

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/32

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000 07/01/33

653

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000 07/01/34

572

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/35

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000 07/01/36

674

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

598

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000 07/01/37

1,408

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000 07/01/38

1,447

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000 07/01/39

1,501

Butler

County

General

Authority

Revenue

Bonds

(~)(µ)(Ê)

14,725

3.545 10/01/34

13,776

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

2,380

5.000 04/01/34

2,482

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3,300

5.000 10/15/32

3,365

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.125 10/15/37

979

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000 12/01/37

1,355

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000 12/01/38

1,528

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,080

4.250 10/01/44

969

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

4.375 03/01/28

Chester

County

School

Authority

Revenue

Bonds

1,000

5.000 04/01/44

524

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

4.000 05/01/36

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

4.000 05/01/41

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000 11/15/38

978

City

of

York

General

Obligation

Unlimited

955

5.000 11/15/26

965

City

of

York

General

Obligation

Unlimited

1,755

5.000 11/15/27

1,792

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

5.000 12/01/26

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

5.000 12/01/27

Coatesville

School

District

General

Obligation

Limited

(µ)

12,940

5.250 11/15/37

13,977

Coatesville

School

District

General

Obligation

Limited

5,880

5.250 11/15/42

3,176

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

10,075

4.000 06/01/39

10,003

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

5,705

3.500 03/01/31

5,768

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

4,400

4.000 08/15/44

2,135

Conrad

Weiser

Area

School

District

General

Obligation

Limited

(µ)

1,680

4.000 09/01/34

1,716

County

of

Allegheny

General

Obligation

Unlimited

2,205

5.000 11/01/41

2,228

County

of

Luzerne

General

Obligation

Unlimited

(µ)

500

5.000 12/15/27

522

Cumberland

County

Municipal

Authority

Revenue

Bonds

940

5.000 01/01/38

940

Cumberland

Valley

School

District

General

Obligation

Limited

(µ)

1,000

5.000 11/15/47

1,036

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

5.000 07/01/31

507

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

3,000

5.000 06/01/34

3,443

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

4.000 06/01/44

Haverford

Township

School

District

General

Obligation

Limited

900

5.000 03/15/43

967

Haverford

Township

School

District

General

Obligation

Limited

750

5.000 03/15/44

798

Indiana

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

650

5.000 05/01/27

668

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000 10/01/37

2,325

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

4.000 12/01/35

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

1,200

5.000 05/01/44

1,207

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

5.000 12/01/45

Latrobe

Industrial

Development

Authority

Revenue

Bonds

5.000 03/01/30

Lehigh

County

Industrial

Development

Authority

Revenue

Bonds

8,240

3.000 09/01/29

8,314

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

Revenue

Bonds

650

5.250 07/01/44

637

Monroe

County

Industrial

Development

Authority

Tax

Allocation

5.000 07/01/31

Monroe

County

Industrial

Development

Authority

Tax

Allocation

810

5.000 07/01/33

828

Montgomery

County

Higher

Education

and

Health

Authority

Revenue

Bonds

4.000 09/01/38

Montgomery

County

Higher

Education

and

Health

Authority

Revenue

Bonds

1,000

4.000 09/01/39

975

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100 06/01/29

1,698

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

4.000 10/01/36

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,500

5.000 11/15/36

1,510

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

4.000 10/01/41

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

599

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,220

5.000 11/15/42

629

Northampton

County

General

Purpose

Authority

Revenue

Bonds

5.000 10/01/31

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4,200

5.000 08/15/34

4,690

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,820

0.950 12/01/33

1,767

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 04/15/36

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 10/15/37

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,300

5.000 07/01/38

2,406

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000 04/01/39

1,350

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 07/01/41

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000 08/15/34

576

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

900

5.000 08/15/35

1,040

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

25,000

3.900 11/01/61

12,500

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

1,000

4.900 06/01/41

1,079

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3,185

3.000 10/01/51

3,100

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

2,361

5.750 10/01/53

2,502

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

965

6.000 10/01/54

1,044

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

4,810

5.250 12/01/44

5,015

Pennsylvania

Turnpike

Commission

Registration

Fee

Revenue

Bonds

(~)(ae)(Ê)

3.220 07/15/41

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/36

804

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/38

801

Pennsylvania

Turnpike

Commission

Revenue

Bonds

800

5.250 06/01/47

812

Pennsylvania

Turnpike

Commission

Revenue

Bonds

2,785

5.250 12/01/47

2,989

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

660

5.000 06/15/27

668

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/28

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

825

4.500 06/15/29

833

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/29

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(µ)

510

5.000 12/01/29

525

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/30

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 08/01/30

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 06/15/32

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/33

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250 11/01/52

517

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

3,640

5.500 07/01/53

1,978

Philadelphia

Housing

Authority

Revenue

Bonds

3,670

5.250 03/01/39

4,177

Philadelphia

Housing

Authority

Revenue

Bonds

3,000

5.250 03/01/40

3,383

Philadelphia

Housing

Authority

Revenue

Bonds

4,000

5.250 03/01/41

4,477

Philadelphia

Housing

Authority

Revenue

Bonds

6,000

5.000 03/01/43

6,432

Pittsburgh

School

District

General

Obligation

Limited

(µ)

3,000

3.000 09/01/40

2,567

Pittsburgh

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

500

4.000 09/01/34

516

Pittsburgh

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

5.000 09/01/35

Pittsburgh

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

715

5.000 09/01/36

762

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000 03/01/36

734

Redevelopment

Authority

of

the

City

of

Philadelphia

Revenue

Bonds

1,450

5.000 09/01/43

764

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)

5.000 09/01/27

Scranton

School

District

General

Obligation

Limited

(µ)

5.000 06/01/32

513

Scranton

School

District

General

Obligation

Limited

(µ)

5.000 12/01/33

Scranton

School

District

General

Obligation

Limited

(µ)

575

5.000 06/01/34

601

Scranton

School

District

General

Obligation

Limited

(µ)

560

5.000 06/01/36

584

Tulpehocken

Area

School

District

General

Obligation

Limited

(µ)

3,490

5.250 10/01/45

3,683

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000 04/01/28

1,015

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000 04/01/30

3,058

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

600

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

700

5.000 07/01/28

723

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/30

Wilkes-Barre

Finance

Authority

Revenue

Bonds

4.000 03/01/42

210,264

Puerto

Rico

-

3.1%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

19,341

5.625 07/01/27

19,844

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625 07/01/29

1,465

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750 07/01/31

2,224

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,805

Zero

coupon

07/01/33

3,433

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000 07/01/33

4,618

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000 07/01/35

1,126

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000 07/01/41

1,007

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,730

4.000 07/01/46

1,501

HTA

CL

Trust

Revenue

Bonds

5.250 07/01/38

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,840

5.000 07/01/28

1,908

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

775

5.000 07/01/30

804

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

5,460

5.000 07/01/33

5,755

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

8,700

5.000 07/01/35

9,092

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

4,655

5.000 07/01/37

4,875

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,290

4.000 07/01/42

1,192

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

10,400

5.000 07/01/47

10,173

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,420

3.359 07/01/29

5,812

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

4.375 07/01/30

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

5.000 07/01/32

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

4.000 07/01/37

Puerto

Rico

Municipal

Finance

Agency

Revenue

Bonds

(µ)

850

5.000 08/01/27

850

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

3,049

Zero

coupon

07/01/27

2,883

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,441

Zero

coupon

07/01/29

3,916

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

13,003

Zero

coupon

07/01/31

10,615

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,700

Zero

coupon

07/01/33

1,275

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

17,834

4.500 07/01/34

17,822

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

66,630

4.329 07/01/40

64,787

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

13,793

4.550 07/01/40

13,581

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,450

Zero

coupon

07/01/46

502

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,200

Zero

coupon

07/01/51

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

619

4.784 07/01/58

580

192,692

Rhode

Island

-

0.4%

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

5.875 06/15/26

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,000

5.250 09/15/44

535

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

5.000 08/15/27

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000 05/15/29

1,257

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,175

5.500 05/15/40

1,337

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,435

5.500 05/15/41

1,627

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(µ)

5.000 07/01/45

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

601

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

3,965

5.500 05/15/47

4,327

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

3,135

5.000 05/15/48

3,307

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

520

5.000 10/01/27

541

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

5.000 04/01/28

509

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

3,330

5.000 10/01/41

3,549

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

1,000

5.000 10/01/42

1,049

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

775

4.450 10/01/44

776

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

5,300

5.250 10/01/49

5,570

24,913

South

Carolina

-

1.1%

Clemson

University

Revenue

Bonds

2,000

5.000 05/01/41

1,111

Clemson

University

Revenue

Bonds

2,750

5.000 05/01/55

2,874

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,150

4.761 02/01/54

5,150

Piedmont

Municipal

Power

Agency

Revenue

Bonds

(µ)

4,785

Zero

coupon

01/01/27

4,607

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

525

5.000 11/15/30

537

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000 11/15/33

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,650

5.000 04/01/34

1,860

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(µ)

2,075

4.000 11/01/42

1,996

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

625

4.000 11/01/42

595

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

735

5.250 11/01/44

785

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,000

5.500 11/15/44

1,006

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.000 03/01/62

2,557

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000 12/01/30

3,590

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000 12/01/31

2,118

South

Carolina

Public

Service

Authority

Revenue

Bonds

4.000 12/01/34

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,965

5.000 12/01/36

4,014

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,600

5.000 12/01/40

2,846

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,035

5.000 12/01/41

2,197

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500 12/01/41

1,895

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,065

5.000 12/01/42

1,148

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,000

5.000 12/01/42

3,221

South

Carolina

Public

Service

Authority

Revenue

Bonds

7,150

5.000 12/01/46

7,480

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,500

5.750 12/01/47

1,650

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,000

5.000 12/01/48

1,041

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

3,585

4.600 07/01/49

3,625

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

2,000

5.000 07/01/50

1,016

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

6,720

6.500 07/01/55

7,633

66,933

South

Dakota

-

0.2%

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

575

5.250 06/15/34

666

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

1,600

5.500 06/15/43

1,803

County

of

Lincoln

Revenue

Bonds

4.000 08/01/41

South

Dakota

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000 11/01/51

3,919

South

Dakota

Housing

Development

Authority

Revenue

Bonds

1,990

6.250 11/01/55

2,225

South

Dakota

Housing

Development

Authority

Revenue

Bonds

2,500

6.500 11/01/55

2,845

South

Dakota

Housing

Development

Authority

Revenue

Bonds

1,000

6.250 11/01/56

1,111

12,659

Tennessee

-

1.3%

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

600

5.000 10/01/26

600

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

2,000

5.000 08/01/31

2,112

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

602

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

5.000 10/01/35

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

1,845

5.250 12/01/49

1,937

City

of

Knoxville

General

Obligation

Unlimited

2,860

3.000 05/01/34

2,748

City

of

Murfreesboro

General

Obligation

Unlimited

1,415

3.000 06/01/33

1,368

Greenville

Health

and

Educational

Facilities

Board

Revenue

Bonds

700

4.000 07/01/40

682

Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

11,489

5.000 07/01/27

11,629

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

4,665

4.050 12/01/27

4,704

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,310

5.000 12/01/27

1,336

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

1,750

5.000 04/01/29

1,766

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

(µ)

5.500 07/01/54

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000 07/01/35

2,225

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

530

3.650 10/01/46

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

3.850 02/01/48

Metropolitan

Government

of

Nashville

and

Davidson

County

General

Obligation

Unlimited

5,750

1.750 01/01/36

4,539

Metropolitan

Knoxville

Airport

Authority

Revenue

Bonds

500

5.000 06/01/39

554

Metropolitan

Knoxville

Airport

Authority

Revenue

Bonds

560

5.000 06/01/41

610

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(µ)

9,200

5.000 06/01/35

10,315

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

10,130

5.250 09/01/39

11,052

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

1,460

5.000 09/01/44

787

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

7,400

5.000 09/01/49

7,825

Tennergy

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,750

5.000 10/01/54

2,922

Tennessee

Energy

Acquisition

Corp.

Revenue

Bonds

3,500

5.000 12/01/35

3,805

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,640

3.000 01/01/29

2,639

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,250

4.950 07/01/38

2,391

79,523

Texas

-

9.6%

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,400

5.000 08/01/44

5,425

Aldine

Independent

School

District

General

Obligation

Unlimited

1,000

3.000 02/15/42

Allen

Independent

School

District

General

Obligation

Unlimited

3,820

5.000 02/15/44

4,102

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 12/01/28

515

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000 12/01/33

804

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

770

4.125 06/15/34

766

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,275

4.250 08/15/34

1,276

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000 12/01/34

666

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,250

5.000 02/15/37

1,365

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

550

5.000 08/15/37

616

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 02/15/38

1,088

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 08/15/38

557

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,125

5.000 02/15/39

1,222

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.500 08/15/39

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

590

5.000 08/15/39

652

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

2,500

4.000 02/15/44

2,419

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.750 08/15/44

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/49

Arlington

Independent

School

District

General

Obligation

Unlimited

2,175

5.000 02/15/39

2,184

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

603

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Austin

Community

College

District

General

Obligation

Limited

3,000

5.000 08/01/39

3,357

Austin

Community

College

District

General

Obligation

Limited

750

5.250 08/01/53

796

Barbers

Hill

Independent

School

District

General

Obligation

Unlimited

1,625

4.000 02/15/41

1,631

Baytown

Municipal

Development

District

Revenue

Bonds

1,440

5.000 10/01/38

1,519

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000 10/01/39

1,588

Baytown

Municipal

Development

District

Revenue

Bonds

1,590

5.000 10/01/40

1,653

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000 07/15/31

1,699

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000 07/15/33

1,435

Bexar

Management

and

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,670

3.020 05/10/45

833

Boerne

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

4.000 02/01/54

1,028

Cedar

Port

Navigation

and

Improvement

District

General

Obligation

Unlimited

2,450

4.250 09/01/41

2,389

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000 01/01/36

1,452

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

4.000 01/01/40

Central

Texas

Turnpike

System

Revenue

Bonds

2,775

5.000 08/15/34

3,197

Central

Texas

Turnpike

System

Revenue

Bonds

2,150

5.000 08/15/39

2,287

Central

Texas

Turnpike

System

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/42

4,357

City

of

Amarillo

Waterworks

and

Sewer

System

Revenue

Bonds

1,000

4.000 04/01/39

1,013

City

of

Amarillo

Waterworks

and

Sewer

System

Revenue

Bonds

1,130

4.000 04/01/40

1,138

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

4.875 09/15/30

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

1,650

4.500 09/15/35

832

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

1,410

5.625 09/15/45

721

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

1,785

5.000 02/15/34

1,853

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

3,620

5.000 02/15/37

3,753

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

6,250

5.000 02/15/43

6,432

City

of

Aubrey

Special

Assessment

(µ)

1,135

5.000 09/01/40

1,221

City

of

Austin

Electric

Utility

Revenue

Bonds

1,500

5.000 11/15/40

826

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

930

4.250 11/01/32

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

700

5.000 11/15/38

777

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

500

5.000 11/15/39

552

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

1,000

5.000 11/15/40

1,098

City

of

Beaumont

Waterworks

and

Sewer

System

Revenue

Bonds

(µ)

1,100

5.000 09/01/41

598

City

of

Boyd

Special

Assessment

Revenue

Bonds

(Þ)

1,005

5.125 09/15/43

966

City

of

Bryan

General

Obligation

Limited

2,520

2.375 08/15/36

2,141

City

of

Bryan

General

Obligation

Limited

2,580

2.375 08/15/37

2,140

City

of

Bryan

General

Obligation

Limited

2,640

2.375 08/15/38

2,133

City

of

Bryan

General

Obligation

Limited

2,705

2.500 08/15/39

2,175

City

of

Carrollton

General

Obligation

Limited

5.000 08/15/38

502

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/27

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/27

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.625 09/01/30

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/30

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/30

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.625 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

700

5.000 09/01/34

City

of

Celina

Special

Assessment

Revenue

Bonds

575

4.800 09/01/37

566

City

of

Celina

Special

Assessment

Revenue

Bonds

572

5.000 09/01/37

City

of

Celina

Special

Assessment

Revenue

Bonds

984

5.000 09/01/38

529

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,000

5.000 09/01/39

1,072

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/01/40

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

750

5.000 09/01/45

772

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

604

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

College

Station

General

Obligation

Limited

2,975

2.000 02/15/35

2,498

City

of

College

Station

General

Obligation

Limited

2,035

2.000 02/15/36

1,651

City

of

College

Station

General

Obligation

Limited

3,160

2.125 02/15/38

2,477

City

of

College

Station

General

Obligation

Limited

1,295

2.125 02/15/40

961

City

of

College

Station

General

Obligation

Limited

2,370

2.250 02/15/41

1,760

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

1,400

5.000 07/15/28

1,484

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000 07/15/29

3,244

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000 07/15/31

3,356

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,000

5.000 07/15/32

2,264

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

(µ)

2,000

5.000 07/15/34

2,317

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,500

5.000 07/15/41

2,713

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

3.375 09/15/26

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

600

4.000 09/15/31

597

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/35

City

of

Dallas

General

Obligation

Limited

10,160

5.000 02/15/26

10,222

City

of

Dallas

General

Obligation

Limited

3,985

5.000 02/15/27

4,101

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000 08/15/29

1,116

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000 08/15/31

1,413

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,020

5.000 07/01/26

1,021

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,890

5.000 09/01/26

1,892

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 08/01/27

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,870

5.000 10/01/28

972

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.050 08/01/30

999

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

5.000 07/01/42

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

665

3.300 01/01/43

667

City

of

Denton

General

Obligation

Limited

10,000

4.125 02/15/50

4,679

City

of

Dripping

Springs

Special

Assessment

(Þ)

4.500 09/01/30

City

of

Dripping

Springs

Special

Assessment

(Þ)

762

4.250 09/01/31

City

of

Dripping

Springs

Special

Assessment

600

4.250 09/01/35

City

of

Ennis

TX

Special

Assessment

Revenue

Bonds

(Þ)

1,204

4.125 09/15/35

598

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

3.750 08/15/27

City

of

Fort

Worth

General

Obligation

Limited

1,475

2.000 03/01/40

1,060

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(µ)

995

5.000 09/01/44

1,035

City

of

Fort

Worth

Water

and

Sewer

System

Revenue

Bonds

6,045

3.000 02/15/35

5,783

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

2,360

5.000 08/01/39

1,880

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

1,100

5.250 08/01/40

606

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

2,600

5.250 08/01/41

2,082

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

1,500

5.250 08/01/42

817

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

1,200

5.250 08/01/43

647

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

1,350

5.250 08/01/44

720

City

of

Garland

Electric

Utility

System

Revenue

Bonds

(µ)

1,000

5.000 03/01/41

546

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

1,300

5.000 03/01/38

735

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

1,110

5.000 03/01/39

622

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

1,240

5.000 03/01/40

689

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

1,180

5.000 03/01/41

650

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

890

5.000 03/01/42

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

1,290

5.000 03/01/44

691

City

of

Greenville

Waterworks

and

Sewer

System

Revenue

Bonds

(µ)

3,955

5.000 02/15/44

4,181

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

1,350

4.500 09/01/38

1,200

City

of

Hackberry

Special

Assessment

Revenue

Bonds

1,710

4.625 09/01/37

1,629

City

of

Haslet

Special

Assessment

Revenue

Bonds

(Þ)

2.625 09/01/26

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

605

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Houston

Airport

System

Revenue

Bonds

2,000

5.000 07/01/29

2,114

City

of

Houston

Airport

System

Revenue

Bonds

2,175

5.000 07/01/30

2,297

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/01/31

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/01/32

City

of

Houston

Combined

Utility

System

Revenue

Bonds

4,535

5.000 11/15/26

4,641

City

of

Houston

Combined

Utility

System

Revenue

Bonds

(µ)

3,275

Zero

coupon

12/01/26

3,173

City

of

Houston

Combined

Utility

System

Revenue

Bonds

1,690

5.000 11/15/27

1,767

City

of

Houston

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds

1,470

5.000 09/01/27

1,485

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

2.500 09/01/26

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

570

4.625 09/01/28

573

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

2.750 09/01/26

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

3.625 09/01/27

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/30

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

702

4.250 09/01/31

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

501

3.875 09/01/32

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

2,069

5.125 09/01/46

2,054

City

of

Laredo

Waterworks

and

Sewer

System

Revenue

Bonds

4,000

4.000 03/01/49

1,851

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/28

City

of

Lavon

Special

Assessment

Revenue

Bonds

(µ)

3.000 09/15/30

City

of

Lavon

Special

Assessment

Revenue

Bonds

(µ)

3.000 09/15/31

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/31

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

985

4.250 09/15/39

920

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

2,200

5.750 09/15/45

1,137

City

of

Lowry

Crossing

Special

Assessment

(Þ)

1,062

4.250 09/15/30

529

City

of

Lowry

Crossing

Special

Assessment

(Þ)

4.750 09/15/35

City

of

Lubbock

General

Obligation

Limited

1,800

5.000 02/15/40

1,983

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/30

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

620

6.000 09/15/36

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

4.750 09/01/28

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

595

5.250 09/01/38

601

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

816

5.000 09/01/43

773

City

of

Mesquite

Waterworks

and

Sewer

System

Revenue

Bonds

1,085

5.000 03/01/27

1,117

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

2.875 09/15/26

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/30

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/31

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

4.875 09/15/27

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

500

5.125 09/15/32

516

City

of

Plano

Waterworks

and

Sewer

System

Revenue

Bonds

2,380

5.000 05/01/38

1,344

City

of

Plano

Waterworks

and

Sewer

System

Revenue

Bonds

2,500

5.000 05/01/39

1,402

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

3.750 09/01/27

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/28

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

619

4.250 09/01/30

620

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/30

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

2.875 09/01/31

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

3.000 09/01/31

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/32

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.600 09/01/35

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/30

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

1,196

4.375 09/15/32

597

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/39

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

606

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/40

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

800

5.375 09/15/44

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

1,212

5.750 09/15/45

623

City

of

Sachse

Special

Assessment

Revenue

Bonds

(Þ)

659

5.625 09/15/42

668

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

1,800

5.000 02/01/41

992

City

of

Venus

Special

Assessment

Revenue

Bonds

(Þ)

3.125 09/15/31

City

of

Waxahachie

General

Obligation

Limited

1,560

3.000 08/01/41

1,321

City

of

Waxahachie

Special

Assessment

(Þ)

4.875 08/15/27

City

of

Wharton

Special

Assessment

Revenue

Bonds

(Þ)

1,060

4.375 09/15/32

531

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 08/15/30

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

3.000 08/15/33

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000 08/15/36

1,511

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000 08/15/37

1,503

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/38

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 08/15/39

1,084

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

930

3.000 08/15/40

831

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 02/15/55

1,043

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

2.500 09/01/26

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

4.375 09/01/31

Comal

County

Water

Control

and

Improvement

District

No.

General

Obligation

Unlimited

(µ)

1,725

5.250 09/01/30

1,831

Comal

County

Water

Control

and

Improvement

District

No.

General

Obligation

Unlimited

(µ)

1,700

4.000 09/01/44

1,577

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000 02/01/39

4,450

Comal

Independent

School

District

General

Obligation

Unlimited

1,000

3.000 02/15/40

887

Conroe

Local

Government

Corp.

Revenue

Bonds

5.000 10/01/35

Conroe

Local

Government

Corp.

Revenue

Bonds

4.000 10/01/41

County

of

Bastrop

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/30

County

of

Harris

General

Obligation

Unlimited

1,000

4.000 09/15/42

1,004

County

of

Harris

General

Obligation

Unlimited

1,315

4.000 09/15/43

1,309

County

of

Montgomery

Special

Assessment

4.375 09/15/32

County

of

Travis

General

Obligation

Limited

4.000 03/01/43

County

of

Travis

General

Obligation

Unlimited

4.000 03/01/44

County

of

Wise

General

Obligation

Limited

5.000 02/15/26

County

of

Wise

General

Obligation

Limited

5.000 02/15/27

County

of

Wise

General

Obligation

Limited

5.000 02/15/28

Crandall

Economic

Development

Corp.

Revenue

Bonds

(µ)

550

5.000 08/15/40

Crandall

Independent

School

District

General

Obligation

Unlimited

1,350

5.000 08/15/53

1,403

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

700

5.000 08/15/37

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

1,110

5.000 08/15/41

580

Cypress-Fairbanks

Independent

School

District

General

Obligation

Unlimited

3,000

2.250 02/15/41

2,241

Dallas

Area

Rapid

Transit

Revenue

Bonds

(ae)

515

5.000 12/01/48

516

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000 11/01/36

4,485

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000 11/01/39

1,008

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000 11/01/41

3,503

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,255

4.000 11/01/45

1,183

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5,000

4.000 11/01/46

4,666

Dallas

Independent

School

District

General

Obligation

Unlimited

3,280

2.000 02/15/42

2,213

Denton

Independent

School

District

General

Obligation

Unlimited

1,320

5.000 08/15/26

1,343

Denton

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

9,790

4.000 08/15/55

5,100

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

607

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Eagle

Mountain

and

Saginaw

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,200

4.000 08/01/50

612

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

1,440

5.000 08/15/40

791

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

1,500

5.000 08/15/41

817

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

1,450

5.000 08/15/42

783

Edinburg

Economic

Development

Corp.

Revenue

Bonds

3.125 08/15/36

Edinburg

Economic

Development

Corp.

Revenue

Bonds

3.250 08/15/41

El

Paso

County

Hospital

District

General

Obligation

Limited

790

5.000 08/15/28

807

El

Paso

County

Hospital

District

General

Obligation

Limited

1,010

5.000 08/15/30

1,029

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(ae)(Ê)

500

5.000 02/01/40

502

Forney

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 08/15/40

1,114

Forney

Independent

School

District

General

Obligation

Unlimited

1,000

5.250 08/15/43

1,114

Fort

Bend

County

Municipal

Utility

District

No.

134B

General

Obligation

Unlimited

(µ)

1,980

6.000 03/01/29

2,086

Fort

Bend

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

1,590

2.750 09/01/42

1,210

Fort

Bend

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

6,745

4.000 08/01/54

6,892

Frisco

Independent

School

District

General

Obligation

Unlimited

5.000 02/15/35

Frisco

Independent

School

District

General

Obligation

Unlimited

570

5.000 02/15/36

642

Frisco

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/37

1,121

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.375 01/01/33

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6,160

5.000 07/01/34

7,092

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

11,810

5.000 05/15/50

6,442

Harris

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

2,960

6.500 09/01/29

3,196

Harris

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

2,000

4.500 03/01/46

973

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,075

4.050 11/01/50

2,141

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/27

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/28

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/29

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/30

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/31

Hays

Consolidated

Independent

School

District

General

Obligation

Unlimited

2,000

5.000 02/15/39

2,249

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

650

5.250 02/15/39

732

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

2,195

5.250 02/15/40

2,456

Housing

Synergy

PFC

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 02/01/27

3,012

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000 08/15/28

1,602

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

3.375 10/01/37

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.125 10/01/51

1,546

Houston

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,050

3.650 02/01/48

1,058

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

680

4.000 02/15/48

704

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

(Þ)

4.375 09/01/30

Karnes

County

Hospital

District

Revenue

Bonds

(~)(ae)(Ê)

2,300

5.000 02/01/44

1,225

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(µ)

500

4.000 09/01/39

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(µ)

2,210

4.250 09/01/43

1,094

Kennedale

Independent

School

District

General

Obligation

Unlimited

5.000 02/15/38

501

Kermit

Independent

School

District

General

Obligation

Unlimited

2,500

5.000 02/15/48

2,615

Kermit

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,040

La

Feria

Independent

School

District

General

Obligation

Unlimited

1,300

5.000 02/15/41

718

La

Feria

Independent

School

District

General

Obligation

Unlimited

1,100

5.000 02/15/43

597

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

608

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Laredo

Independent

School

District

General

Obligation

Unlimited

1,250

5.000 08/01/26

1,270

Lewisville

Independent

School

District

General

Obligation

Unlimited

7,150

5.000 08/15/43

7,709

Lower

Colorado

River

Authority

Revenue

Bonds

(µ)

7,000

5.000 05/15/41

3,827

Lower

Neches

Valley

Authority

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)

7,470

3.950 05/01/46

3,735

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000 02/15/40

1,000

Matagorda

County

Navigation

District

No.

Revenue

Bonds

2,850

2.600 11/01/29

2,747

Mesquite

Housing

Finance

Corp.

(The)

Revenue

Bonds

(~)(ae)(Ê)

4,000

3.350 08/01/29

2,005

Mitchell

County

Hospital

District

General

Obligation

Limited

5.250 02/15/30

Mitchell

County

Hospital

District

General

Obligation

Limited

5.375 02/15/35

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,370

5.000 09/15/32

1,371

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,340

5.000 09/15/37

1,341

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/25

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

5.000 07/01/26

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/26

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000 08/15/27

511

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/27

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

535

4.000 08/15/28

530

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/28

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/29

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

930

4.000 08/15/30

916

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,200

4.250 10/01/30

1,209

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/30

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

4.000 07/01/31

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000 07/01/31

515

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000 08/15/31

1,190

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/31

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

4.000 07/01/32

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

5.000 07/01/32

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

860

5.000 11/01/32

935

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

5.000 07/01/33

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/33

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,205

4.000 08/15/34

1,193

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/34

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,160

5.000 04/01/35

1,167

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/35

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 08/15/36

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000 07/01/38

515

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000 08/15/39

1,003

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,250

5.250 08/15/40

2,540

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 08/15/41

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5,000

5.250 08/15/42

5,563

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

5.000 12/01/49

711

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

5,125

5.000 09/01/29

5,572

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

1,600

3.000 09/01/32

1,576

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

4,000

5.000 09/01/32

4,572

North

Texas

Tollway

Authority

Revenue

Bonds

3,065

5.000 01/01/27

3,074

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000 01/01/32

1,019

North

Texas

Tollway

Authority

Revenue

Bonds

900

Zero

coupon

01/01/37

603

North

Texas

Tollway

Authority

Revenue

Bonds

1,895

4.000 01/01/37

1,911

North

Texas

Tollway

Authority

Revenue

Bonds

4.000 01/01/40

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

609

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

980

3.000 08/01/53

979

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,955

3.450 08/01/54

1,966

Pasadena

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

5,750

3.230 02/15/44

5,785

Pearland

Independent

School

District

General

Obligation

Unlimited

1,250

5.250 02/15/32

1,258

Pearland

Independent

School

District

General

Obligation

Unlimited

(ae)

5.250 02/15/32

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,275

5.000 02/15/35

1,323

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,650

5.000 02/15/38

1,656

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

650

5.000 02/15/39

653

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

4,695

5.000 02/15/41

4,712

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,425

5.000 02/15/42

2,440

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,675

5.000 02/15/43

1,686

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000 02/15/45

3,103

Plainview

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4.000 02/15/50

Ponder

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,400

4.000 02/15/51

715

Pottsboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,500

4.000 02/15/52

766

Prosper

Independent

School

District

General

Obligation

Unlimited

2,000

3.000 02/15/40

1,779

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

525

4.000 02/15/50

530

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

5.000 02/01/29

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

2,500

5.000 02/01/34

2,501

Sabine-Neches

Navigation

District

General

Obligation

Limited

500

5.250 02/15/36

557

Sabine-Neches

Navigation

District

General

Obligation

Limited

650

5.250 02/15/38

720

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,885

5.250 02/15/40

2,072

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,500

5.250 02/15/42

1,628

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,330

5.000 10/01/28

690

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

840

3.450 07/01/29

San

Antonio

Municipal

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,350

5.000 08/01/50

702

San

Antonio

Water

System

Revenue

Bonds

680

5.000 05/15/39

763

Sherman

Independent

School

District

General

Obligation

Unlimited

2,850

5.000 02/15/39

3,205

Sherman

Independent

School

District

General

Obligation

Unlimited

6,000

5.000 02/15/53

6,246

SMHA

Finance

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,070

3.700 07/01/28

1,044

South

Manvel

Development

Authority

Tax

Allocation

4.500 04/01/30

South

Manvel

Development

Authority

Tax

Allocation

5.000 04/01/38

South

Manvel

Development

Authority

Tax

Allocation

580

4.500 04/01/39

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,300

5.000 09/01/33

1,346

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

Revenue

Bonds

(µ)

4.000 09/01/34

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

Revenue

Bonds

(µ)

4.000 09/01/36

Spring

Independent

School

District

General

Obligation

Unlimited

5,000

4.000 08/15/40

5,056

State

of

Texas

General

Obligation

Unlimited

17,850

5.000 10/01/36

17,853

State

of

Texas

General

Obligation

Unlimited

1,350

5.000 08/01/40

1,352

Strategic

Housing

Finance

Corp.

of

Travis

County

Revenue

Bonds

(~)(ae)(Ê)

905

3.350 03/01/46

904

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 07/01/26

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 07/01/27

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 07/01/28

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 10/01/31

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

620

5.000 10/01/44

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

10,500

5.000 11/15/64

11,712

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000 08/15/43

2,427

Tarrant

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000 03/01/27

1,131

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

4,000

3.050 09/01/29

1,992

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

665

5.000 03/01/41

666

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

6,210

3.500 07/01/52

6,141

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

610

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

5,920

5.750 01/01/56

6,523

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

4,000

6.250 01/01/56

4,501

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

I

Revenue

Bonds

1,425

6.250 12/15/26

1,452

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

Revenue

Bonds

(~)(Ê)

525

3.000 09/15/27

519

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

Revenue

Bonds

(~)(Ê)

19,710

3.528 09/15/27

19,794

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

5.000 12/15/25

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

4,305

5.000 12/15/28

4,513

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

4,520

5.000 12/15/32

4,936

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

V

Revenue

Bonds

(~)(ae)(Ê)

15,500

5.000 01/01/55

16,852

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

6,890

5.000 12/31/32

7,374

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000 06/30/33

1,149

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000 12/31/36

2,458

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000 12/31/38

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

600

5.250 05/01/39

668

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/41

550

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/42

547

Texas

Water

Development

Board

Revenue

Bonds

4.000 10/15/36

Texas

Water

Development

Board

Revenue

Bonds

1,215

4.000 10/15/40

1,203

Tomball

Independent

School

District

General

Obligation

Unlimited

4,750

3.875 02/15/36

4,960

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

750

3.250 09/01/31

726

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

800

3.500 09/01/36

721

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

708

3.125 09/01/41

538

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.500 09/01/31

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.250 09/01/32

502

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.750 09/01/32

Travis

County

Development

Authority

Special

Assessment

688

5.000 09/01/44

625

Travis

County

Development

Authority

Special

Assessment

(Þ)

600

5.000 09/01/44

591

Travis

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,450

3.400 01/01/59

730

Trinity

River

Authority

Revenue

Bonds

1,325

5.000 02/01/42

1,437

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/34

Uptown

Development

Authority

Tax

Allocation

820

5.000 09/01/35

823

Viridian

Municipal

Management

District

Special

Assessment

2.375 12/01/25

Viridian

Municipal

Management

District

Special

Assessment

3.750 12/01/27

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125 12/01/37

1,863

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

910

5.000 08/15/37

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,000

4.500 08/15/38

1,023

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,100

5.000 08/15/41

576

Westside

Special

Improvement

District

General

Obligation

Limited

2.125 08/15/30

Westside

Special

Improvement

District

General

Obligation

Limited

3.000 08/15/32

Westside

Special

Improvement

District

General

Obligation

Limited

875

5.250 08/15/38

898

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 08/15/28

1,001

590,940

Utah

-

1.7%

Black

Ridge

Infrastructure

Financing

District

Special

Assessment

3,090

5.500 12/01/40

3,064

City

of

Salt

Lake

Airport

Revenue

Bonds

1,500

5.000 07/01/43

1,523

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

2,200

5.000 02/01/43

2,397

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

9,210

5.000 02/01/52

9,563

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

4,125

5.250 02/01/55

4,423

Copper

Rim

Infrastructure

Financing

District

Special

Assessment

(Þ)

680

6.125 12/01/54

County

of

Utah

Revenue

Bonds

9,530

5.000 05/15/46

9,556

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,150

5.000 06/01/35

1,320

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

611

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,650

5.000 06/01/36

1,780

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,000

5.000 06/01/37

1,124

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,605

5.000 06/01/39

1,772

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

3,960

5.250 06/01/41

3,192

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,650

5.250 06/01/42

910

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

4,000

5.250 06/01/44

4,382

Intermountain

Power

Agency

Revenue

Bonds

1,285

5.000 07/01/34

1,436

Intermountain

Power

Agency

Revenue

Bonds

1,600

5.000 07/01/36

1,784

Intermountain

Power

Agency

Revenue

Bonds

5.000 07/01/38

Intermountain

Power

Agency

Revenue

Bonds

1,610

5.000 07/01/39

1,753

Intermountain

Power

Agency

Revenue

Bonds

1,215

5.000 07/01/41

1,284

Intermountain

Power

Agency

Revenue

Bonds

3,385

5.000 07/01/42

3,549

Intermountain

Power

Agency

Revenue

Bonds

770

5.000 07/01/43

798

Intermountain

Power

Agency

Revenue

Bonds

3,365

5.250 07/01/43

3,592

Intermountain

Power

Agency

Revenue

Bonds

3,500

5.250 07/01/44

3,708

Jordan

School

District

General

Obligation

Unlimited

2,750

5.000 06/15/27

2,854

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,000

6.250 06/01/55

520

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

5.500 06/15/39

512

Nebo

School

District

General

Obligation

Unlimited

1,785

2.000 07/01/32

1,605

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

5.000 01/15/28

Point

Phase

Public

Infrastructure

District

No.

Revenue

Bonds

1,000

5.125 03/01/35

1,053

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

910

3.400 02/01/28

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

565

3.700 08/01/43

567

Utah

Housing

Corp.

Revenue

Bonds

3,435

6.500 07/01/55

3,821

Utah

Housing

Corp.

Revenue

Bonds

8,100

6.750 07/01/55

9,321

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000 10/15/29

4,319

Utah

Infrastructure

Agency

Revenue

Bonds

5.000 10/15/30

Utah

Infrastructure

Agency

Revenue

Bonds

4.000 10/15/31

Utah

Infrastructure

Agency

Revenue

Bonds

1,650

5.000 10/15/32

1,675

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250 10/15/33

1,810

Utah

Infrastructure

Agency

Revenue

Bonds

2,585

5.500 10/15/33

2,760

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000 10/15/34

1,015

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/36

950

Utah

Infrastructure

Agency

Revenue

Bonds

1,500

4.000 10/15/39

1,342

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000 10/15/40

1,217

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/42

850

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(µ)

1,110

4.000 04/15/35

1,108

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000 04/15/40

1,351

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,000

5.000 10/15/46

1,001

Utah

Transit

Authority

Revenue

Bonds

2,475

5.000 12/15/43

2,705

107,012

Vermont

-

0.0%

City

of

Burlington

Airport

Revenue

Bonds

5.000 07/01/28

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

925

5.000 10/01/43

950

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500 10/01/43

536

Vermont

Housing

Finance

Agency

Revenue

Bonds

4.750 11/01/48

2,305

Virgin

Islands

-

0.5%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000 10/01/26

6,072

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000 10/01/27

15,182

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000 10/01/28

4,280

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

612

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,035

5.000 10/01/30

4,203

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

550

5.000 10/01/39

562

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

580

5.000 10/01/32

585

Virgin

Islands

Transportation

and

Infrastructure

Corp.

Revenue

Bonds

2,000

5.000 09/01/43

1,052

31,936

Virginia

-

1.4%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

3,290

5.000 01/01/26

3,300

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,250

2.950 09/01/49

2,098

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 07/01/53

1,440

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

5.000 03/01/26

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

5.500 03/01/46

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

916

1.000 03/01/59

809

Chesapeake

Bay

Bridge

and

Tunnel

District

Revenue

Bonds

(µ)

3,760

5.000 07/01/41

3,786

Chesapeake

Redevelopment

and

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000 05/01/43

857

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750 07/15/36

996

City

of

Newport

News

General

Obligation

Unlimited

3.000 02/01/31

County

of

Fairfax

General

Obligation

Unlimited

3,385

4.000 10/01/28

3,400

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000 05/15/44

5,668

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

14,917

4.759 08/25/41

15,378

Hampton

Roads

Transportation

Accountability

Commission

Revenue

Bonds

5,015

5.000 07/01/26

5,089

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

750

5.000 07/01/36

832

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.000 07/01/37

772

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

950

5.000 07/01/38

1,027

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

2,000

5.250 07/01/48

2,108

Louisa

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,250

3.800 11/01/35

4,293

Salem

Economic

Development

Authority

Revenue

Bonds

775

5.000 04/01/35

811

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/39

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/40

Salem

Economic

Development

Authority

Revenue

Bonds

800

5.500 04/01/45

Virginia

Beach

Development

Authority

Revenue

Bonds

825

5.375 09/01/29

835

Virginia

College

Building

Authority

Revenue

Bonds

5.000 06/01/30

Virginia

College

Building

Authority

Revenue

Bonds

4.000 06/01/36

Virginia

College

Building

Authority

Revenue

Bonds

600

6.000 06/01/50

Virginia

Commonwealth

Transportation

Board

Revenue

Bonds

2,065

5.000 05/15/27

2,139

Virginia

Housing

Development

Authority

Revenue

Bonds

950

4.650 12/01/44

956

Virginia

Housing

Development

Authority

Revenue

Bonds

1,510

3.100 12/01/45

1,182

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000 08/01/29

3,746

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000 01/01/33

1,054

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,020

5.000 10/01/36

558

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,100

5.000 10/01/37

598

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000 07/01/42

2,233

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

1,000

4.000 07/01/43

971

Winchester

Economic

Development

Authority

Revenue

Bonds

550

5.000 01/01/40

Winchester

Economic

Development

Authority

Revenue

Bonds

2,070

5.000 01/01/41

1,115

Winchester

Economic

Development

Authority

Revenue

Bonds

840

5.000 01/01/42

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

3.125 10/01/40

3,522

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,500

3.800 11/01/40

11,614

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650 05/01/33

2,369

88,293

Washington

-

1.6%

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

613

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Central

Puget

Sound

Regional

Transit

Authority

Revenue

Bonds

3,850

5.000 11/01/41

3,895

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

1,625

4.000 07/01/35

1,654

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

1,825

4.000 09/01/36

1,920

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

500

4.000 09/01/37

521

City

of

Seattle

Municipal

Light

and

Power

Revenue

Bonds

4.000 07/01/37

City

of

Seattle

Municipal

Light

and

Power

Revenue

Bonds

2,355

4.000 07/01/41

2,362

City

of

Tacoma

Electric

System

Revenue

Bonds

3,290

5.250 01/01/50

1,768

County

of

King

Sewer

Revenue

Bonds

(~)(ae)(Ê)

14,275

3.450 01/01/40

14,035

County

of

Pierce

General

Obligation

Limited

2,040

2.600 07/01/36

1,801

County

of

Snohomish

General

Obligation

Limited

3,500

2.000 12/01/33

3,040

Energy

Northwest

Revenue

Bonds

1,685

5.000 07/01/26

1,711

Energy

Northwest

Revenue

Bonds

1,600

5.000 07/01/27

1,663

Energy

Northwest

Revenue

Bonds

1,170

4.000 07/01/42

1,157

Energy

Northwest

Revenue

Bonds

5,650

5.000 07/01/42

3,116

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

5,000

5.000 12/01/38

5,246

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,000

5.500 12/01/39

551

Grant

County

Public

Utility

District

No.

Priest

Rapids

Hydroelectric

Project

Revenue

Bonds

4,600

4.000 01/01/26

4,607

King

County

School

District

No.

Lake

Washington

General

Obligation

Unlimited

650

5.000 12/01/34

681

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

2,020

5.000 12/01/42

2,211

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

1,300

5.000 12/01/43

1,409

Seattle

Housing

Authority

Revenue

Bonds

895

1.000 06/01/26

879

Skagit

County

Public

Hospital

District

No.

Revenue

Bonds

900

5.500 12/01/42

957

State

of

Washington

General

Obligation

Unlimited

2,550

5.000 02/01/26

2,564

State

of

Washington

General

Obligation

Unlimited

1,000

5.000 08/01/37

1,074

State

of

Washington

General

Obligation

Unlimited

4,715

5.000 06/01/38

5,093

State

of

Washington

General

Obligation

Unlimited

1,820

5.000 02/01/39

1,899

State

of

Washington

General

Obligation

Unlimited

2,500

5.000 08/01/39

2,840

State

of

Washington

General

Obligation

Unlimited

1,300

5.000 02/01/41

1,342

State

of

Washington

General

Obligation

Unlimited

3,000

5.000 07/01/41

3,310

State

of

Washington

General

Obligation

Unlimited

1,250

5.000 08/01/47

1,326

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,275

5.000 08/01/38

1,313

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,650

4.000 03/01/41

1,605

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 10/01/42

1,538

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(µ)(ae)(Ê)

2,000

5.000 08/15/55

2,148

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,940

4.000 07/01/31

3,045

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,905

4.000 07/01/36

1,910

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

500

5.000 07/01/43

504

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,200

4.200 07/01/30

1,102

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,250

4.500 07/01/30

623

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,900

4.500 07/01/31

1,453

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(µ)(Þ)

1,250

5.000 07/01/36

1,358

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(µ)(Þ)

1,500

5.000 07/01/37

1,613

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/38

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.625 07/01/38

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(~)(Ê)

3,725

4.221 03/20/40

3,644

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(~)(Ê)

2,496

3.950 11/20/41

2,402

99,628

West

Virginia

-

0.7%

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

7.000 06/01/43

State

of

West

Virginia

General

Obligation

Unlimited

1,850

5.000 06/01/35

1,947

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

614

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

West

Virginia

General

Obligation

Unlimited

1,180

5.000 06/01/41

1,253

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)

(Ê)

4,175

3.375 03/01/40

4,214

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.700 12/01/42

1,525

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000 01/01/28

2,504

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 09/01/29

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

725

5.000 09/01/30

767

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 09/01/32

506

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 01/01/34

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 01/01/35

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

3,270

5.000 06/01/37

3,664

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

4,000

5.000 06/01/39

4,401

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

2,000

5.000 06/01/40

2,182

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,750

5.000 09/01/40

1,862

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

2,730

5.250 06/01/43

2,974

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

3,000

5.250 06/01/44

3,242

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

1,750

5.250 06/01/45

1,877

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,400

5.000 06/01/55

2,658

West

Virginia

Housing

Development

Fund

Revenue

Bonds

(~)(ae)(Ê)

800

5.000 08/01/27

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.350 11/01/39

1,019

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.700 11/01/44

1,021

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000 10/01/41

2,744

41,822

Wisconsin

-

1.7%

City

of

Milwaukee

General

Obligation

Unlimited

(µ)

1,375

5.000 04/01/26

1,387

City

of

Shawano

Electric

System

Revenue

Bonds

(µ)

1,415

5.000 05/01/35

1,560

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250 03/01/27

1,029

Marinette

School

District

General

Obligation

Unlimited

(µ)

1,785

1.650 03/01/33

1,518

Monroe

School

District

General

Obligation

Unlimited

(µ)

1,265

4.000 03/01/41

1,246

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/28

Public

Finance

Authority

Revenue

Bonds

1,580

4.000 01/01/29

793

Public

Finance

Authority

Revenue

Bonds

1,000

5.000 01/01/30

1,065

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/30

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/31

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,320

4.000 04/01/32

1,322

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/32

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/32

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/33

Public

Finance

Authority

Revenue

Bonds

800

4.250 06/15/34

826

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/34

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,300

4.000 07/15/34

1,307

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/34

1,031

Public

Finance

Authority

Revenue

Bonds

(Þ)

825

5.000 12/15/34

849

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/35

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 12/01/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 12/15/35

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/36

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/36

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/37

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/37

Public

Finance

Authority

Revenue

Bonds

600

4.000 11/15/37

601

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

615

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/38

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/38

Public

Finance

Authority

Revenue

Bonds

5.000 01/01/39

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/39

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/15/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.000 12/15/39

1,304

Public

Finance

Authority

Revenue

Bonds

5.000 01/01/40

Public

Finance

Authority

Revenue

Bonds

(Þ)

3,000

5.500 06/01/40

1,599

Public

Finance

Authority

Revenue

Bonds

5.000 06/15/40

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

4,960

5.000 03/01/41

4,977

Public

Finance

Authority

Revenue

Bonds

4.000 07/01/41

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/41

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,270

4.000 10/01/41

681

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

4.000 06/15/42

658

Public

Finance

Authority

Revenue

Bonds

740

5.250 06/01/45

Public

Finance

Authority

Revenue

Bonds

650

5.250 06/15/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

650

6.500 06/15/45

Public

Finance

Authority

Revenue

Bonds

5.350 12/01/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.000 12/15/45

Public

Finance

Authority

Revenue

Bonds

6,120

5.000 03/01/46

6,130

Public

Finance

Authority

Revenue

Bonds

725

5.250 11/15/50

738

Public

Finance

Authority

Revenue

Bonds

1,200

5.500 06/01/55

613

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/39

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

585

5.000 04/01/40

635

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/41

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

2,605

5.000 08/01/27

2,631

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

640

4.200 08/15/28

640

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.400 08/15/29

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 03/15/30

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/36

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.250 08/15/39

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/41

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/41

511

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,415

5.000 04/01/42

1,544

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

6.375 07/01/45

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/45

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

68,580

3.900 02/15/50

34,290

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,075

4.500 02/15/54

1,057

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.400 08/15/54

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,530

5.000 08/15/54

1,548

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,180

5.000 08/15/54

1,271

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,765

5.000 12/01/27

4,859

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

2,000

5.000 09/01/39

2,145

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

2,100

4.250 09/01/44

2,077

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

2,790

6.000 09/01/54

3,009

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

4,000

3.100 11/01/56

3,991

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/01/58

2,027

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

616

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,000

5.000 11/01/58

1,023

102,088

Wyoming

-

0.1%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

6,795

3.625 07/15/39

6,334

Wyoming

Community

Development

Authority

Revenue

Bonds

1,645

4.300 12/01/40

1,662

7,996

#### Total

#### Municipal

#### Bonds
(cost

$5,989,528)

6,071,197

#### Total

#### Investments

#### -

#### 98.1%
(identified

cost

$5,989,528)

6,071,197

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.9%
120,675

#### Net

#### Assets

#### -

#### 100.0%
6,191,872

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

617

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $3.4%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

520,000

100.65 523

529

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/18/24

6,600,000

98.79 6,536

6,630

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/17/24

725,000

101.50 736

736

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

215,000

101.64 218

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00 1,250

1,209

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.26 248

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

770,000

99.46 766

766

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

50,000

100.00 50

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100.00 250

Astonia

Community

Development

District

Special

Assessment

07/09/21

45,000

100.00 45

Atlanta

Development

Authority

(The)

Revenue

Bonds

10/16/25

1,000,000

99.49 995

1,026

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

1,000,000

50.00 500

509

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

2,080,000

93.31 1,941

1,977

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/11/22

445,000

99.12 441

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

500,000

99.68 498

504

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

11/14/24

850,000

100.00 850

864

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.22 256

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

125,000

101.61 127

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

99.39 99

California

Municipal

Finance

Authority

Revenue

Bonds

05/08/25

405,000

100.00 405

California

School

Finance

Authority

Revenue

Bonds

07/16/21

500,000

111.19 556

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.82 1,028

998

California

School

Finance

Authority

Revenue

Bonds

06/28/22

830,000

89.42 742

784

California

School

Finance

Authority

Revenue

Bonds

11/17/22

125,000

98.93 124

California

School

Finance

Authority

Revenue

Bonds

02/09/23

100,000

88.54 89

California

School

Finance

Authority

Revenue

Bonds

05/17/23

100,000

100.00 100

California

School

Finance

Authority

Revenue

Bonds

01/19/24

430,000

99.70 429

California

School

Finance

Authority

Revenue

Bonds

07/26/24

500,000

50.31 252

California

School

Finance

Authority

Revenue

Bonds

07/26/24

500,000

50.77 254

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

1,620,000

99.73 1,616

1,612

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

102.82 360

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/25

775,000

100.00 775

777

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

225,000

103.29 232

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

250,000

105.70 264

Capital

Projects

Finance

Authority

Revenue

Bonds

07/25/25

450,000

49.44 222

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

120,000

100.00 120

Capital

Trust

Agency,

Inc.

Revenue

Bonds

08/10/20

500,000

98.57 493

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

105.52 1,055

1,000

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108.65 109

Capital

Trust

Authority

Revenue

Bonds

08/22/24

1,525,000

100.92 1,539

1,455

Capital

Trust

Authority

Revenue

Bonds

04/03/25

300,000

48.36 145

Capital

Trust

Authority

Revenue

Bonds

04/03/25

300,000

48.46 145

Capital

Trust

Authority

Revenue

Bonds

07/14/25

800,000

49.18 393

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

3,300,000

99.14 3,260

3,365

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,080,000

97.33 1,051

969

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

100,000

99.73 100

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.76 4,738

5,145

Chicago

Board

of

Education

General

Obligation

Unlimited

08/26/25

1,500,000

105.49 1,582

1,572

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

104.32 391

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

106.54 400

City

of

Anna

Special

Assessment

Revenue

Bonds

09/13/23

314,000

100.00 314

City

of

Anna

Special

Assessment

Revenue

Bonds

08/27/25

1,410,000

49.56 699

721

City

of

Anna

Special

Assessment

Revenue

Bonds

08/27/25

1,650,000

49.80 822

832

City

of

Austin

Special

Assessment

Revenue

Bonds

11/22/24

930,000

49.70 462

City

of

Boyd

Special

Assessment

Revenue

Bonds

01/19/24

1,005,000

99.70 1,002

966

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

50,000

100.00 50

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

230,000

100.00 230

City

of

Celina

Special

Assessment

Revenue

Bonds

04/13/22

134,000

100.00 134

City

of

Celina

Special

Assessment

Revenue

Bonds

09/14/22

88,000

100.00 88

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

618

Tax-Exempt

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

Celina

Special

Assessment

Revenue

Bonds

04/12/23

460,000

100.00 460

City

of

Celina

Special

Assessment

Revenue

Bonds

07/12/23

116,000

100.00 116

City

of

Celina

Special

Assessment

Revenue

Bonds

04/10/24

140,000

100.00 140

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

300,000

50.00 150

City

of

Chicago

Special

Assessment

02/16/22

300,000

100.00 300

City

of

Chicago

Special

Assessment

02/16/22

325,000

100.00 325

City

of

Chicago

Special

Assessment

02/16/22

348,000

100.00 348

City

of

Chicago

Special

Assessment

02/16/22

275,000

100.00 275

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

50,000

100.00 50

City

of

Crandall

Special

Assessment

Revenue

Bonds

01/31/22

600,000

100.00 600

597

City

of

Crandall

Special

Assessment

Revenue

Bonds

02/19/25

425,000

99.61 423

City

of

Dripping

Springs

Special

Assessment

06/07/23

364,000

100.00 364

City

of

Dripping

Springs

Special

Assessment

09/18/24

762,000

50.00 381

City

of

Ennis

TX

Special

Assessment

Revenue

Bonds

10/22/25

1,204,000

49.78 599

598

City

of

Fate

Special

Assessment

Revenue

Bonds

04/05/22

124,000

100.00 124

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,000,000

104.89 1,049

924

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

105.48 1,529

1,445

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

110.01 253

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

111.61 268

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

113.02 288

City

of

Fort

Lauderdale

Special

Assessment

10/02/23

210,000

100.09 210

City

of

Garden

Revenue

Bonds

09/10/25

1,000,000

50.00 500

501

City

of

Haslet

Special

Assessment

Revenue

Bonds

10/19/21

100,000

100.00 100

City

of

Hutto

Special

Assessment

Revenue

Bonds

10/22/21

109,000

100.00 109

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

570,000

100.00 570

573

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/20/21

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

03/23/22

262,000

100.00 262

City

of

Kyle

Special

Assessment

Revenue

Bonds

03/23/22

501,000

100.00 501

City

of

Kyle

Special

Assessment

Revenue

Bonds

01/18/23

2,069,000

99.53 2,061

2,054

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/18/23

85,000

99.58 85

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/16/24

702,000

50.00 351

City

of

Lavon

Special

Assessment

Revenue

Bonds

11/16/22

200,000

100.00 200

City

of

Lavon

Special

Assessment

Revenue

Bonds

05/02/23

985,000

91.25 899

920

City

of

Lavon

Special

Assessment

Revenue

Bonds

10/16/24

414,000

50.00 207

City

of

Lavon

Special

Assessment

Revenue

Bonds

07/16/25

2,200,000

50.00 1,100

1,137

City

of

Lowry

Crossing

Special

Assessment

06/11/25

1,062,000

50.00 531

529

City

of

Lowry

Crossing

Special

Assessment

06/11/25

320,000

99.68 319

City

of

Manor

Special

Assessment

Revenue

Bonds

06/22/23

233,000

99.78 232

City

of

Manor

Special

Assessment

Revenue

Bonds

05/08/25

620,000

50.00 310

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00 595

601

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

185,000

100.00 185

City

of

Mesquite

Special

Assessment

Revenue

Bonds

04/04/23

816,000

100.00 816

773

City

of

Midlothian

Special

Assessment

Revenue

Bonds

03/24/21

100,000

100.00 100

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

11/21/23

240,000

100.00 240

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

09/26/24

309,000

99.74 308

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

500,000

100.00 500

516

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

269,000

100.00 269

City

of

Princeton

Special

Assessment

Revenue

Bonds

04/24/18

225,000

100.00 225

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/25/21

128,000

100.00 128

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/28/21

210,000

100.00 210

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

280,000

100.00 280

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

111,000

100.00 111

City

of

Princeton

Special

Assessment

Revenue

Bonds

02/14/23

619,000

100.00 619

620

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/11/23

289,000

100.00 289

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/25/25

300,000

100.00 300

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

175,000

102.38 179

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

100,000

100.00 100

City

of

Royse

Special

Assessment

Revenue

Bonds

10/11/23

172,000

100.00 172

City

of

Royse

Special

Assessment

Revenue

Bonds

07/10/24

800,000

49.56 396

City

of

Royse

Special

Assessment

Revenue

Bonds

07/09/25

1,212,000

49.70 602

623

City

of

Royse

Special

Assessment

Revenue

Bonds

07/09/25

1,196,000

50.00 598

597

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

659,000

100.00 659

668

City

of

Venice

Revenue

Bonds

11/20/24

1,800,000

50.00 900

886

City

of

Venus

Special

Assessment

Revenue

Bonds

11/09/21

250,000

99.71 249

City

of

Waxahachie

Special

Assessment

05/17/22

205,000

100.00 205

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

619

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
City

of

Wharton

Special

Assessment

Revenue

Bonds

06/24/25

1,060,000

49.84 528

531

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

01/15/25

460,000

106.11 488

517

Club

Municipal

Management

District

No.

Special

Assessment

12/01/21

41,000

100.00 41

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

399,000

100.00 399

Cobblestone

Community

Development

District

Special

Assessment

03/11/22

235,000

99.66 234

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

325,000

100.00 325

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

104.08 104

Copper

Rim

Infrastructure

Financing

District

Special

Assessment

08/28/25

680,000

50.00 340

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

125,000

100.00 125

County

of

Bastrop

Special

Assessment

Revenue

Bonds

05/22/23

311,000

99.67 310

County

of

Gallatin

Revenue

Bonds

12/09/21

450,000

104.25 469

County

of

Gallatin

Revenue

Bonds

12/09/21

2,420,000

98.64 2,387

2,199

County

of

Gallatin

Revenue

Bonds

02/11/25

655,000

68.85 451

County

of

Okaloosa

Revenue

Bonds

09/25/25

450,000

50.00 225

County

of

Prince

George's

Special

Obligation

Tax

Allocation

02/02/24

275,000

99.77 274

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,255,000

95.61 1,200

1,213

Creek

Preserve

Community

Development

District

Special

Assessment

01/17/24

500,000

98.80 494

501

Cypress

Bluff

Community

Development

District

Special

Assessment

08/19/20

800,000

99.49 796

682

Cypress

Reserve

Community

Development

District

Special

Assessment

09/17/25

600,000

50.00 300

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,125,000

99.31 1,120

1,126

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

490,000

101.22 496

507

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

10,000

100.00 10

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100.00 60

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.63 60

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

290,000

99.91 290

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.67 369

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.50 1,256

1,277

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

103.85 104

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

150,000

105.97 159

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

110.08 138

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

220,000

102.55 226

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

135,000

108.63 147

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

100,000

109.90 110

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

101.64 102

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

103.32 956

951

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

800,000

100.33 803

771

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

150,000

100.58 151

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/26/25

2,350,000

49.71 1,168

1,173

Florida

Local

Government

Finance

Commission

Revenue

Bonds

06/18/25

1,250,000

50.00 625

650

Hammock

Oaks

Community

Development

District

Special

Assessment

03/26/25

1,000,000

50.00 500

508

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00 620

625

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

345,000

100.00 345

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100.00 140

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

1,300,000

99.54 1,294

1,382

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

310,000

50.53 157

Illinois

Finance

Authority

Revenue

Bonds

05/08/25

1,400,000

48.11 673

698

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.53 503

541

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

350,000

100.00 350

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

275,000

100.00 275

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

255,000

100.00 255

Knightsbridge

Community

Development

District

Special

Assessment

03/14/24

690,000

100.00 690

685

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

95,000

99.79 95

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/18/20

310,000

99.94 310

Lakewood

Ranch

Stewardship

District

Special

Assessment

10/08/20

100,000

100.00 100

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

325,000

100.36 326

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

900,000

50.30 453

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/20/22

4,700,000

50.00 2,350

2,350

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

99.46 547

551

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

11/13/24

1,210,000

99.76 1,207

1,207

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

515,000

109.44 561

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

620

Tax-Exempt

Bond

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

104.35 104

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

825,000

101.11 834

851

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

900,000

49.68 447

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

445,000

100.00 445

Michigan

Finance

Authority

Revenue

Bonds

02/03/25

6,495,000

100.00 6,495

6,545

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

05/09/25

1,000,000

50.00 500

520

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

100.92 505

512

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

102.59 103

Mississippi

Development

Bank

Revenue

Bonds

11/07/23

100,000

99.79 100

Mississippi

Development

Bank

Revenue

Bonds

11/07/23

175,000

99.81 175

Mississippi

Development

Bank

Revenue

Bonds

05/13/25

225,000

100.03 225

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

145,000

99.05 144

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

455,000

99.73 454

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

04/06/18

390,000

100.00 390

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

277,000

100.00 277

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

104.23 1,266

1,190

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

535,000

105.28 563

530

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

89.80 409

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

96.10 894

916

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

98.81 509

511

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

81.82 303

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

11/13/24

1,000,000

100.36 1,004

1,003

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/11/24

1,205,000

97.75 1,178

1,193

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/07/20

7,160,000

97.21 6,859

7,147

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/19/22

675,000

100.55 679

676

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/07/23

1,490,000

100.01 1,490

1,491

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/20/23

750,000

98.92 742

750

Northridge

Community

Development

District

Special

Assessment

05/15/25

450,000

50.00 225

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

11/15/24

1,000,000

109.84 1,098

1,066

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

104.00 780

751

Parish

of

St.

James

Revenue

Bonds

04/11/25

1,000,000

103.82 1,038

1,097

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

104.12 687

668

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

106.25 441

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

107.14 471

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

245,000

100.44 246

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

102.02 143

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/13/24

825,000

100.00 825

833

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00 100

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

125,000

100.00 125

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.20 100

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

01/05/23

1,500,000

96.25 1,444

1,505

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

05/09/25

940,000

49.78 468

Public

Finance

Authority

Revenue

Bonds

12/03/20

215,000

109.73 236

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,320,000

100.57 1,328

1,322

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

103.23 464

Public

Finance

Authority

Revenue

Bonds

02/02/22

750,000

103.25 774

658

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

103.46 471

Public

Finance

Authority

Revenue

Bonds

11/08/23

1,000,000

98.83 988

1,031

Public

Finance

Authority

Revenue

Bonds

04/23/24

400,000

100.52 402

Public

Finance

Authority

Revenue

Bonds

09/25/24

1,300,000

104.01 1,352

1,304

Public

Finance

Authority

Revenue

Bonds

09/25/24

825,000

105.67 872

849

Public

Finance

Authority

Revenue

Bonds

12/04/24

2,300,000

74.73 1,295

1,307

Public

Finance

Authority

Revenue

Bonds

12/04/24

250,000

97.22 243

Public

Finance

Authority

Revenue

Bonds

03/24/25

3,000,000

51.61 1,548

1,598

Public

Finance

Authority

Revenue

Bonds

08/15/25

400,000

50.00 200

Public

Finance

Authority

Revenue

Bonds

08/15/25

260,000

50.23 131

Public

Finance

Authority

Revenue

Bonds

09/10/25

650,000

48.96 318

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

11/16/21

4,655,000

102.02 4,792

4,875

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

10/12/22

10,400,000

94.07 9,379

10,173

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

100.79 1,855

1,908

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/25/23

5,460,000

101.84 5,561

5,755

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

02/07/23

8,700,000

100.36 8,745

9,092

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/25

775,000

103.78 804

804

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

03/21/25

1,290,000

92.21 1,189

1,192

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

621

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Radiance

Community

Development

District

Special

Assessment

08/29/25

750,000

49.72 373

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.70 299

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

60,000

99.97 60

Riversong

Community

Development

District

Special

Assessment

09/25/25

740,000

50.00 370

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

500,000

50.00 250

Rye

Ranch

Community

Development

District

Special

Assessment

09/13/23

185,000

100.00 185

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

150,000

99.87 150

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

190,000

100.00 190

Seminole

Palms

Community

Development

District

Special

Assessment

09/04/24

1,360,000

50.00 680

685

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

470,000

99.55 468

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

325,000

100.87 328

Somerset

Bay

Community

Development

District

Special

Assessment

05/20/24

325,000

100.00 325

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

06/14/24

600,000

102.18 613

612

State

of

Ohio

Revenue

Bonds

10/23/25

300,000

99.25 298

Stillwater

Community

Development

District

Special

Assessment

08/05/25

1,000,000

80.57 806

824

Stonewater

Community

Development

District

Special

Assessment

10/13/21

115,000

100.00 115

Stuart

Crossing

Community

Development

District

Special

Assessment

03/13/24

230,000

100.00 230

Summerstone

Community

Development

District

Special

Assessment

09/09/21

60,000

100.00 60

Talis

Park

Community

Development

District

Special

Assessment

11/13/24

3,750,000

50.00 1,875

1,803

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00 535

535

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99.91 400

Town

of

Bridgeville

Special

Tax

04/24/24

1,945,000

99.01 1,924

1,988

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

750,000

100.00 750

726

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

800,000

100.00 800

721

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

12/08/21

708,000

100.00 708

538

Travis

County

Development

Authority

Special

Assessment

09/13/22

302,000

100.00 302

Travis

County

Development

Authority

Special

Assessment

03/19/24

492,000

100.00 492

Travis

County

Development

Authority

Special

Assessment

12/03/24

600,000

100.12 601

591

Travis

County

Development

Authority

Special

Assessment

12/03/24

497,000

99.88 496

502

Triple

Creek

Community

Development

District

Special

Assessment

11/23/21

450,000

100.00 450

Triple

Creek

Community

Development

District

Special

Assessment

06/17/24

190,000

100.00 190

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

12/15/23

500,000

95.98 480

502

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

22,500

100.03 22

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

410,000

97.56 400

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

100.00 50

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

10,000

100.00 10

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.32 541

536

Village

Community

Development

District

No.

Special

Assessment

06/22/23

200,000

100.00 200

Village

Community

Development

District

No.

Special

Assessment

06/22/23

130,000

100.00 130

Village

Community

Development

District

No.

Special

Assessment

06/22/23

655,000

100.00 655

676

Washington

State

Housing

Finance

Commission

Revenue

Bonds

10/20/23

215,000

98.53 212

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,500,000

104.39 1,566

1,613

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,250,000

105.10 1,314

1,358

Washington

State

Housing

Finance

Commission

Revenue

Bonds

06/18/25

1,250,000

50.00 625

623

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/26/25

2,200,000

50.00 1,100

1,102

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/26/25

2,900,000

50.00 1,450

1,453

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

08/29/24

3,650,000

50.00 1,825

1,825

West

Port

East

Community

Development

District

Special

Assessment

06/13/25

530,000

50.00 265

West

Villages

Improvement

District

Special

Assessment

10/17/25

200,000

50.00 100

Westview

South

Community

Development

District

Special

Assessment

07/31/25

1,000,000

50.00 500

Willowbrook

Community

Development

District

Special

Assessment

09/12/25

1,150,000

50.00 575

572

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

2,605,000

101.37 2,641

2,630

208,007

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

622

Tax-Exempt

Bond

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Municipal

Bonds

Alabama

$

—

$

295,910

$

—

$

—

$

295,910

Alaska

—

9,584

—

—

9,584

Arizona

—

109,183

—

—

109,183

Arkansas

—

16,361

—

—

16,361

California

—

464,190

—

—

464,190

Colorado

—

155,384

—

—

155,384

Connecticut

—

95,013

—

—

95,013

Delaware

—

41,341

—

—

41,341

District

of

Columbia

—

51,915

—

—

51,915

Florida

—

355,312

—

—

355,312

Georgia

—

211,343

—

—

211,343

Guam

—

39,006

—

—

39,006

Hawaii

—

13,683

—

—

13,683

Idaho

—

10,948

—

—

10,948

Illinois

—

614,874

—

—

614,874

Indiana

—

72,431

—

—

72,431

Iowa

—

47,638

—

—

47,638

Kansas

—

17,727

—

—

17,727

Kentucky

—

131,067

—

—

131,067

Louisiana

—

136,051

—

—

136,051

Maine

—

9,659

—

—

9,659

Maryland

—

64,184

—

—

64,184

Massachusetts

—

68,049

—

—

68,049

Michigan

—

109,921

—

—

109,921

Minnesota

—

28,597

—

—

28,597

Mississippi

—

132,444

—

—

132,444

Missouri

—

74,042

—

—

74,042

Montana

—

14,625

—

—

14,625

Nebraska

—

16,001

—

—

16,001

Nevada

—

53,921

—

—

53,921

New

Hampshire

—

82,537

—

—

82,537

New

Jersey

—

156,129

—

—

156,129

New

Mexico

—

16,017

—

—

16,017

New

York

—

489,391

—

—

489,391

North

Carolina

—

69,264

—

—

69,264

North

Dakota

—

13,335

—

—

13,335

Ohio

—

63,179

—

—

63,179

Oklahoma

—

28,364

—

—

28,364

Oregon

—

33,573

—

—

33,573

Pennsylvania

—

210,264

—

—

210,264

Puerto

Rico

—

192,692

—

—

192,692

Rhode

Island

—

24,913

—

—

24,913

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

623

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
South

Carolina

—

66,933

—

—

66,933

South

Dakota

—

12,659

—

—

12,659

Tennessee

—

79,523

—

—

79,523

Texas

—

590,940

—

—

590,940

Utah

—

107,012

—

—

107,012

Vermont

—

2,305

—

—

2,305

Virgin

Islands

—

31,936

—

—

31,936

Virginia

—

88,293

—

—

88,293

Washington

—

99,628

—

—

99,628

West

Virginia

—

41,822

—

—

41,822

Wisconsin

—

102,088

—

—

102,088

Wyoming

—

7,996

—

—

7,996

Total

Investments

$

—

$

6,071,197

$

—

$

—

$

6,071,197

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

624

Tax-Exempt

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

5,989,528

Investments,

at

fair

value

.............................................................................................................................................................

6,071,197

Cash

..............................................................................................................................................................................................

39,970

Receivables:

Dividends

and

interest

......................................................................................................................................................

77,208

Fund

shares

sold

...............................................................................................................................................................

14,432

Total

assets

...............................................................................................................................................................

6,202,807

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

4,675

Fund

shares

redeemed

......................................................................................................................................................

3,477

Accrued

fees

to

affiliates

..................................................................................................................................................

2,447

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

10,935

#### Net

#### Assets

#### ...............................................................................................................................................................
$

6,191,872

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

625

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(226,094)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,813

Additional

paid-in

capital

............................................................................................................................................................

6,415,153

#### Net

#### Assets

#### ...............................................................................................................................................................
$

6,191,872

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

22.10 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

22.96 Class

A

—

Net

assets

...........................................................................................................................................................

$

47,358,044

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

2,142,747

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

21.94 Class

C

—

Net

assets

...........................................................................................................................................................

$

18,250,779

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

831,795

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

22.01 Class

M

—

Net

assets

..........................................................................................................................................................

$

1,701,866,118

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

77,310,120

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

22.01 Class

S

—

Net

assets

............................................................................................................................................................

$

4,424,397,186

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

201,059,863

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

626

Tax-Exempt

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

229,56

#### Expenses
Advisory

fees

...................................................................................................................................................................

17,674

Administrative

fees

..........................................................................................................................................................

2,814

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

3,262

Transfer

agent

fees

-

Class

S

............................................................................................................................................

8,397

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

33,998

Expense

reductions

..........................................................................................................................................................

(5,148)

Net

expenses

................................................................................................................................................................................

28,850

Net

investment

income

(loss)

.......................................................................................................................................................

200,710

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(39,626)

Net

realized

gain

(loss)

................................................................................................................................................................

(39,626)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

75,550

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

75,550

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

35,924

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

236,634

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

627

#### 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)

.......................................................................................................

$

200,710

$

170,293

Net

realized

gain

(loss)

................................................................................................................

(39,626)

(46,999)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

75,55

298,473

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

236,63

421,767

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,456)

(1,241)

Class

C

.....................................................................................................................................

(515) (456) Class

M

....................................................................................................................................

(61,245)

(54,479)

Class

S

......................................................................................................................................

(153,180)

(123,857)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(216,396)

(180,033)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

427,477

759,928

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
447,715

1,001,662

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

5,744,157

4,742,495

End

of

period

......................................................................................................................................

$

6,191,872

$

5,744,157

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

628

Tax-Exempt

Bond

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

602

$

13,118

600

$

13,228

Proceeds

from

reinvestment

of

distributions

1,451

1,235

Payments

for

shares

redeemed

(528)

(11,527)

(311)

(6,875)

Net

increase

(decrease)

3,042

7,588

Class

C

Proceeds

from

shares

sold

4,420

5,052

Proceeds

from

reinvestment

of

distributions

515

Payments

for

shares

redeemed

(299)

(6,480)

(229)

(5,014)

Net

increase

(decrease)

(71)

(1,545)

Class

M

Proceeds

from

shares

sold

20,000

434,624

25,272

555,486

Proceeds

from

reinvestment

of

distributions

2,811

61,032

2,484

54,386

Payments

for

shares

redeemed

(26,605)

(581,467)

(12,819)

(281,274)

Net

increase

(decrease)

(3,794)

(85,811)

14,937

328,598

Class

S

Proceeds

from

shares

sold

60,580

1,318,647

48,943

1,073,935

Proceeds

from

reinvestment

of

distributions

7,048

152,962

5,650

123,638

Payments

for

shares

redeemed

(44,249)

(959,818)

(35,319)

(774,325)

Net

increase

(decrease)

23,379

511,791

19,274

423,248

Total

increase

(decrease)

19,654

$

427,477

34,578

$

759,928

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

629

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### 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

22.04 20.97 20.93 23.94 23.67 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.67

.63

.55

.39

.40

$

Net

Realized

and

Unrealized

Gain

(Loss)

.12

1.12 .10

(2.92)

.36

$

Total

from

Investment

Operations

.79

1.75 .65

(2.53)

.76

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.73)

(.68)

(.61)

(.48)

(.49)

$

Total

Distributions

(.73)

(.68)

(.61)

(.48)

(.49)

$

Net

Asset

Value,

End

of

Period

22.10 22.04 20.97 20.93 23.94 %

Total

Return

(±)

3.70 8.39 3.03 (10.70)

3.22 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 47,358

44,132

34,759

30,595

39,060

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.82

.82

.83

.84

.84

%

Expenses,

Net

(Ƃ)

.80

.80

.81

.82

.82

%

Net

Investment

Income

(Ƃ)

3.09 2.87 2.55 1.74 1.67 %

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

21.89 20.83 20.80 23.78 23.53 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.52

.47

.39

.23

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

.11

1.12 .09

(2.89)

.34

$

Total

from

Investment

Operations

.63

1.59 .48

(2.66)

.57

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.53)

(.45)

(.32)

(.32)

$

Total

Distributions

(.58)

(.53)

(.45)

(.32)

(.32)

$

Net

Asset

Value,

End

of

Period

21.94 21.89 20.83 20.80 23.78 %

Total

Return

2.95 7.65 2.28 (11.29)

2.44 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 18,251

19,769

18,352

20,240

26,500

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.57 1.57 1.58 1.59 1.59 %

Expenses,

Net

(Ƃ)

1.51 1.51 1.52 1.53 1.53 %

Net

Investment

Income

(Ƃ)

2.38 2.15 1.82 1.03 .96

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

630

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.95 20.89 20.85 23.85 23.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.76

.72

.64

.48

.49

$

Net

Realized

and

Unrealized

Gain

(Loss)

.12

1.10 .09

(2.91)

.36

$

Total

from

Investment

Operations

.88

1.82 .73

(2.43)

.85

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.82)

(.76)

(.69)

(.57)

(.58)

$

Total

Distributions

(.82)

(.76)

(.69)

(.57)

(.58)

$

Net

Asset

Value,

End

of

Period

22.01 21.95 20.89 20.85 23.85 %

Total

Return

4.12 8.78 3.43 (10.34)

3.63 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,701,866

1,780,639

1,381,959

1,168,139

1,168,245

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.57

.57

.58

.59

.59

%

Expenses,

Net

(Ƃ)

.41

.41

.42

.43

.43

%

Net

Investment

Income

(Ƃ)

3. 48

3.26 2.94 2.16 2.04 %

Portfolio

Turnover

Rate

#### 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

21.95 20.88 20.85 23.84 23.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.73

.69

.61

.46

.47

$

Net

Realized

and

Unrealized

Gain

(Loss)

.13

1.12 .09

(2.90)

.35

$

Total

from

Investment

Operations

.86

1.81 .70

(2.44)

.82

Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.80)

(.74)

(.67)

(.55)

(.56)

$

Total

Distributions

(.80)

(.74)

(.67)

(.55)

(.56)

$

Net

Asset

Value,

End

of

Period

22.01 21.95 20.88 20.85 23.84 %

Total

Return

4.01 8.73 3.28 (10.40)

3.49 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,424,397

3,899,617

3,307,425

2,795,945

3,006,439

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.57

.57

.58

.59

.59

%

Expenses,

Net

(Ƃ)

.51

.51

.52

.53

.53

%

Net

Investment

Income

(Ƃ)

3. 39

3.16 2.84 2.05 1.96 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

631

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Accrued

fees

payable

to

affiliates

as

of

October

31,

2025

were

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:

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

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

equalization,

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.

Advisory

fees

$

1,567,454

Administrative

fees

247,902

Distribution

fees

21,590

Shareholder

servicing

fees

3,881

Transfer

agent

fees

589,783

Trustees'

fees

16,515

$

2,447,125

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

6,027,706,400

$

76,851,239

$

(33,360,354)

$

43,490,885

#### Tax-Exempt

#### Distributable

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Post

#### October

#### Losses

#### Deferred\*\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

20,268,331

$

(289,640,928)

$

43,490,886

$

—

$

(212,502)

$

(226,094,213)

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Tax-Exempt

#### Income

#### Ordinary

#### Income

#### Distributions

#### Long-Term

#### Capital

#### Gain

#### Distributions

#### Tax-Exempt

#### Income
$

438,322

$

—

$

215,958,168

$

7,06

,889

$

—

$

172,969,421

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

632

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.7%
Australia

-

7.6%

Atlas

Arteria,

Ltd.

1,608,973

5,108

Cleanaway

Waste

Management,

Ltd.

483,808

806

NEXTDC,

Ltd.(Æ)

21,246

Qube

Holdings,

Ltd.

1,379,961

3,961

Transurban

Group(Æ)

1,723,443

16,311

26,404

Brazil

-

1.0%

Cia

Paranaense

de

Energia

-

Copel

261,732

638

Equatorial

Energia

SA

30,477

Motiva

Infraestrutura

de

Mobilidade

SA

341,305

1,007

Rumo

SA

485,768

1,437

3,290

Canada

-

5.3%

AltaGas,

Ltd.

29,351

862

Canadian

National

Railway

Co.

580

Enbridge,

Inc.

209,688

9,777

Keyera

Corp.

30,042

887

Pembina

Pipeline

Corp.

40,732

1,541

Rockpoint

Gas

Storage,

Inc.

Class

A

29,688

549

South

Bow

Corp.

Class

W

10,923

TC

Energy

Corp.

86,158

4,323

18,278

China

-

2.1%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

4,224,000

1,517

China

Tower

Corp.,

Ltd.

Class

H(Þ)

1,889,400

2,732

COSCO

SHIPPING

Ports,

Ltd.

936,000

690

ENN

Energy

Holdings,

Ltd.

201,182

1,752

Zhejiang

Expressway

Co.,

Ltd.

Class

H

648,000

632

7,323

Denmark

-

0.6%

Orsted

A/S

Class

A(Æ)(Þ)

111,086

1,984

France

-

7.0%

Aeroports

de

Paris

SA

68,294

9,377

Engie

SA

75,463

1,766

Getlink

SE

556,474

10,156

Veolia

Environnement

SA

32,370

1,069

Vinci

SA

14,573

1,950

24,318

Germany

-

1.9%

E.ON

SE

87,331

1,625

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

21,519

1,840

RWE

AG

60,602

2,980

6,445

Hong

Kong

-

0.2%

Power

Assets

Holdings,

Ltd.

100,000

635

Italy

-

3.1%

Enav

SpA(Þ)

76,543

Enel

SpA

594,972

6,016

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hera

SpA

569,171

2,552

Infrastrutture

Wireless

Italiane

SpA(Þ)

119,705

1,314

Italgas

SpA

50,502

529

10,811

Japan

-

1.9%

Central

Japan

Railway

Co.

13,100

Chubu

Electric

Power

Co.,

Inc.

26,400

Japan

Airport

Terminal

Co.,

Ltd.

141,500

4,393

Osaka

Gas

Co.,

Ltd.

11,500

Tokyo

Metro

Co.,

Ltd.

53,500

562

West

Japan

Railway

Co.

35,000

717

6,720

Luxembourg

-

0.1%

SES

SA

33,492

Malaysia

-

0.2%

Tenaga

Nasional

BHD

262,800

833

Mexico

-

6.8%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

74,075

913

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

10,012

987

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

383,088

7,986

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

12,179

2,537

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

221,017

6,686

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

9,887

2,989

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

120,304

1,558

23,656

Netherlands

-

0.2%

Koninklijke

Vopak

NV

10,815

New

Zealand

-

1.6%

Auckland

International

Airport,

Ltd.

1,089,806

5,059

Infratil,

Ltd.

77,023

545

5,604

Philippines

-

0.4%

International

Container

Terminal

Services,

Inc.

167,475

1,507

Singapore

-

0.3%

Sembcorp

Industries,

Ltd.

194,600

974

Spain

-

5.5%

Aena

SME

SA(Þ)

450,861

12,239

Cellnex

Telecom

SA(Þ)

33,386

1,040

Iberdrola

SA

211,229

4,277

Redeia

Corp.

SA

79,722

1,433

18,989

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

633

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Switzerland

-

1.8%

Flughafen

Zurich

AG

21,002

6,199

United

Kingdom

-

4.0%

National

Grid

PLC

666,307

9,966

National

Grid

PLC

-

ADR

6,763

509

Severn

Trent

PLC

Class

H

20,041

732

SSE

PLC

46,504

1,171

United

Utilities

Group

PLC

99,624

1,571

13,949

United

States

-

46.1%

AES

Corp.

(The)

51,665

717

Alliant

Energy

Corp.

34,305

2,292

Ameren

Corp.

19,377

1,977

American

Electric

Power

Co.,

Inc.

55,544

6,680

American

Water

Works

Co.,

Inc.

2,633

Atmos

Energy

Corp.

3,289

565

Black

Hills

Corp.

7,075

Casella

Waste

Systems,

Inc.

Class

A(Æ)

8,652

766

CenterPoint

Energy,

Inc.

113,066

4,324

Cheniere

Energy,

Inc.

39,557

8,386

CMS

Energy

Corp.

5,809

Constellation

Energy

Corp.

18,912

7,130

Crown

Castle,

Inc.(ö)

29,565

2,667

CSX

Corp.

66,748

2,404

Digital

Realty

Trust,

Inc.(ö)

4,637

790

Dominion

Energy,

Inc.

53,095

3,116

DT

Midstream,

Inc.

35,095

3,842

Duke

Energy

Corp.

58,326

7,250

Entergy

Corp.

70,694

6,793

Equinix,

Inc.(ö)

2,638

2,232

Evergy,

Inc.

55,378

4,254

Eversource

Energy

37,831

2,792

Exelon

Corp.

25,610

1,181

Ferrovial

SE

18,034

1,108

GFL

Environmental,

Inc.

10,738

IDACORP,

Inc.

2,639

Kinder

Morgan,

Inc.

132,898

3,481

Kinetik

Holdings,

Inc.

7,578

NextEra

Energy,

Inc.

203,596

16,573

NiSource,

Inc.

72,898

3,070

Norfolk

Southern

Corp.

8,832

2,503

NRG

Energy,

Inc.

7,602

1,306

ONEOK,

Inc.

94,740

6,348

PG&E

Corp.

114,515

1,828

PPL

Corp.

1,719

Public

Service

Enterprise

Group,

Inc.

44,487

3,584

Republic

Services,

Inc.

Class

A

7,946

1,655

SBA

Communications

Corp.(ö)

5,151

986

Sempra

119,903

11,024

Spire,

Inc.

4,633

Targa

Resources

Corp.

37,228

5,735

UGI

Corp.

32,343

1,081

Union

Pacific

Corp.

5,157

1,136

Venture

Global,

Inc.

Class

A

32,721

Vistra

Corp.

14,907

2,807

Waste

Connections,

Inc.

7,886

1,322

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Waste

Management,

Inc.

18,527

3,701

WEC

Energy

Group,

Inc.

22,324

2,494

Williams

Cos.,

Inc.

(The)

116,151

6,722

Xcel

Energy,

Inc.

100,108

8,126

159,806

#### Total

#### Common

#### Stocks
(cost

$259,093)

338,472

#### Short-Term

#### Investments

#### -

#### 1.9%
United

States

-

1.9%

U.S.

Cash

Management

Fund(@)

6,629,353

(∞)

6,628

#### Total

#### Short-Term

#### Investments
(cost

$6,628)

6,628

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$265,721)

345,100

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
1,512

#### Net

#### Assets

#### -

#### 100.0%
346,612

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

634

Global

Infrastructure

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $5.7%

Aena

SME

SA

02/11/15

EUR

450,861

9.54 4,300

12,239

Cellnex

Telecom

SA

03/20/19

EUR

33,386

32.10 1,071

1,040

China

Tower

Corp.,

Ltd.

03/03/25

HKD

1,889,400

1.43 2,704

2,732

Enav

SpA

04/07/25

EUR

76,543

4.00 306

Infrastrutture

Wireless

Italiane

SpA

06/18/15

EUR

119,705

9.33 1,117

1,314

Orsted

A/S

09/08/25

DKK

111,086

21.38 2,375

1,984

19,709

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

EURO

STOXX

Index

Futures

EUR

1,304

12/25

MSCI

Emerging

Markets

Index

Futures

USD

563

12/25

S&P

E-Mini

Energy

Select

Sector

Futures

USD

833

12/25

(1) S&P

E-Mini

Utilities

Select

Sector

Futures

USD

3,428

12/25

SPI

Index

Futures

AUD

1,334

12/25

(2) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

HKD

958

11/03/25

—

Bank

of

America

USD

HKD

11/04/25

—

Bank

of

America

AUD

USD

12/17/25

Bank

of

America

AUD

USD

12/17/25

(1) Bank

of

America

AUD

USD

12/17/25

(1) Bank

of

America

EUR

USD

12/17/25

Bank

of

America

EUR

USD

12/17/25

Bank

of

America

EUR

500

USD

582

12/17/25

Morgan

Stanley

USD

656

AUD

991

12/17/25

(7) Morgan

Stanley

USD

1,368

EUR

1,163

12/17/25

(25) Royal

Bank

of

Canada

USD

657

AUD

991

12/17/25

(9) Royal

Bank

of

Canada

USD

1,37

EUR

1,163

12/17/25

(27) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(50) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

26,404

$

—

$

—

$

26,404

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

635

x

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Brazil

3,290

—

—

—

3,290

Canada

18,278

—

—

—

18,278

China

—

7,323

—

—

7,323

Denmark

—

1,984

—

—

1,984

France

—

24,318

—

—

24,318

Germany

—

6,445

—

—

6,445

Hong

Kong

—

635

—

—

635

Italy

—

10,811

—

—

10,811

Japan

—

6,720

—

—

6,720

Luxembourg

—

—

—

Malaysia

—

833

—

—

833

Mexico

23,656

—

—

—

23,656

Netherlands

—

—

—

New

Zealand

—

5,604

—

—

5,604

Philippines

—

1,507

—

—

1,507

Singapore

—

974

—

—

974

Spain

—

18,989

—

—

18,989

Switzerland

—

6,199

—

—

6,199

United

Kingdom

509

13,440

—

—

13,949

United

States

158,698

1,108

—

—

159,806

Short-Term

Investments

—

—

—

6,628

6,628

Total

Investments

204,431

134,041

—

6,628

345,100

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(3)

—

—

—

(3)

Foreign

Currency

Exchange

Contracts

—

(70) —

—

(70) Total

Other

Financial

Instruments

\*

$

$

(50) $

—

$

—

$

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

636

Global

Infrastructure

Fund

Amounts

in

thousands

#### Infrastructure

#### Subindustry

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Airport

Services

.................................................................................

63,122

18.2 Cable

&

Satellite

................................................................................

0.1 Construction

&

Engineering

..............................................................

3,058

0.9 Data

Center

REITs

.............................................................................

3,022

0.9 Electric

Utilities

.................................................................................

82,186

23.7 Environmental

&

Facilities

Services

.................................................

8,719

2.5 Gas

Utilities

.......................................................................................

5,550

1.6 Highways

&

Railtracks

......................................................................

34,772

10.0 Independent

Power

Producers

&

Energy

Traders

..............................

6,504

1.9 Integrated

Telecommunication

Services

............................................

5,086

1. 4

Internet

Services

&

Infrastructure

......................................................

0.1 Marine

Ports

&

Services

....................................................................

6,158

1.8 Multi-Sector

Holdings

.......................................................................

545

0.2 Multi-Utilities

....................................................................................

48,926

14.1 Oil

&

Gas

Exploration

&

Production

.................................................

0.1 Oil

&

Gas

Storage

&

Transportation

.................................................

52,656

15.2 Rail

Transportation

.............................................................................

9,135

2.6 Renewable

Electricity

........................................................................

1,984

0.6 Telecom

Tower

REITs

........................................................................

3,653

1. 0

Water

Utilities

....................................................................................

2,641

0.8 #### Short-Term

#### Investments

#### .......................................................
6,628

1.9 Total

Investments

...............................................................................

345,100

99.6 #### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

637

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Variation

margin

on

futures

contracts

—

Total

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts

$

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,764

$

—

Foreign

currency

exchange

contracts

—

Total

$

1,764

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

Total

$

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

638

Global

Infrastructure

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

$

—

$

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

Total

$

$

$

—

$

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

639

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

America

$

$

$

—

$

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Total

$

$

$

—

$

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

640

Global

Infrastructure

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

265,

721

Investments,

at

fair

value(>)

........................................................................................................................................................

345,100

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,061

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

520

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

assets

...............................................................................................................................................................

347,485

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

873

#### Net

#### Assets

#### ...............................................................................................................................................................
$

346,612

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

641

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

93,880

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

252,400

#### Net

#### Assets

#### ...............................................................................................................................................................
$

346,612

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

6,628

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,071

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

10.38 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

11.01 Class

A

—

Net

assets

...........................................................................................................................................................

$

9,452,815

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

910,288

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

10.21 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,567,168

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

153,545

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

10.40 Class

M

—

Net

assets

..........................................................................................................................................................

$

42,222,477

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

4,058,633

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

10.43 Class

S

—

Net

assets

............................................................................................................................................................

$

244,818,695

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

23,466,849

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

10.43 Class

Y

—

Net

assets

...........................................................................................................................................................

$

48,550,595

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

4,653,415

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

642

Global

Infrastructure

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

12,85

Dividends

from

affiliated

funds

.......................................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(848) Total

investment

income

..............................................................................................................................................................

12,51

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,941

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

4,169

Expense

reductions

..........................................................................................................................................................

(767) Net

expenses

................................................................................................................................................................................

3,402

Net

investment

income

(loss)

.......................................................................................................................................................

9,11

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

19,

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

1,76

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

21,7

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

17,4

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

17,

632

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

39,

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

48,

536

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

643

#### 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)

.......................................................................................................

$

9,

$

8,804

Net

realized

gain

(loss)

................................................................................................................

21,7

6,396

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

17,

632

58,855

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

48,53

74,055

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(375) (102) Class

C

.....................................................................................................................................

(69) (26) Class

M

....................................................................................................................................

(2,23

1)

(1,163)

Class

S

......................................................................................................................................

(12,842)

(5,775)

Class

Y

.....................................................................................................................................

(2,655)

(1,365)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(18,17

2)

(8,431)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(25,853)

47,390

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
4,511

113,014

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

342,101

229,087

End

of

period

......................................................................................................................................

$

346,612

$

342,101

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

644

Global

Infrastructure

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

$

3,956

$

1,518

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(98) (966) (71) (619) Net

increase

(decrease)

3,365

1,001

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(32) (306) (61) (517) Net

increase

(decrease)

(12) (113) (41) (347) Class

M

Proceeds

from

shares

sold

783

7,696

934

8,202

Proceeds

from

reinvestment

of

distributions

2,231

1,163

Payments

for

shares

redeemed

(1,89

5)

(18,644)

(984) (8,614)

Net

increase

(decrease)

(87

3)

(8,717)

751

Class

S

Proceeds

from

shares

sold

3,872

38,117

10,266

85,314

Proceeds

from

reinvestment

of

distributions

1,170

10,873

4,420

Payments

for

shares

redeemed

(6,440)

(64,151)

(4,296)

(37,758)

Net

increase

(decrease)

(1,398)

(15,161)

6,465

51,976

Class

Y

Proceeds

from

shares

sold

1,788

1,293

Proceeds

from

reinvestment

of

distributions

2,655

1,365

Payments

for

shares

redeemed

(1,001)

(9,670)

(967) (8,649)

Net

increase

(decrease)

(543) (5,227)

(664) (5,991)

Total

increase

(decrease)

(2,48

3)

$

(25,853)

5,943

$

47,390

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

645

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### 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

9.54 7.67 8.13 10.16 8.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.23

.22

.19

.14

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.11 1.86 (.36)

(.69)

1.97 $

Total

from

Investment

Operations

1.34 2.08 (.17)

(.55)

2.16 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.21)

(.17)

(.24)

(.26)

$

Distributions

from

Net

Realized

Gain

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.50)

(.21)

(.29)

(1.48)

(.75)

$

Net

Asset

Value,

End

of

Period

10.38 9.54 7.67 8.13 10.16 %

Total

Return

(±)

14.68 27.37 (2.35)

(5.95)

25.50 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 9,453

5,415

3,574

4,039

4,719

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.47 1.61 1.96 2.17 2.00 %

Expenses,

Net

(Ƃ)

1.26 1.27 1.28 1.28 1.30 %

Net

Investment

Income

(Ƃ)

2.35 2.45 2.25 1.58 1.99 %

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

9.40 7.55 8.01 10.03 8.64 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.15

.15

.12

.07

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.09 1.85 (.36)

(.68)

1.94 $

Total

from

Investment

Operations

1.24 2.00 (.24)

(.61)

2.06 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.15)

(.10)

(.17)

(.18)

$

Distributions

from

Net

Realized

Gain

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.43)

(.15)

(.22)

(1.41)

(.67)

$

Net

Asset

Value,

End

of

Period

10.21 9.40 7.55 8.01 10.03 %

Total

Return

13.84 26.57 (3.15)

(6.67)

24.65 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,567

1,554

1,557

2,104

2,547

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.22 2.37 2.71 2.92 2.75 %

Expenses,

Net

(Ƃ)

2.01 2.02 2.03 2.03 2.05 %

Net

Investment

Income

(Ƃ)

1.59 1.74 1.47 .84

1.23 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

646

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.55 7.68 8.13 10.17 8.76 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.27

.25

.22

.17

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.11 1.86 (.35)

(.70)

1.99 $

Total

from

Investment

Operations

1.38 2.11 (.13)

(.53)

2.19 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.24)

(.20)

(.27)

(.29)

$

Distributions

from

Net

Realized

Gain

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.53)

(.24)

(.32)

(1.51)

(.78)

$

Net

Asset

Value,

End

of

Period

10.40 9.55 7.68 8.13 10.17 %

Total

Return

15.13 27.74 (1.87)

(5.70)

25.91 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 42,222

47,115

37,232

8,829

8,775

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.22 1.36 1.70 1.92 1.78 %

Expenses,

Net

(Ƃ)

.91

.92

.93

.93

.95

%

Net

Investment

Income

(Ƃ)

2.72 2.83 2.61 1.92 2.07 %

Portfolio

Turnover

Rate

#### 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

9.58 7.70 8.16 10.20 8.78 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.26

.24

.21

.16

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.11 1.87 (.36)

(.70)

1.99 $

Total

from

Investment

Operations

1.37 2.11 (.15)

(.54)

2.19 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.23)

(.19)

(.26)

(.28)

$

Distributions

from

Net

Realized

Gain

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.52)

(.23)

(.31)

(1.50)

(.77)

$

Net

Asset

Value,

End

of

Period

10.43 9.58 7.70 8.16 10.20 %

Total

Return

14.97 27.69 (2.08)

(5.79)

25.84 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 244,819

238,223

141,617

53,243

73,700

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.22 1.36 1.71 1.91 1.77 %

Expenses,

Net

(Ƃ)

1.01 1.02 1.03 1.03 1.05 %

Net

Investment

Income

(Ƃ)

2.61 2.75 2.48 1.81 2.10 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

647

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 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 7.70 8.16 10.20 8.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.27

.26

.25

.18

.24

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.12 1.87 (.39)

(.70)

1.98 $

Total

from

Investment

Operations

1.39 2.13 (.14)

(.52)

2.22 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(.25)

(.20)

(.28)

(.30)

$

Distributions

from

Net

Realized

Gain

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.54)

(.25)

(.32)

(1.52)

(.79)

$

Net

Asset

Value,

End

of

Period

10.43 9.58 7.70 8.16 10.20 %

Total

Return

15.17 27.89 (1.92)

(5.60)

26.21 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 48,551

49,794

45,107

6,619

6,380

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.03 1.17 1.51 1.72 1.54 %

Expenses,

Net

(Ƃ)

.83

.84

.85

.85

.87

%

Net

Investment

Income

(Ƃ)

2.74 2.92 2.99 1.99 2.44 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

648

Global

Infrastructure

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

an

underlying

fund

which

is,

or

was,

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:

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

For

the

fiscal

years

ended

October

31,

2025

and

October

31,

2024,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

$

214,674

Administrative

fees

14,179

Distribution

fees

3,040

Shareholder

servicing

fees

Transfer

agent

fees

42,788

Trustees'

fees

1,071

$

276,089

#### 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
U.S.

Cash

Management

Fund

$

9,375

$

133,868

$

136,614

$

(1)

$

—

6,628

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

272,742,477

$

77,009,908

$

(4,654,605)

$

72,355,303

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

9,849,253

$

11,687,384

$

72,343,544

$

—

$

93,880,181

#### 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
$

12,319,717

$

5,852,652

$

—

$

8,275,146

$

156,281

$

—

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

649

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

equalization,

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

Statements

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

650

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.1%
Australia

-

6.3%

Charter

Hall

Group(ö)

99,790

1,463

Dexus

Property

Group(ö)

282,232

1,343

Gemlife

Communities

Group(Æ)

119,312

Goodman

Group(ö)

481,819

10,384

HomeCo

.

Daily

Needs

REIT(ö)(Þ)

355,650

Ingenia

Communities

Group(ö)

360,002

1,321

Mirvac

Group(ö)

1,883,163

2,842

NEXTDC,

Ltd.(Æ)

68,063

699

Scentre

Group(ö)

998,951

2,656

Stockland(ö)

654,261

2,696

24,117

Belgium

-

1.1%

Aedifica

SA(ö)

25,676

1,875

Shurgard

Self

Storage,

Ltd.(ö)

1,706

VGP

NV

5,548

641

Warehouses

De

Pauw

CVA(ö)

61,117

1,551

4,129

Canada

-

1.3%

Chartwell

Retirement

Residences

111,331

1,641

Choice

Properties

Real

Estate

Investment

Trust(ö)

135,395

1,433

First

Capital

Real

Estate

Investment

Trust(ö)

133,433

1,789

4,863

China

-

0.1%

GDS

Holdings,

Ltd.

Class

A(Æ)

77,600

France

-

2.5%

Argan

SA(ö)

5,403

Covivio

SA(ö)

17,926

1,149

Klepierre

SA(ö)

90,949

3,477

Mercialys

SA(ö)

54,928

670

Unibail

-

Rodamco

-Westfield(ö)

37,328

3,862

9,579

Germany

-

2.4%

LEG

Immobilien

SE

10,393

791

Sirius

Real

Estate,

Ltd.(ö)

687,462

902

TAG

Immobilien

AG

155,004

2,572

Vonovia

SE

166,448

4,997

9,262

Hong

Kong

-

2.9%

Henderson

Land

Development

Co.,

Ltd.

342,000

1,198

Hongkong

Land

Holdings,

Ltd.

201,700

1,232

Link

REIT(ö)

710,083

3,701

Sun

Hung

Kai

Properties,

Ltd.

258,543

3,136

SUNeVision

Holdings,

Ltd.

334,000

Swire

Properties,

Ltd.

147,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

463,000

1,315

11,243

Japan

-

9.0%

Activia

Properties,

Inc.(ö)

981

897

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Daiwa

Securities

Living

Investments

Corp.(ö)

1,413

1,012

GLP

J-REIT(ö)

786

712

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

559

519

Invincible

Investment

Corp.(ö)

1,112

Japan

Hotel

REIT

Investment

Corp.(ö)

1,163

677

Japan

Metropolitan

Fund

Investment

Corp.(ö)

3,071

2,372

Japan

Real

Estate

Investment

Corp.(ö)

1,680

1,385

KDX

Realty

Investment

Corp.

Class

A(ö)

2,305

2,547

Keihanshin

Building

Co.,

Ltd.

94,800

1,064

Mitsubishi

Estate

Co.,

Ltd.

223,918

4,739

Mitsui

Fudosan

Co.,

Ltd.

497,881

5,171

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

2,541

1,840

Mori

Trust

Sogo

REIT,

Inc.(ö)

2,385

1,202

Nippon

Accommodations

Fund,

Inc.(ö)

694

584

Nippon

Prologis

REIT,

Inc.(ö)

4,387

2,550

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

1,927

2,055

Sumitomo

Realty

&

Development

Co.,

Ltd.

107,000

4,556

34,379

Netherlands

-

0.2%

CTP

NV(Þ)

41,127

858

Singapore

-

3.3%

CapitaLand

Ascendas

REIT(ö)

643,300

1,393

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

1,383,084

2,516

Capitaland

Investment,

Ltd.

250,000

506

Centurion

Accommodation

REIT(Æ)(ö)

3,155,800

2,570

City

Developments,

Ltd.

97,800

543

Digital

Core

REIT

Management

Pte

,

Ltd.

(ö)

1,179,000

608

Frasers

Centrepoint

Trust(ö)

340,200

612

Keppel

REIT(ö)

1,133,600

914

Mapletree

Logistics

Trust(ö)

1,557,700

1,602

Parkway

Life

Real

Estate

Investment

Trust(ö)

168,982

532

Suntec

Real

Estate

Investment

Trust(ö)

621,400

639

12,435

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

13,471

Merlin

Properties

Socimi

SA(ö)

90,610

1,411

1,831

Sweden

-

1.6%

Castellum

AB

80,768

917

Catena

AB

20,532

996

Fastighets

AB

Balder

Class

B(Æ)

374,448

2,747

Nyfosa

AB

68,752

586

Wihlborgs

Fastigheter

AB

73,929

718

5,964

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

651

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Switzerland

-

1.0%

Swiss

Prime

Site

AG

Class

A

27,068

3,844

United

Kingdom

-

3.7%

Big

Yellow

Group

PLC(ö)

83,376

1,218

British

Land

Co.

PLC

(The)(ö)

325,593

1,624

Derwent

London

PLC(ö)

22,208

515

Grainger

PLC(ö)

298,542

735

Land

Securities

Group

PLC(ö)

186,653

1,526

Life

Science

REIT

PLC(Æ)(ö)

442,419

LondonMetric

Property

PLC(ö)

1,368,756

3,423

PRS

REIT

PLC

(The)(ö)

246,163

Safestore

Holdings

PLC(ö)

53,073

Segro

PLC(ö)

261,233

2,397

Shaftesbury

Capital

PLC(ö)

363,124

671

Unite

Group

PLC

(The)(ö)

101,158

754

13,939

United

States

-

59.2%

Agree

Realty

Corp.(ö)

84,298

6,155

American

Healthcare

REIT,

Inc.(ö)

49,336

2,236

American

Homes

Rent

Class

A(ö)

100,131

3,164

Brixmor

Property

Group,

Inc.(ö)

130,703

3,419

BXP,

Inc.(ö)

52,132

3,711

Caesars

Entertainment,

Inc.(Æ)

48,215

969

CareTrust

REIT,

Inc.(ö)

45,464

1,575

Crown

Castle,

Inc.(ö)

50,783

4,582

CubeSmart

(ö)

44,363

1,671

Digital

Realty

Trust,

Inc.(ö)

82,781

14,107

EastGroup

Properties,

Inc.(ö)

26,306

4,591

Equinix

,

Inc.(ö)

16,532

13,986

Equity

Residential(ö)

97,331

5,785

Essential

Properties

Realty

Trust,

Inc.(ö)

82,607

2,468

Essex

Property

Trust,

Inc.(ö)

31,716

7,985

Extra

Space

Storage,

Inc.(ö)

69,405

9,268

First

Industrial

Realty

Trust,

Inc.(ö)

51,174

2,829

Healthcare

Realty

Trust,

Inc.(ö)

226,656

4,016

Highwoods

Properties,

Inc.(ö)

26,343

754

Host

Hotels

&

Resorts,

Inc.(ö)

421,103

6,746

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

523,862

1,278

Invitation

Homes,

Inc.(ö)

203,054

5,716

Iron

Mountain,

Inc.(ö)

71,019

7,312

Kilroy

Realty

Corp.(ö)

84,158

3,556

Kimco

Realty

Corp.(ö)

214,941

4,441

Kite

Realty

Group

Trust(ö)

77,759

1,722

Mid-America

Apartment

Communities,

Inc.(ö)

31,158

3,996

Omega

Healthcare

Investors,

Inc.(ö)

98,181

4,127

OUTFRONT

Media,

Inc.(ö)

28,733

508

PACS

Group,

Inc.(Æ)

16,278

Prologis,

Inc.(ö)

154,476

19,169

Public

Storage(ö)

10,986

3,060

Realty

Income

Corp.(ö)

101,679

5,895

Regency

Centers

Corp.(ö)

42,131

2,905

SBA

Communications

Corp.(ö)

Simon

Property

Group,

Inc.(ö)

61,590

10,825

Smartstop

Self

Storage

REIT,

Inc.(ö)

50,080

1,720

Sun

Communities,

Inc.(ö)

54,247

6,868

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UDR,

Inc.(ö)

70,804

2,385

Ventas,

Inc.(ö)

61,781

4,559

VICI

Properties,

Inc.(ö)

242,154

7,262

Welltower

,

Inc.(ö)

148,165

26,824

Weyerhaeuser

Co.(ö)

50,291

1,157

225,563

#### Total

#### Common

#### Stocks
(cost

$276,147)

362,351

#### Short-Term

#### Investments

#### -

#### 4.4%
United

States

-

4.4%

U.S.

Cash

Management

Fund(@)

16,751,609

(∞)

16,748

#### Total

#### Short-Term

#### Investments
(cost

$16,747)

16,748

#### Total

#### Investments

#### -

#### 99.5%
(identified

cost

$292,894)

379,099

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.5%
1,901

#### Net

#### Assets

#### -

#### 100.0%
381,000

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

652

Global

Real

Estate

Securities

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### S

#### hares

#### $0.4%

Cellnex

Telecom

SA

11/06/23

EUR

13,471

34.64 467

CTP

NV

04/16/21

EUR

41,127

17.08 702

858

HomeCo

.

Daily

Needs

REIT

09/04/25

AUD

355,650

0.91 324

1,595

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

USD

17,037

12/25

(564) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(564) #### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

SGD

11/03/25

(1) Bank

of

America

EUR

USD

11/03/25

Bank

of

America

JPY

18,152

USD

11/04/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Common

Stocks

Australia

$

—

$

24,117

$

—

$

—

$

24,117

Belgium

—

4,129

—

—

4,129

Canada

4,863

—

—

—

4,863

China

—

—

—

France

—

9,579

—

—

9,579

Germany

—

9,262

—

—

9,262

Hong

Kong

—

11,243

—

—

11,243

Japan

—

34,379

—

—

34,379

Netherlands

—

858

—

—

858

Singapore

2,570

9,865

—

—

12,435

Spain

—

1,831

—

—

1,831

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

653

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Sweden

—

5,964

—

—

5,964

Switzerland

—

3,844

—

—

3,844

United

Kingdom

—

13,939

—

—

13,939

United

States

225,563

—

—

—

225,563

Short-Term

Investments

—

—

—

16,748

16,748

Total

Investments

232,996

129,355

—

16,748

379,099

Other

Financial

Instruments

Assets

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(564) —

—

—

(564) Foreign

Currency

Exchange

Contracts

(1) —

—

—

(1) Total

Other

Financial

Instruments

\*

$

(564) $

—

$

—

$

—

$

(564) \*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Property

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Diversified

..........................................................................................

75,163

.7

Healthcare

..........................................................................................

45,706

.0

Industrial

............................................................................................

49,617

.0

Lodging/Resorts

.................................................................................

16,151

.3

Office

..................................................................................................

22,238

.8

Residential

..........................................................................................

52,645

.8

Retail

..................................................................................................

53,543

.1

Self

Storage

........................................................................................

17,499

.6

Technology

.........................................................................................

29,789

.8

#### Short-Term

#### Investments

#### .......................................................
16,748

.4

Total

Investments

...............................................................................

379,099

.5

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

654

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

564

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

564

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(205) $

—

Foreign

currency

exchange

contracts

—

(33)

Total

$

(205) $

(33) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(9)

$

—

Foreign

currency

exchange

contracts

—

Total

$

(9) $

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

655

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Assets

—

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(1) —

(1) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

656

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(1) —

(1) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

—

$

—

$

—

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

657

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

292,894

Investments,

at

fair

value(>)

........................................................................................................................................................

379,099

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

1,816

Total

assets

...............................................................................................................................................................

382,719

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

563

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

1,719

#### Net

#### Assets

#### ...............................................................................................................................................................
$

381,000

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

658

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

5,555

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

375,319

#### Net

#### Assets

#### ...............................................................................................................................................................
$

381,000

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

16,748

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

1,816

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

29.11 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

30.89 Class

A

—

Net

assets

...........................................................................................................................................................

$

9,416,499

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

323,467

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

27.43 Class

C

—

Net

assets

...........................................................................................................................................................

$

4,796,604

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

174,836

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

30.18 Class

M

—

Net

assets

..........................................................................................................................................................

$

59,169,951

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

1,960,356

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

30.24 Class

R6

—

Net

assets

.........................................................................................................................................................

$

3,133,555

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

103,623

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

30.22 Class

S

—

Net

assets

............................................................................................................................................................

$

250,747,570

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,296,375

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

30.23 Class

Y

—

Net

assets

...........................................................................................................................................................

$

53,735,804

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,777,835

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

659

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

12,438

Dividends

from

affiliated

funds

.......................................................................................................................................

646

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(402) Total

investment

income

..............................................................................................................................................................

12,727

#### Expenses
Advisory

fees

...................................................................................................................................................................

3,034

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

R6

.........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

4,378

Expense

reductions

..........................................................................................................................................................

(363) Net

expenses

................................................................................................................................................................................

4,015

Net

investment

income

(loss)

.......................................................................................................................................................

8,712

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

8,786

Investments

in

affiliated

funds

.........................................................................................................................................

(3) Futures

contracts

..............................................................................................................................................................

(205) Foreign

currency

exchange

contracts

...............................................................................................................................

(33) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

8,643

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(12,871)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

(9) Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(12,872)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(4,229)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

4,483

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

660

Global

Real

Estate

Securities

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)

.......................................................................................................

$

8,712

$

9,541

Net

realized

gain

(loss)

................................................................................................................

8,643

8,242

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(12,872)

80,373

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

4,483

98,156

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(307) (188) Class

C

.....................................................................................................................................

(137) (87) Class

M

....................................................................................................................................

(1,995)

(1,407)

Class

R6

...................................................................................................................................

(126) (86) Class

S

......................................................................................................................................

(8,134)

(5,207)

Class

Y

.....................................................................................................................................

(1,954)

(1,514)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(12,653)

(8,489)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(18,707)

(41,951)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(26,877)

47,716

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

407,877

360,161

End

of

period

......................................................................................................................................

$

381,000

$

407,877

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

661

#### 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

$

844

$

668

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(59) (1,683)

(71) (1,953)

Net

increase

(decrease)

(18) (534) (40) (1,098)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(48) (1,303)

(56) (1,477)

Net

increase

(decrease)

(37) (1,003)

(42) (1,111)

Class

M

Proceeds

from

shares

sold

581

17,134

12,830

Proceeds

from

reinvestment

of

distributions

1,994

1,406

Payments

for

shares

redeemed

(932) (27,881)

(519) (14,887)

Net

increase

(decrease)

(283) (8,753)

(25) (651) Class

R6

Proceeds

from

shares

sold

6,709

614

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(266) (7,789)

(11) (315) Net

increase

(decrease)

(31) (954) 14

Class

S

Proceeds

from

shares

sold

1,639

49,142

1,363

38,855

Proceeds

from

reinvestment

of

distributions

8,105

5,190

Payments

for

shares

redeemed

(1,857)

(54,953)

(2,518)

(72,336)

Net

increase

(decrease)

2,294

(977) (28,291)

Class

Y

Proceeds

from

shares

sold

3,803

1,789

Proceeds

from

reinvestment

of

distributions

1,954

1,514

Payments

for

shares

redeemed

(531) (15,514)

(493) (14,488)

Net

increase

(decrease)

(339) (9,757)

(377) (11,185)

Total

increase

(decrease)

(651) $

(18,707)

(1,447)

$

(41,951)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

662

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### 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

29.68 23.66 25.23 37.09 26.92 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.58

.58

.59

.46

.63

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.23)

5.98 (1.62)

(9.80)

9.99 $

Total

from

Investment

Operations

.35

6.56 (1.03)

(9.34)

10.62 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.92)

(.54)

(.54)

(1.12)

(.45)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.39)

—

$

Total

Distributions

(.92)

(.54)

(.54)

(2.52)

(.45)

$

Net

Asset

Value,

End

of

Period

29.11 29.68 23.66 25.23 37.09 %

Total

Return

(±)

1.29 27.87 (4.24)

(26.85)

39.58 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 9,416

10,149

9,037

10,570

16,012

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.42 1.42 1.42 1.39 1.38 %

Expenses,

Net

(Ƃ)

1.34 1.35 1.37 1.34 1.33 %

Net

Investment

Income

(Ƃ)

2.03 2.10 2.24 1.44 1.87 %

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

28.02 22.39 23.95 35.34 25.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.35

.36

.37

.21

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.23)

5.65 (1.53)

(9.31)

9.55 $

Total

from

Investment

Operations

.12

6.01 (1.16)

(9.10)

9.90 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.71)

(.38)

(.40)

(.99)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.29)

—

$

Total

Distributions

(.71)

(.38)

(.40)

(2.29)

(.33)

$

Net

Asset

Value,

End

of

Period

27.43 28.02 22.39 23.95 35.34 %

Total

Return

.52

26.94 (4.97)

(27.42)

38.50 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,797

5,932

5,678

7,166

11,271

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.17 2.17 2.17 2.14 2.13 %

Expenses,

Net

(Ƃ)

2.09 2.10 2.12 2.09 2.08 %

Net

Investment

Income

(Ƃ)

1.28 1.36 1.49 .68

1.09 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

663

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.74 24.48 26.06 38.24 27.71 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.71

.70

.71

.59

.84

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.25)

6.20 (1.68)

(10.14)

10.22 $

Total

from

Investment

Operations

.46

6.90 (.97)

(9.55)

11.06 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.02)

(.64)

(.61)

(1.17)

(.53)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.45)

—

$

Total

Distributions

(1.02)

(.64)

(.61)

(2.63)

(.53)

$

Net

Asset

Value,

End

of

Period

30.18 30.74 24.48 26.06 38.24 %

Total

Return

1.62 28.34 (3.90)

(26.62)

40.07 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 59,170

68,961

55,520

83,807

123,210

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.16 1.17 1.17 1.14 1.13 %

Expenses,

Net

(Ƃ)

.99

1.00 1.02 .99

.98

%

Net

Investment

Income

(Ƃ)

2.38 2.44 2.59 1.79 2.36 %

Portfolio

Turnover

Rate

#### Class

#### R6

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.79 24.52 26.10 38.29 27.74 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.67

.74

.72

.61

.78

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.18)

6.19 (1.68)

(10.14)

10.32 $

Total

from

Investment

Operations

.49

6.93 (.96)

(9.53)

11.10 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.04)

(.66)

(.62)

(1.19)

(.55)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.46)

—

$

Total

Distributions

(1.04)

(.66)

(.62)

(2.66)

(.55)

$

Net

Asset

Value,

End

of

Period

30.24 30.79 24.52 26.10 38.29 %

Total

Return

1.72 28.42 (3.84)

(26.56)

40.16 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,134

4,138

2,955

1,893

2,888

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.02 1.02 1.02 .99

.98

%

Expenses,

Net

(Ƃ)

.92

.93

.95

.92

.91

%

Net

Investment

Income

(Ƃ)

2.24 2.52 2.64 1.86 2.22 %

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

664

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### 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

30.78 24.51 26.10 38.28 27.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.68

.68

.68

.56

.74

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.25)

6.20 (1.68)

(10.14)

10.29 $

Total

from

Investment

Operations

.43

6.88 (1.00)

(9.58)

11.03 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.99)

(.61)

(.59)

(1.16)

(.50)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.43)

—

$

Total

Distributions

(.99)

(.61)

(.59)

(2.60)

(.50)

$

Net

Asset

Value,

End

of

Period

30.22 30.78 24.51 26.10 38.28 %

Total

Return

1.52 28.22 (4.01)

(26.67)

39.90 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 250,747

253,559

225,853

355,075

542,275

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.17 1.17 1.17 1.14 1.13 %

Expenses,

Net

(Ƃ)

1.09 1.10 1.12 1.09 1.08 %

Net

Investment

Income

(Ƃ)

2.28 2.35 2.49 1.69 2.12 %

Portfolio

Turnover

Rate

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.78 24.51 26.09 38.28 27.73 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.73

.74

.73

.62

.88

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.23)

6.19 (1.68)

(10.14)

10.22 $

Total

from

Investment

Operations

.50

6.93 (.95)

(9.52)

11.10 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(1.05)

(.66)

(.63)

(1.20)

(.55)

$

Distributions

from

Net

Realized

Gain

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

(.46)

—

$

Total

Distributions

(1.05)

(.66)

(.63)

(2.67)

(.55)

$

Net

Asset

Value,

End

of

Period

30.23 30.78 24.51 26.09 38.28 %

Total

Return

1.75 28.46 (3.82)

(26.54)

40.20 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 53,736

65,138

61,118

85,474

126,027

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.97

.97

.97

.94

.93

%

Expenses,

Net

(Ƃ)

.89

.90

.92

.89

.88

%

Net

Investment

Income

(Ƃ)

2.44 2.56 2.64 1.88 2.46 %

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

665

#### 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

an

underlying

fund

which

is,

or

was,

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

$

235,847

Administrative

fees

15,543

Distribution

fees

5,131

Shareholder

servicing

fees

1,034

Transfer

agent

fees

50,882

Trustees'

fees

1,506

$

309,943

#### 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
U.S.

Cash

Management

Fund

$

11,047

$

153,212

$

147,510

$

(3)

$

$

16,748

$

646

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

316,871,181

$

66,503,419

$

(4,275,098)

$

62,228,321

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

3,363,462

$

(60,021,965)

$

62,213,197

$

—

$

5,554,694

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

12,652,820

$

—

$

—

$

8,488,602

$

—

$

—

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

666

Global

Real

Estate

Securities

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

equalization,

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.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

667

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 34.7%
Corporate

Bonds

and

Notes

-

14.9%

Consumer

Discretionary

-

3.0%

Cable

One,

Inc.

6.838%

due

03/15/26

(ž)

721

703

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

839

811

DraftKings

,

Inc.

4.982%

due

03/15/28

(ž)

Etsy,

Inc.

0.250%

due

06/15/28

978

873

FuboTV

,

Inc.

3.250%

due

02/15/26

556

552

JetBlue

Airways

Corp.

0.500%

due

04/01/26

628

614

LCI

Industries

1.125%

due

05/15/26

798

782

Magnite

,

Inc.

0.250%

due

03/15/26

812

793

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

800

763

Peloton

Interactive,

Inc.

5.604%

due

02/15/26

(ž)

Topgolf

Callaway

Brands

Corp.

2.750%

due

05/01/26

759

749

Vail

Resorts,

Inc.

5.093%

due

01/01/26

(ž)

760

754

Winnebago

Industries,

Inc.

3.250%

due

01/15/30

596

547

Ziff

Davis,

Inc.

3.625%

due

03/01/28

(Þ)

8,681

Consumer

Staples

-

0.6%

Alarm.com,

Inc.

4.744%

due

01/15/26

(ž)

CVS

Health

Corp.

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

HRB

Winddown

,

Inc.

8.875%

due

03/15/25

(Š)(Þ)

1,640

—

MGP

Ingredients,

Inc.

1.875%

due

11/15/41

716

688

Spectrum

Brands,

Inc.

3.375%

due

06/01/29

510

1,778

Energy

-

1.1%

Array

Technologies,

Inc.

1.000%

due

12/01/28

698

618

BP

Capital

Markets

PLC

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.924%)(Ê)(ƒ)

6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.153%)(Ê)(ƒ)

Energy

Transfer,

LP

Series

B

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.625%

due

12/31/99

(USD

Month

SOFR

+

4.155%)(Ê)(ƒ)

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.306%)(Ê)(ƒ)

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.694%)(Ê)(ƒ)

Enphase

Energy,

Inc.

5.606%

due

03/01/26

(ž)

6.354%

due

03/01/28

(ž)

608

527

Green

Plains,

Inc.

2.250%

due

03/15/27

Nabors

Industries,

Inc.

1.750%

due

06/15/29

640

Phillips

Co.

Series

A

5.875%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.283%)(Ê)

Series

B

6.200%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.166%)(Ê)

XPLR

Infrastructure,

LP

2.500%

due

06/15/26

(Þ)

3,310

Financial

Services

-

3.7%

Affirm

Holdings,

Inc.

4.290%

due

11/15/26

(ž)

525

503

Ally

Financial,

Inc.

Series

B

4.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.868%)(Ê)(ƒ)

Series

C

4.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.481%)(Ê)(ƒ)

American

National

Group,

Inc.

7.000%

due

12/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.183%)(Ê)

Ares

Finance

Co.

III

LLC

4.125%

due

06/30/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.237%)(Ê)(Þ)

Assurant,

Inc.

7.000%

due

03/27/48

(USD

Month

SOFR

+

4.135%)(Ê)

Athene

Holding,

Ltd.

6.875%

due

06/28/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.582%)(Ê)

Bank

of

America

Corp.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

668

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.518%

due

10/25/35

(SOFR

+

1.738%)(Ê)

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.351%)(Ê)(ƒ)

6.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.684%)(Ê)(ƒ)

Series

FF

5.875%

due

12/31/99

(CME

Term

SOFR

Month

+

3.193%)(Ê)(ƒ)

Series

RR

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.760%)(Ê)(ƒ)

Series

TT

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.231%)(Ê)(ƒ)

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

843

835

Block,

Inc.

5.089%

due

05/01/26

(ž)

0.250%

due

11/01/27

Charles

Schwab

Corp.

(The)

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.079%)(Ê)(ƒ)

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.168%)(Ê)(ƒ)

Citigroup,

Inc.

Series

AA

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.211%)(Ê)(ƒ)

Series

DD

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.757%)(Ê)(ƒ)

Series

FF

6.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.726%)(Ê)(ƒ)

Series

GG

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.890%)(Ê)(ƒ)

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

Enstar

Finance

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.006%)(Ê)

Equitable

Holdings,

Inc.

6.700%

due

03/28/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.390%)(Ê)

Farm

Credit

Bank

of

Texas

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.291%)(Ê)(ƒ)

Global

Atlantic

Finance

Co.

4.700%

due

10/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.796%)(Ê)(Þ)

7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.608%)(Ê)(Þ)

Goldman

Sachs

Capital

I,

Ltd.

6.345%

due

02/15/34

Goldman

Sachs

Group,

Inc.

(The)

6.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.461%)(Ê)(ƒ)

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.915%)(Ê)(ƒ)

Series

X

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.809%)(Ê)(ƒ)

Hartford

Insurance

Group,

Inc.

(The)

Series

ICON

6.598%

due

02/12/47

(CME

Term

SOFR

Month

+

2.387%)(Ê)(Þ)

Huntington

Bancshares,

Inc.

Series

G

4.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.045%)(Ê)(ƒ)

Series

K

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.653%)(Ê)(ƒ)

JPMorgan

Chase

&

Co.

Series

NN

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.737%)(Ê)(ƒ)

Series

OO

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.152%)(Ê)(ƒ)

Lincoln

National

Corp.

Series

C

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

669

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.318%)(Ê)(ƒ)

M&T

Bank

Corp.

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.679%)(Ê)(ƒ)

MetLife

Capital

Trust

IV

7.875%

due

12/15/67

(Þ)

MetLife,

Inc.

6.400%

due

12/15/66

9.250%

due

04/08/68

(Þ)

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

679

652

1.625%

due

01/15/30

(Þ)

PennyMac

Corp.

5.500%

due

03/15/26

663

662

PNC

Financial

Services

Group,

Inc.

(The)

Series

T

3.400%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.595%)(Ê)(ƒ)

Series

U

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.000%)(Ê)(ƒ)

Series

V

6.200%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.238%)(Ê)(ƒ)

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.808%)(Ê)(ƒ)

Prudential

Financial,

Inc.

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.162%)(Ê)

6.000%

due

09/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.234%)(Ê)

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.848%)(Ê)

6.500%

due

03/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.404%)(Ê)

Redfin

Corp.

0.500%

due

04/01/27

759

709

Redwood

Trust,

Inc.

7.750%

due

06/15/27

610

613

Reinsurance

Group

of

America,

Inc.

6.650%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.392%)(Ê)

Repay

Holdings

Corp.

7.974%

due

02/01/26

(Þ)(ž)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SBL

Holdings,

Inc.

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.620%)(Ê)(ƒ)(Þ)

9.508%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.580%)(Ê)(ƒ)(Þ)

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.613%)(Ê)(ƒ)

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

657

648

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

US

Bancorp

Series

J

5.300%

due

12/31/99

(CME

Term

SOFR

Month

+

3.176%)(Ê)(ƒ)

Voya

Financial,

Inc.

Series

A

7.758%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.358%)(Ê)(ƒ)

Wells

Fargo

&

Co.

6.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.767%)(Ê)(ƒ)

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.606%)(Ê)(ƒ)

Series

\*

5.950%

due

12/01/86

10,936

Health

Care

-

2.5%

Amphastar

Pharmaceuticals,

Inc.

2.000%

due

03/15/29

639

576

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

645

614

BridgeBio

Pharma,

Inc.

2.250%

due

02/01/29

CONMED

Corp.

2.250%

due

06/15/27

969

927

CVS

Health

Corp.

6.750%

due

12/10/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.516%)(Ê)

DexCom

,

Inc.

0.250%

due

11/15/25

559

558

Envista

Holdings

Corp.

1.750%

due

08/15/28

650

616

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

Guardant

Health,

Inc.

0.000%

due

11/15/27

(ž)

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

670

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Haemonetics

Corp.

5.077%

due

03/01/26

(ž)

659

648

2.500%

due

06/01/29

Herbalife,

Ltd.

4.250%

due

06/15/28

NeoGenomics

,

Inc.

0.250%

due

01/15/28

Novocure

,

Ltd.

79.936%

due

11/01/25

(ž)

527

526

Teladoc

Health,

Inc.

1.250%

due

06/01/27

937

881

7,276

Producer

Durables

-

0.1%

Cryoport

,

Inc.

0.750%

due

12/01/26

(Þ)

Technology

-

3.2%

Airbnb,

Inc.

4.718%

due

03/15/26

(ž)

753

740

Bandwidth,

Inc.

0.500%

due

04/01/28

1,095

928

Bentley

Systems,

Inc.

0.375%

due

07/01/27

Bill.com

Holdings,

Inc.

4.248%

due

04/01/27

(ž)

Cerence

,

Inc.

1.500%

due

07/01/28

DigitalOcean

Holdings,

Inc.

4.968%

due

12/01/26

(ž)

Evolent

Health,

Inc.

3.500%

due

12/01/29

Fastly

,

Inc.

4.674%

due

03/15/26

(ž)

7.750%

due

06/01/28

(Þ)

Five9,

Inc.

1.000%

due

03/15/29

970

865

Fiverr

International,

Ltd.

82.722%

due

11/01/25

(ž)

553

552

Groupon,

Inc.

1.125%

due

03/15/26

Match

Group

Financeco

,

Inc.

0.875%

due

06/15/26

(Þ)

Mitek

Systems,

Inc.

0.750%

due

02/01/26

Okta

,

Inc.

0.375%

due

06/15/26

884

860

Porch

Group,

Inc.

6.750%

due

10/01/28

(Þ)

Q2

Holdings,

Inc.

0.125%

due

11/15/25

Snap,

Inc.

0.750%

due

08/01/26

5.138%

due

05/01/27

(ž)

0.125%

due

03/01/28

Unity

Software,

Inc.

4.834%

due

11/15/26

(ž)

511

Upwork

,

Inc.

0.250%

due

08/15/26

579

562

Ziff

Davis,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.750%

due

11/01/26

9,228

Utilities

-

0.7%

AES

Corp.

(The)

6.950%

due

07/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.890%)(Ê)

Alliant

Energy

Corp.

5.750%

due

04/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.077%)(Ê)

American

Electric

Power

Co.,

Inc.

6.950%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.675%)(Ê)

3.875%

due

02/15/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.675%)(Ê)

Series

\*

7.050%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.750%)(Ê)

Series

C

5.800%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.128%)(Ê)

Series

D

6.050%

due

03/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.940%)(Ê)

CenterPoint

Energy,

Inc.

6.700%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.586%)(Ê)

Series

A

7.000%

due

02/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.254%)(Ê)

Series

B

6.850%

due

02/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.946%)(Ê)

CMS

Energy

Corp.

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.900%)(Ê)

6.500%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.961%)(Ê)

Dominion

Energy,

Inc.

6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.207%)(Ê)

6.200%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.006%)(Ê)

Series

\*\*

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

671

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.262%)(Ê)

Series

A

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.386%)(Ê)

Series

C

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.195%)(Ê)(ƒ)

Entergy

Corp.

7.125%

due

12/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.670%)(Ê)

EUSHI

Finance,

Inc.

Series

WI

7.625%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.136%)(Ê)

Evergy

,

Inc.

6.650%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.558%)(Ê)

Exelon

Corp.

6.500%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.975%)(Ê)

NextEra

Energy

Capital

Holdings,

Inc.

6.750%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.457%)(Ê)

6.700%

due

09/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.364%)(Ê)

6.375%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.053%)(Ê)

5.650%

due

05/01/79

(USD

Month

SOFR

+

3.156%)(Ê)

Series

.

6.500%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.979%)(Ê)

NiSource,

Inc.

6.950%

due

11/30/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.451%)(Ê)

6.375%

due

03/31/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.527%)(Ê)

Sempra

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

6.400%

due

10/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.632%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.875%

due

10/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.789%)(Ê)

6.375%

due

04/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.632%)(Ê)

2,132

43,567

International

Debt

-

19.7%

Abu

Dhabi

Government

International

Bond

4.250%

due

10/02/35

(Þ)

3.125%

due

09/30/49

(Þ)

Aeropuerto

Internacional

De

Tocumen

SA

5.125%

due

08/11/61

(Þ)

662

530

African

Export-Import

Bank

(The)

3.994%

due

09/21/29

(Þ)

Algonquin

Power

&

Utilities

Corp.

4.750%

due

01/18/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.249%)(Ê)

AltaGas

,

Ltd.

7.200%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.573%)(Ê)(Þ)

Angolan

Government

International

Bond

9.244%

due

01/15/31

(Þ)

Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

Series

\*

4.125%

due

07/09/35

(~)(Ê)

562

AXA

SA

8.600%

due

12/15/30

Bahrain

Government

International

Bond

6.750%

due

09/20/29

(Þ)

6.625%

due

10/06/37

(Þ)

Banco

de

Credito

del

Peru

SA

5.650%

due

01/15/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.961%)(Ê)(Þ)

Banco

del

Estado

de

Chile

7.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.228%)(Ê)(ƒ)(Þ)

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.928%)(Ê)(Þ)

Banco

Nacional

de

Panama

2.500%

due

08/11/30

(Þ)

Banco

Santander

SA

Series

_

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

672

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.298%)(Ê)(ƒ)

Series

0000

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.753%)(Ê)(ƒ)

Bank

Negara

Indonesia

Persero

Tbk

PT

4.300%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.466%)(Ê)(ƒ)(Þ)

562

548

Bapco

Energies

BSC

Closed

8.375%

due

11/07/28

(Þ)

572

620

Barclays

Bank

PLC

6.278%

due

12/31/99

(USD

Month

SOFR

+

1.550%)(Ê)(ƒ)

Barclays

PLC

9.625%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

5.775%)

(Ê)(ƒ)

Bell

Canada

6.875%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.390%)(Ê)

7.000%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.363%)(Ê)

BNP

Paribas

SA

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.899%)(Ê)(ƒ)(Þ)

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.727%)(Ê)(ƒ)(Þ)

Brazilian

Government

International

Bond

7.250%

due

01/12/56

Brookfield

Finance,

Inc.

6.300%

due

01/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.076%)(Ê)

CBB

International

Sukuk

Programme

,

Co.

3.950%

due

09/16/27

(Þ)

Centrais

Eletricas

Brasileiras

SA

4.625%

due

02/04/30

(Þ)

CFAMC

III

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

595

597

CFAMC

IV

Co.,

Ltd.

Series

EMTN

3.375%

due

02/24/30

(Þ)

Chile

Government

International

Bond

2.550%

due

07/27/33

China

Government

International

Bond

4.125%

due

11/20/27

(Þ)

Colombia

Government

International

Bond

8.500%

due

04/25/35

513

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.650%

due

01/24/33

(Þ)

709

751

Comision

Federal

de

Electricidad

Series

EMTN

5.000%

due

07/30/49

(Þ)

Commerzbank

AG

Series

EMTN

7.500%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

4.322%)

(Ê)(ƒ)(Þ)

Corp.

Financiera

de

Desarrollo

SA

2.400%

due

09/28/27

(Þ)

Corp.

Nacional

del

Cobre

de

Chile

3.150%

due

01/15/51

(Þ)

671

6.780%

due

01/13/55

(Þ)

6.780%

due

01/13/55

(Þ)

Costa

Rica

Government

International

Bond

6.125%

due

02/19/31

(Þ)

Credit

Agricole

SA

7.125%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.584%)

(Ê)(ƒ)(Þ)

DAE

Sukuk

Difc

,

Ltd.

4.500%

due

10/16/30

(Þ)

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

6.200%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.515%)(Ê)(ƒ)(Þ)

Dominican

Republic

International

Bond

5.875%

due

10/28/35

(Þ)

6.950%

due

03/15/37

(Þ)

6.850%

due

01/27/45

(Þ)

5.875%

due

01/30/60

(Þ)

DP

World,

Ltd.

6.850%

due

07/02/37

(Þ)

620

715

Ecopetrol

SA

4.625%

due

11/02/31

8.375%

due

01/19/36

7.375%

due

09/18/43

5.875%

due

05/28/45

5.875%

due

11/02/51

Ecuador

Government

International

Bond

6.900%

due

07/31/30

(~)(Ê)(Þ)

6.900%

due

07/31/35

(~)(Ê)(Þ)

EDO

Sukuk

,

Ltd.

5.662%

due

07/03/31

(Þ)

Egypt

Government

International

Bond

8.625%

due

02/04/30

(Þ)

8.500%

due

01/31/47

(Þ)

El

Salvador

Government

International

Bond

9.500%

due

07/15/52

(Þ)

Empresa

de

Transmision

Electrica

SA

5.125%

due

05/02/49

(Þ)

732

565

Empresa

Nacional

del

Petroleo

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

673

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

09/14/47

(Þ)

921

770

Enbridge,

Inc.

7.200%

due

06/27/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.970%)(Ê)

5.500%

due

07/15/77

(CME

Term

SOFR

Month

+

3.680%)(Ê)

6.250%

due

03/01/78

(CME

Term

SOFR

Month

+

3.903%)(Ê)

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

7.625%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.418%)(Ê)

8.500%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.431%)(Ê)

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.314%)(Ê)

Series

NC5

8.250%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.785%)(Ê)

Eskom

Holdings

SOC,

Ltd.

6.350%

due

08/10/28

(Þ)

539

556

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

784

703

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

Franshion

Brilliant,

Ltd.

3.200%

due

04/09/26

(Þ)

4.250%

due

07/23/29

(Þ)

Freeport

Indonesia

PT

6.200%

due

04/14/52

(Þ)

Gaci

First

Investment

Co.

5.375%

due

10/13/22

(Þ)

Georgian

Railway

JSC

4.000%

due

06/17/28

(Þ)

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

5.000%

due

07/03/29

(~)(Ê)(Þ)

Grupo

Energia

Bogota

SA

ESP

4.875%

due

05/15/30

(Þ)

509

506

Guatemala

Government

International

Bond

4.875%

due

02/13/28

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

517

HSBC

Holdings

PLC

6.500%

due

09/15/37

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

Year

Rate

+

3.606%)(Ê)(ƒ)

Hungary

Government

International

Bond

5.375%

due

09/26/30

(Þ)

533

548

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

5.800%

due

05/15/50

(Þ)

Indonesia

Government

International

Bond

5.650%

due

01/11/53

ING

Groep

NV

8.000%

due

12/31/49

(USD

SOFR

ICE

Swap

Year

Rate

+

4.360%)

(Ê)(Þ)

Series

.

7.000%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.594%)

(Ê)(ƒ)

Instituto

Costarricense

de

Electricidad

6.375%

due

05/15/43

(Þ)

762

752

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Kazakhstan

Government

International

Bond

5.000%

due

07/01/32

(Þ)

KazMunayGas

National

Co.

JSC

6.375%

due

10/24/48

(Þ)

Krung

Thai

Bank

PCL

4.400%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.530%)(Ê)(ƒ)(Þ)

KSA

Ijarah

Sukuk

,

Ltd.

4.875%

due

09/09/35

(Þ)

Kuwait

International

Government

Bond

4.652%

due

10/09/35

(Þ)

652

655

Lloyds

Banking

Group

PLC

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.913%)(Ê)(ƒ)

Lebanon

Government

International

Bond

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

Mazoon

Assets

Co.

SAOC

5.200%

due

11/08/27

(Þ)

545

552

Meiji

Yasuda

Life

Insurance

Co.

5.800%

due

09/11/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.033%)(Ê)(Þ)

6.100%

due

06/11/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.911%)(Ê)(Þ)

Mexico

City

Airport

Trust

5.500%

due

07/31/47

(Þ)

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

674

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mexico

Government

International

Bond

7.375%

due

05/13/55

MVM

Energetika

Zrt

.

7.500%

due

06/09/28

(Þ)

701

744

NatWest

Group

PLC

8.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.752%)(Ê)(ƒ)

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

565

615

Nomura

Holdings,

Inc.

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.084%)(Ê)(ƒ)

OCP

SA

3.750%

due

06/23/31

(Þ)

755

708

7.500%

due

05/02/54

(Þ)

Oman

Sovereign

Sukuk

Co.

4.525%

due

04/17/33

(Þ)

Omniyat

Sukuk

1,

Ltd.

8.375%

due

05/06/28

(Þ)

604

612

OQ

SAOC

5.125%

due

05/06/28

(Þ)

618

624

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

7.950%

due

01/31/29

(Þ)

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

753

712

Panama

Government

International

Bond

3.875%

due

03/17/28

2.252%

due

09/29/32

8.000%

due

03/01/38

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

Pertamina

Hulu

Energi

PT

5.250%

due

05/21/30

(Þ)

Pertamina

Persero

PT

4.150%

due

02/25/60

(Þ)

650

Perusahaan

Penerbit

SBSN

Indonesia

III

4.550%

due

07/23/30

(Þ)

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

4.875%

due

07/17/49

(Þ)

Peruvian

Government

International

Bond

5.375%

due

02/08/35

5.500%

due

03/30/36

Petrobras

Global

Finance

BV

5.125%

due

09/10/30

6.250%

due

01/10/36

6.900%

due

03/19/49

6.750%

due

06/03/50

6.850%

due

12/31/99

677

654

Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.375%

due

04/12/27

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

1,231

887

Petroleos

Mexicanos

6.375%

due

01/23/45

6.625%

due

12/31/99

(Þ)

894

682

Series

WI

6.750%

due

09/21/47

750

618

7.690%

due

01/23/50

701

635

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

5.848%

due

04/03/55

(Þ)

3.404%

due

04/28/61

(Þ)

1,323

921

Philippines

Government

International

Bond

5.170%

due

10/13/27

1.950%

due

01/06/32

PRIO

Luxembourg

Holding

Sarl

6.750%

due

10/15/30

(Þ)

Republic

of

Azerbaijan

Government

International

Bond

3.500%

due

09/01/32

(Þ)

Republic

of

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

Republic

of

Poland

Government

International

Bond

Series

5Y

4.875%

due

02/12/30

Series

10Y

5.375%

due

02/12/35

Series

30Y

5.500%

due

03/18/54

Republic

of

South

Africa

Government

International

Bond

7.100%

due

11/19/36

(Þ)

7.950%

due

11/19/54

(Þ)

Republic

of

Uzbekistan

Government

International

Bond

3.900%

due

10/19/31

(Þ)

Romanian

Government

International

Bond

5.750%

due

09/16/30

(Þ)

3.000%

due

02/14/31

(Þ)

7.500%

due

02/10/37

(Þ)

4.000%

due

02/14/51

(Þ)

7.625%

due

01/17/53

(Þ)

Royal

Bank

of

Canada

6.500%

due

11/24/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.462%)(Ê)

SABIC

Capital

I

BV

3.000%

due

09/14/50

(Þ)

Samruk-Kazyna

JSC

2.000%

due

10/28/26

(Þ)

Saudi

Arabian

Oil

Co.

2.250%

due

11/24/30

(Þ)

660

595

3.500%

due

11/24/70

(Þ)

Saudi

Government

International

Bond

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

675

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

01/18/53

(Þ)

Sea,

Ltd.

0.250%

due

09/15/26

714

688

Societe

Generale

SA

6.750%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

3.929%)(Ê)

(ƒ)(Þ)

10.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.448%)

(Ê)(ƒ)(Þ)

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

Series

WI

7.500%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.667%)(Ê)

7.625%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.949%)(Ê)

Southern

Gas

Corridor

CJSC

6.875%

due

03/24/26

(Þ)

Sri

Lanka

Government

International

Bond

3.600%

due

06/15/35

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

02/15/38

(~)(Ê)(Þ)

Svenska

Handelsbanken

AB

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.048%)(Ê)(ƒ)(Þ)

Swedbank

AB

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.657%)(Ê)(ƒ)(Þ)

TC

Ziraat

Bankasi

AS

8.994%

due

08/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.327%)(Ê)(Þ)

665

702

Tecpetrol

SA

7.625%

due

11/03/30

(Þ)

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

7.000%

due

10/28/29

(Þ)

TELUS

Corp.

7.000%

due

10/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.709%)(Ê)

Series

\*\*

6.625%

due

10/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.769%)(Ê)

Tierra

Mojada

Luxembourg

II

SARL

5.750%

due

12/01/40

(Þ)

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.350%

due

10/31/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.721%)(Ê)

Trade

and

Development

Bank

of

Mongolia

LLC

8.500%

due

12/23/27

(Þ)

522

517

TransCanada

Trust

5.300%

due

03/15/77

(USD

Month

SOFR

+

3.208%)(Ê)

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

607

643

Trinidad

Generation

UnLimited

7.750%

due

06/16/33

(Þ)

583

612

Turkiye

Government

International

Bond

Series

5Y

9.875%

due

01/15/28

Turkiye

Ihracat

Kredi

Bankasi

AS

5.750%

due

07/06/26

(Þ)

700

704

UBS

Group

AG

7.000%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.296%)

(Ê)(ƒ)(Þ)

7.750%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

4.160%)

(Ê)(ƒ)(Þ)

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.745%)(Ê)(ƒ)(Þ)

Ukraine

Government

International

Bond

11.323%

due

02/01/34

(~)(Ê)(Þ)(ž)

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

7.581%

due

02/01/35

(~)(Æ)(Ê)(Ø)

(Þ)(ž)

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/26

(Æ)(Ø)(Þ)

733

564

Uruguay

Government

International

Bond

5.750%

due

10/28/34

5.442%

due

02/14/37

4.975%

due

04/20/55

5.250%

due

09/10/60

Uzbekneftegaz

JSC

4.750%

due

11/16/28

(Þ)

687

651

Venezuela

Government

International

Bond

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

9.000%

due

05/07/23

(Æ)(Ø)(Þ)

Vodafone

Group

PLC

Series

NC30

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

676

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.073%)(Ê)

YPF

SA

6.950%

due

07/21/27

(Þ)

8.500%

due

06/27/29

(Þ)

523

532

7.000%

due

12/15/47

(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

57,662

Non-US

Bonds

-

0.1%

Banco

de

Sabadell

SA

Series

.

6.500%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.281%)(Ê)(ƒ)(Þ)

EUR

Cooperatieve

Rabobank

UA

Series

\*

6.500%

due

12/29/49

(~)(Ê)(Þ)

EUR

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$98,486)

101,520

#### Common

#### Stocks

#### -

#### 52.8%
Consumer

Discretionary

-

6.8%

Academy

Sports

&

Outdoors,

Inc.

4,740

Alibaba

Group

Holding,

Ltd.

64,560

1,372

Alibaba

Group

Holding,

Ltd.

-

ADR

1,021

Allegro.eu

SA(Æ)(Þ)

4,703

Amazon.com,

Inc.(Æ)

4,730

1,155

API

Group

Corp.(Æ)

1,145

Autoliv

,

Inc.

1,454

AutoZone,

Inc.(Æ)

Bridgestone

Corp.

2,700

BYD

Co.,

Ltd.

Class

H

11,500

Caesars

Entertainment,

Inc.(Æ)

5,723

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

2,591

Cie

Financiere

Richemont

SA

Class

A

3,073

607

Cie

Generale

des

Etablissements

Michelin

SCA

8,518

Costco

Wholesale

Corp.

508

Coupang

,

Inc.(Æ)

1,308

Damai

Entertainment

Holdings,

Ltd.

(Æ)

200,000

Dassault

Aviation

SA

Davide

Campari-Milano

NV

SpA

41,909

De'

Longhi

SpA

748

Deckers

Outdoor

Corp.(Æ)

2,775

Denny's

Corp.(Æ)

44,133

Diageo

PLC

4,992

DiDi

Global,

Inc.

-

ADR(Æ)

8,336

DraftKings

,

Inc.

Class

A(Æ)

2,100

Driven

Brands

Holdings,

Inc.(Æ)

13,782

eBay,

Inc.

3,183

Ferguson

Enterprises,

Inc.

1,368

Ferrari

NV

Foschini

Group,

Ltd.

(The)

10,138

Fox

Corp.

Class

A

1,918

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fox

Corp.

Class

B

5,326

Games

Workshop

Group

PLC

Garmin,

Ltd.

1,268

General

Motors

Co.

5,167

Grab

Holdings,

Ltd.

Class

A(Æ)

20,599

Hanwha

Aerospace

Co.,

Ltd.

Home

Depot,

Inc.

(The)

Howden

Joinery

Group

PLC

21,171

Hoya

Corp.

900

Hubbell,

Inc.

Class

B

Hyundai

Department

Store

Co.,

Ltd.

659

IAC,

Inc.(Æ)

6,307

Industria

de

Diseno

Textil

SA

2,656

InterContinental

Hotels

Group

PLC

1,462

JD.com,

Inc.

Class

A

2,800

Kia

Corp.

1,369

Kingfisher

PLC

23,261

Kuaishou

Technology(Þ)

32,000

Kyocera

Corp.

18,300

Las

Vegas

Sands

Corp.

4,998

Li

Ning

Co.,

Ltd.

49,500

LVMH

Moet

Hennessy

Louis

Vuitton

SE

961

679

Magazine

Luiza

SA

37,522

Matthews

International

Corp.

Class

A

7,579

McDonald's

Corp.

1,268

MercadoLibre

,

Inc.(Æ)

Murata

Manufacturing

Co.,

Ltd.

18,700

Netflix,

Inc.

Class

B(Æ)

Next

PLC

1,534

NIKE,

Inc.

Class

B

6,388

NIO,

Inc.

-

ADR(Æ)

17,862

O'Reilly

Automotive,

Inc.(Æ)

2,022

Oriental

Holdings

BHD

11,974

Pernod

Ricard

SA

1,642

Remy

Cointreau

SA

2,443

Rolls-Royce

Holdings

PLC

9,613

Sands

China,

Ltd.

48,800

Scout24

SE(Þ)

525

SCREEN

Holdings

Co.,

Ltd.

2,400

Sea,

Ltd.

-

ADR(Æ)

2,719

Sekisui

Chemical

Co.,

Ltd.

5,300

SJM

Holdings,

Ltd.(Æ)

63,000

Teleperformance

SE

Tencent

Holdings,

Ltd.

17,032

1,384

Tencent

Holdings,

Ltd.

-

ADR

1,327

Tesla,

Inc.(Æ)

955

TJX

Cos.,

Inc.

(The)

3,926

550

Tokyo

Broadcasting

System

Holdings,

Inc.

600

Toyota

Motor

Corp.

12,800

Tri

Pointe

Homes,

Inc.(Æ)

15,851

505

Universal

Music

Group

NV

4,577

Volkswagen

AG

602

Walmart,

Inc.

676

Yamaha

Corp.

26,000

Zalando

SE(Æ)(Þ)

8,031

19,916

Consumer

Staples

-

2.3%

Altria

Group,

Inc.

5,207

Ambev

SA

29,882

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

677

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Anheuser-Busch

InBev

SA

2,987

Astarta

Holding

PLC

1,291

Beiersdorf

AG

1,075

BIM

Birlesik

Magazalar

AS

5,204

BrasilAgro

-

Companhia

Brasileira

de

Propiedades

Agricolas

5,335

Brown-Forman

Corp.

Class

B

1,780

Carrefour

SA

4,258

China

Mengniu

Dairy

Co.,

Ltd.

51,000

Coca-Cola

Consolidated,

Inc.

900

DO

&

CO

AG

Essity

Aktiebolag

Class

B

3,256

First

Pacific

Co.,

Ltd.

22,000

First

Resources,

Ltd.

23,000

Genting

Plantations

Bhd

17,600

Golden

Agri-Resources,

Ltd.

506,020

Grocery

Outlet

Holding

Corp.(Æ)

17,201

GS

Holdings

Corp.

945

Haleon

PLC

46,163

Henkel

AG

&

Co.

KGaA

Hershey

Co.

(The)

1,081

Hormel

Foods

Corp.

2,925

Imperial

Tobacco

Group

PLC

707

JBS

NV

Class

A(Æ)

2,690

Kato

Sangyo

Co.,

Ltd.

Kellanova

2,040

Kimberly-Clark

Corp.

2,175

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

MBRF

Global

Foods

Company

SA

14,109

McCormick

&

Co.,

Inc.

1,956

Metro,

Inc.

Class

A

Mondelez

International,

Inc.

Class

A

6,301

Monster

Beverage

Corp.(Æ)

4,727

National

Vision

Holdings,

Inc.(Æ)

19,219

PepsiCo,

Inc.

4,279

625

Philip

Morris

International,

Inc.

2,597

Pilgrim's

Pride

Corp.

4,695

Procter

&

Gamble

Co.

(The)

3,383

509

Puregold

Price

Club,

Inc.

17,454

Reckitt

Benckiser

Group

PLC

1,608

Shiseido

Co.,

Ltd.

8,800

Smithfield

Foods,

Inc.

4,743

Unilever

PLC

6,251

Wal-Mart

de

Mexico

SAB

de

CV

30,549

Zabka

Group

SA(Æ)

6,089

6,650

Energy

-

1.5%

Antero

Resources

Corp.(Æ)

2,673

ARC

Resources,

Ltd.

1,255

Baker

Hughes

Co.

2,744

Cenovus

Energy,

Inc.

11,208

Chevron

Corp.

EOG

Resources,

Inc.

2,991

Eramet

SA

743

Expro

Group

Holdings

NV(Æ)

12,489

Exxon

Mobil

Corp.

6,395

731

Gazprom

PJSC(Æ)(Š)

376,946

—

Japan

Petroleum

Exploration

Co.,

Ltd.

6,000

Liberty

Energy,

Inc.

Class

A

10,726

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A(Æ)

32,700

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NAC

Kazatomprom

JSC

-

GDR(Þ)

1,417

National

Energy

Services

Reunited

Corp.(Æ)

12,966

Paladin

Energy,

Ltd.(Æ)

16,529

Petroleo

Brasileiro

SA

-

ADR

5,044

Range

Resources

Corp.

3,659

Reliance

Industries,

Ltd.

-

GDR(Þ)

3,725

Santos,

Ltd.

43,352

Schlumberger

NV

1,440

Schneider

Electric

SE

1,314

Shell

PLC

5,265

Subsea

SA

1,003

Targa

Resources

Corp.

802

TechnipFMC

PLC

5,490

Teck

Resources,

Ltd.

Class

B

3,207

Tourmaline

Oil

Corp.

1,077

Tullow

Oil

PLC(Æ)

92,600

Viper

Energy,

Inc.

Class

A

4,806

Williams

Cos.,

Inc.

(The)

2,838

YPF

SA

-

ADR(Æ)

4,581

Financial

Services

-

14.4%

3i

Group

PLC

1,893

ABN

AMRO

Bank

NV(Þ)

3,775

Aedifica

SA(ö)

1,930

Aflac,

Inc.

2,880

Ageas

SA

868

Agree

Realty

Corp.(ö)

2,956

AIA

Group,

Ltd.

17,800

Air

Lease

Corp.

Class

A

Akbank

TAS

38,633

Allianz

SE

Allstate

Corp.

(The)

1,464

Alpha

Bank

SA

44,675

American

Financial

Group,

Inc.

American

Homes

Rent

Class

A(ö)

3,751

American

Integrity

Insurance

Group,

Inc.(Æ)

13,327

American

International

Group,

Inc.

3,166

American

Tower

Corp.(ö)

986

Amundi

SA(Þ)

ARGAN

SA(ö)

576

AvalonBay

Communities,

Inc.(ö)

652

Banco

BTG

Pactual

SA

11,436

Bank

Leumi

Le-Israel

BM

2,394

Bank

Mandiri

Persero

Tbk

PT

1,134,392

Bank

of

America

Corp.

7,026

Bank

of

Ireland

Group

PLC

10,076

Bank

of

Montreal

954

Beazley

PLC

10,805

Berkshire

Hathaway,

Inc.

Class

B(Æ)

609

BGC

Group,

Inc.

Class

A

41,857

Big

Yellow

Group

PLC(ö)

5,306

BlackRock,

Inc.

Blackstone,

Inc.

Class

A

3,058

BNP

Paribas

SA

1,095

Brambles,

Ltd.

15,803

British

Land

Co.

PLC

(The)(ö)

5,770

Broadstone

Net

Lease,

Inc.(ö)

23,629

Brookfield

Corp.

1,091

BXP,

Inc.(ö)

3,206

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

678

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Canadian

Imperial

Bank

of

Commerce

1,434

Capital

One

Financial

Corp.

1,169

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

124,700

Capitec

Bank

Holdings,

Ltd.

538

CareTrust

REIT,

Inc.(ö)

4,777

Castellum

AB

3,589

Catena

AB

915

Centurion

Accommodation

REIT(Æ)

(ö)

96,800

Charles

Schwab

Corp.

(The)

4,856

Charter

Hall

Group(ö)

9,031

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

87,200

China

Merchants

Bank

Co.,

Ltd.

Class

H

20,000

China

Resources

Land,

Ltd.

27,500

Cincinnati

Financial

Corp.

845

Citigroup,

Inc.

2,787

CK

Hutchison

Holdings,

Ltd.

Class

B

16,000

Close

Brothers

Group

PLC(Æ)

4,313

CME

Group,

Inc.

Class

A

2,345

623

Country

Garden

Services

Holdings

Co.,

Ltd.

73,000

Credit

Agricole

SA

1,626

Cresud

SACIF

y

A

-

ADR

2,144

Crown

Castle,

Inc.(ö)

5,315

DBS

Group

Holdings,

Ltd.

6,500

Derwent

London

PLC(ö)

1,494

Deutsche

Boerse

AG

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

144,600

Digital

Realty

Trust,

Inc.(ö)

5,547

945

DNB

Bank

ASA

919

E.Sun

Financial

Holding

Co.,

Ltd.

74,741

EastGroup

Properties,

Inc.(ö)

1,466

EQT

AB

1,292

Equinix

,

Inc.(ö)

612

518

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,623

Essex

Property

Trust,

Inc.(ö)

1,909

Extra

Space

Storage,

Inc.(ö)

3,492

Fastighets

AB

Balder

Class

B(Æ)

13,931

FinecoBank

Banca

Fineco

SpA

6,106

First

Abu

Dhabi

Bank

PJSC

7,303

First

BanCorp

8,907

First

Industrial

Realty

Trust,

Inc.(ö)

981

flatexDEGIRO

AG

639

Franklin

Resources,

Inc.

2,218

Frasers

Centrepoint

Trust(ö)

32,200

Futu

Holdings,

Ltd.

-

ADR

532

GLP

J-REIT(ö)

Goldman

Sachs

Group,

Inc.

(The)

Goodman

Group(ö)

23,440

505

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

7,748

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

3,357

Guaranty

Trust

Holding

Co.

PLC

1,317,906

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

697

Hana

Financial

Group,

Inc.

3,856

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hankook

Technology

Group

Co.,

Ltd.

1,375

Hannover

Rueck

SE

Hartford

Insurance

Group,

Inc.

(The)

1,555

HDFC

Bank,

Ltd.

-

ADR

22,258

806

Healthcare

Realty

Trust,

Inc.(ö)

14,113

Highwoods

Properties,

Inc.(ö)

2,906

Hiscox

,

Ltd.

6,904

Hong

Kong

Exchanges

&

Clearing,

Ltd.

6,573

Hongkong

Land

Holdings,

Ltd.

7,800

Host

Hotels

&

Resorts,

Inc.(ö)

27,743

HSBC

Holdings

PLC

1,941

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

27,351

iA

Financial

Corp.,

Inc.

680

ICICI

Bank,

Ltd.

-

ADR

16,589

503

Industrivarden

AB

Class

A

580

ING

Groep

NV

3,477

Ingenia

Communities

Group(ö)

37,903

Intact

Financial

Corp.

851

Intesa

Sanpaolo

SpA

31,335

Investor

AB

Class

B

6,439

Invincible

Investment

Corp.(ö)

Invitation

Homes,

Inc.(ö)

18,288

515

Iron

Mountain,

Inc.(ö)

4,086

Itau

Unibanco

Holding

SA

-

ADR

19,518

Japan

Hotel

REIT

Investment

Corp.(ö)

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

2,464

767

Kasikornbank

PCL

-

NVDR

3,600

KB

Financial

Group,

Inc.

2,183

KDX

Realty

Investment

Corp.

Class

A(ö)

Keppel

REIT(ö)

112,900

Kilroy

Realty

Corp.(ö)

4,225

Kimco

Realty

Corp.(ö)

21,811

Kite

Realty

Group

Trust(ö)

8,102

Klepierre

SA(ö)

5,201

Korean

Reinsurance

Co.

2,076

Land

Securities

Group

PLC(ö)

17,314

LEG

Immobilien

SE

1,484

Link

REIT(ö)

35,230

LondonMetric

Property

PLC(ö)

96,742

Longfor

Group

Holdings,

Ltd.(Þ)

162,500

LSR

Group

PJSC(Æ)(Š)

25,878

—

LX

Holdings

Corp.

1,079

Manulife

Financial

Corp.

6,201

Mapfre

SA

12,195

Marsh

&

McLennan

Cos.,

Inc.

1,855

Mastercard

,

Inc.

Class

A

1,101

608

Mercialys

SA(ö)

6,567

MetLife,

Inc.

2,481

Mid-America

Apartment

Communities,

Inc.(ö)

634

Mirvac

Group(ö)

72,092

Mitsubishi

Estate

Co.,

Ltd.

7,800

Mitsubishi

UFJ

Financial

Group,

Inc.

1,000

Mitsui

Fudosan

Accommodations

Fund,

Inc.(ö)

Mitsui

Fudosan

Co.,

Ltd.

36,275

Mizuho

Financial

Group,

Inc.

3,500

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

679

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

181,547

—

MS&AD

Insurance

Group

Holdings,

Inc.

5,500

Muenchener

Rueckversicherungs-

Gesellschaft

AG

732

NatWest

Group

PLC

19,238

New

China

Life

Insurance

Co.,

Ltd.

Class

H

6,600

Newmark

Group,

Inc.

Class

A

11,885

Nippon

Prologis

REIT,

Inc.(ö)

NN

Group

NV

1,732

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

NU

Holdings,

Ltd.

Class

A(Æ)

6,430

Nyfosa

AB

7,106

Omega

Healthcare

Investors,

Inc.(ö)

4,485

ORIX

Corp.

3,979

OUTFRONT

Media,

Inc.(ö)

3,718

Oversea-Chinese

Banking

Corp.,

Ltd.

12,700

Parkway

Life

Real

Estate

Investment

Trust(ö)

16,600

Perella

Weinberg

Partners

15,462

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

18,561

Piraeus

Financial

Holdings

SA

17,938

Principal

Financial

Group,

Inc.

1,220

Progressive

Corp.

(The)

2,709

558

Prologis,

Inc.(ö)

6,442

799

Prosperity

Bancshares,

Inc.

10,963

722

Prosus

NV

2,506

Public

Storage(ö)

1,389

QBE

Insurance

Group,

Ltd.

1,718

Realty

Income

Corp.(ö)

4,241

RELX

PLC

3,212

Resona

Holdings,

Inc.

11,400

Royal

Bank

of

Canada

2,478

Safestore

Holdings

PLC(ö)

6,029

Sampo

Oyj

Class

A

12,483

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

Saudi

National

Bank

(The)

6,410

Sberbank

of

Russia

PJSC(Æ)(Š)

169,110

—

Schroders

PLC

11,680

Segro

PLC(ö)

6,477

SGS

SA

720

Shinhan

Financial

Group

Co.,

Ltd.

1,186

Simon

Property

Group,

Inc.(ö)

2,152

Sirius

Real

Estate,

Ltd.(ö)

13,869

SLM

Corp.

16,404

Societe

Generale

SA

3,203

Sompo

Holdings,

Inc.

5,900

Standard

Bank

Group,

Ltd.

5,816

Stockland(ö)

62,203

Sumitomo

Mitsui

Financial

Group,

Inc.

5,900

Sumitomo

Realty

&

Development

Co.,

Ltd.

4,500

Sun

Communities,

Inc.(ö)

2,762

Sun

Hung

Kai

Properties,

Ltd.

27,500

Sun

Life

Financial,

Inc.

1,901

Swiss

Prime

Site

AG

Class

A

1,311

Swiss

Re

AG

1,011

Swissquote

Group

Holding

SA

TAG

Immobilien

AG

8,855

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Talanx

AG

753

Tokio

Marine

Holdings,

Inc.

7,000

Toronto-Dominion

Bank

(The)

Travelers

Cos.,

Inc.

(The)

1,266

UBS

Group

AG

4,276

UDR,

Inc.(ö)

6,394

Unibail

-

Rodamco

-Westfield(ö)

984

Unipol

Gruppo

SpA

3,118

VGP

NV

VICI

Properties,

Inc.(ö)

4,484

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

532

Vonovia

SE

5,769

VTB

Bank

PJSC(Æ)(Š)

143,250

—

Warehouses

De

Pauw

CVA(ö)

2,844

Webster

Financial

Corp.

8,194

Wells

Fargo

&

Co.

Welltower

,

Inc.(ö)

11,655

2,110

Weyerhaeuser

Co.(ö)

5,716

Wharf

Real

Estate

Investment

Co.,

Ltd.

47,000

XP,

Inc.

Class

A

2,306

Yellow

Cake

PLC(Æ)(Þ)

6,508

Yoma

Strategic

Holdings,

Ltd.(Æ)

160,282

Zurich

Insurance

Group

AG

42,091

Health

Care

-

4.5%

Abbott

Laboratories

3,575

AbbVie,

Inc.

1,277

Akeso

,

Inc.

Class

B(Æ)(Þ)

2,000

Ambu

A/S

Class

B

2,256

Argenx

SE(Æ)

AstraZeneca

PLC

1,380

Becton

Dickinson

&

Co.

1,267

Bristol-Myers

Squibb

Co.

7,279

Centene

Corp.(Æ)

1,573

ChemoMetec

A/S

959

Chong

Kun

Dang

Pharmaceutical

Corp.

Cooper

Cos,

Inc.

(The)(Æ)

1,841

Cytek

Biosciences,

Inc.(Æ)

21,881

Daiichi

Sankyo

Co.,

Ltd.

4,500

Danaher

Corp.

Doximity

,

Inc.

Class

A(Æ)

1,836

Edwards

Lifesciences

Corp.(Æ)

1,814

Eli

Lilly

&

Co.

740

638

Enovis

Corp.

Class

W(Æ)

9,622

Euroapi

SA(Æ)

4,610

Fresenius

Medical

Care

AG

2,982

Fresenius

SE

&

Co.

KGaA

1,421

Galderma

Group

AG

Genmab

A/S(Æ)

504

Gilead

Sciences,

Inc.

5,816

697

H

Lundbeck

A/S

4,603

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

A

12,700

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

7,481

Humana,

Inc.

661

Innovent

Biologics,

Inc.(Æ)(Þ)

9,000

Innoviva

,

Inc.(Æ)

19,194

Insulet

Corp.(Æ)

904

Intuitive

Surgical,

Inc.(Æ)

744

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

680

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ionis

Pharmaceuticals,

Inc.(Æ)

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

10,821

Johnson

&

Johnson

7,726

1,459

Kyorin

Pharmaceutical

Co.,

Ltd.

3,200

Lifco

AB

Class

B

1,335

Lonza

Group

AG

Medibank

Pvt

,

Ltd.

19,124

Medtronic

PLC

4,009

Merck

&

Co.,

Inc.

6,560

564

Novartis

AG

3,954

Novo

Nordisk

A/S

Class

B

4,861

PACS

Group,

Inc.(Æ)

2,347

Pro

Medicus

,

Ltd.

PTC

Therapeutics,

Inc.(Æ)

4,359

RaySearch

Laboratories

AB

1,523

Recordati

SpA

624

Roche

Holding

AG

1,242

Sanofi

SA

5,810

588

Sartorius

Stedim

Biotech

Sigma

Healthcare,

Ltd.

8,798

Smith

&

Nephew

PLC

6,973

Suzuken

Co.,

Ltd.

Teleflex,

Inc.

7,461

929

Thermo

Fisher

Scientific,

Inc.

UCB

SA

UnitedHealth

Group,

Inc.

672

Vertex

Pharmaceuticals,

Inc.(Æ)

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

16,200

Wuxi

Biologics

Cayman,

Inc.(Æ)(Þ)

19,500

Zai

Lab,

Ltd.(Æ)

12,600

13,120

Materials

and

Processing

-

3.6%

AddTech

AB

Class

B

1,708

Albemarle

Corp.

Aluminum

Corp.

of

China,

Ltd.

Class

A

111,900

Aluminum

Corp.

of

China,

Ltd.

Class

H

54,000

Amrize

,

Ltd.(Æ)

3,064

Anglo

American

Platinum,

Ltd.

4,801

Anglo

American

PLC

2,355

Anglogold

Ashanti

PLC

7,200

ArcelorMittal

SA

2,292

Aris

Mining

Corp.(Æ)

4,621

Armstrong

World

Industries,

Inc.

Atlas

Arteria,

Ltd.

7,454

Barrick

Mining

Corp.

16,242

533

Bear

Creek

Mining

Corp.(Æ)

25,338

BHP

Group,

Ltd.

11,925

BlueScope

Steel,

Ltd.

2,826

BrightView

Holdings,

Inc.

13,484

Cameco

Corp.

Capstone

Mining

Corp.(Æ)

5,735

Carrier

Global

Corp.

1,901

CCL

Industries,

Inc.

Class

B

1,478

Century

Aluminum

Co.(Æ)

6,794

Copart

,

Inc.(Æ)

2,705

CRH

PLC

988

Croda

International

PLC

5,683

Diploma

PLC

1,747

First

Quantum

Minerals,

Ltd.(Æ)

9,202

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Freeport-McMoRan,

Inc.

2,289

Fresnillo

PLC

7,630

Gabriel

Resources,

Ltd.(Æ)

32,350

Geberit

AG

General

Electric

Co.

Gibraltar

Industries,

Inc.(Æ)

3,467

Glencore

PLC

50,024

Gold

Fields,

Ltd.

-

ADR

2,290

Holcim

AG(Æ)

1,840

IMCD

NV

2,557

Impala

Platinum

Holdings,

Ltd.

15,470

Ingevity

Corp.(Æ)

4,648

International

Tower

Hill

Mines,

Ltd.

(Æ)

8,741

Ivanhoe

Electric,

Inc.(Æ)

816

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

14,798

K+S

AG

8,675

Kinross

Gold

Corp.

3,733

Kronos

Worldwide,

Inc.

39,476

Linde

PLC

1,193

Lotte

Chemical

Corp.

545

MHP

SE

-

GDR(Æ)(Þ)

10,149

Mitsui

Chemicals,

Inc.

1,700

Newmont

Corp.

Northern

Dynasty

Minerals,

Ltd.(Æ)

29,820

NovaGold

Resources,

Inc.(Æ)

7,506

Nutrien

,

Ltd.

866

Packaging

Corp.

of

America

709

Polyus

PJSC(Æ)(Š)

57,760

—

Polyus

PJSC

-

GDR(Æ)(Š)(Þ)

—

Reliance,

Inc.

Rio

Tinto

PLC

6,120

Royal

Gold,

Inc.

Saudi

Basic

Industries

Corp.

3,809

Seabridge

Gold,

Inc.(Æ)

6,169

Sherwin-Williams

Co.

(The)

Sibanye

Stillwater,

Ltd.(Æ)

9,208

Siemens

AG

779

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

3,387

SOL

SpA

917

Solstice

Advanced

Materials

Inc.(Æ)

Sumitomo

Metal

Mining

Co.,

Ltd.

2,800

Symrise

AG

3,903

Ternium

SA

-

ADR

1,540

thyssenkrupp

AG

43,745

Vale

SA

10,810

Vale

SA

Class

B

-

ADR

18,975

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A(Æ)

8,900

Western

Copper

&

Gold

Corp.(Æ)

9,487

Zijin

Gold

International

Co.,

Ltd.(Æ)

8,561

Zijin

Mining

Group

Co.,

Ltd.

Class

H

74,000

10,684

Producer

Durables

-

7.2%

Aena

SME

SA(Þ)

15,377

Aeroports

de

Paris

SA

1,142

Aker

ASA

Class

A

AMN

Healthcare

Services,

Inc.(Æ)

8,558

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

Atlas

Copco

AB

Class

B

4,160

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

681

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Auckland

International

Airport,

Ltd.

16,502

Automatic

Data

Processing,

Inc.

1,356

Boeing

Co.

(The)(Æ)

1,617

Canadian

National

Railway

Co.

2,105

Canadian

Pacific

Kansas

City,

Ltd.

3,102

Canon,

Inc.

9,700

Cellnex

Telecom

SA(Þ)

749

Central

Japan

Railway

Co.

1,000

China

Communications

Services

Corp.,

Ltd.

Class

H

70,000

Cleanaway

Waste

Management,

Ltd.

23,565

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

2,800

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

4,164

COSCO

SHIPPING

Ports,

Ltd.

56,000

CSX

Corp.

15,566

561

Custom

Truck

One

Source,

Inc.(Æ)

56,434

Danone

SA

3,498

Denso

Corp.

4,700

Deutsche

Post

AG

5,995

DL

E&C

Co.,

Ltd.

1,931

Eiffage

SA

852

Embraer

SA

-

ADR

1,391

EMCOR

Group,

Inc.

Enav

SpA

(Þ)

3,202

Equifax,

Inc.

679

Ferrovial

SE

1,197

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

Fukuda

Corp.

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

5,709

GEA

Group

AG

1,469

General

Dynamics

Corp.

2,335

805

Getlink

SE

3,441

Graco

,

Inc.

1,183

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

4,601

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

1,022

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

4,154

Guangshen

Railway

Co.,

Ltd.

Class

H

64,000

Halma

PLC

2,924

HD

Hyundai

Electric

Co.,

Ltd.

506

Hi

Sun

Technology

China,

Ltd.(Æ)

156,000

Holley,

Inc.(Æ)

98,600

Honeywell

International,

Inc.

1,927

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

24,800

Hyundai

Engineering

&

Construction

Co.,

Ltd.

1,379

IDEX

Corp.

640

IMI

PLC

1,826

Infrastrutture

Wireless

Italiane

SpA

(Þ)

2,036

International

Container

Terminal

Services,

Inc.

12,950

Intertek

Group

PLC

3,514

Japan

Airport

Terminal

Co.,

Ltd.

1,100

JET2

PLC

4,908

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

4,500

Kamigumi

Co.,

Ltd.

700

Kone

Oyj

Class

B

1,244

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Konecranes

Oyj

725

Koninklijke

Vopak

NV

708

Korean

Air

Lines

Co.,

Ltd.

651

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

3,521

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

3,041

Lens

Technology

Co.,

Ltd.

Class

H

18,000

Localiza

Rent

a

Car

SA

16,428

Logitech

International

SA

Mahindra

&

Mahindra,

Ltd.

-

GDR(Þ)

922

MasTec

,

Inc.(Æ)

847

Maximus,

Inc.

5,846

MEIJI

Holdings

Co.,

Ltd.

1,200

Mesa

Laboratories,

Inc.

2,575

Mettler

-Toledo

International,

Inc.(Æ)

Mitsubishi

Corp.

9,311

Moody's

Corp.

609

MYR

Group,

Inc.(Æ)

1,499

Nestle

SA

5,176

NEXTracker

,

Inc.

Class

A(Æ)

2,491

Ningbo

Tuopu

Group

Co.,Ltd

.

Class

A

18,600

Nordson

Corp.

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

587

Orkla

ASA

3,801

Otis

Worldwide

Corp.

4,145

Pan

Ocean

Co.,

Ltd.

9,445

Paychex,

Inc.

2,106

PHA

Co.,

Ltd.

548

Proficient

Auto

Logistics,

Inc.(Æ)

29,335

Qube

Holdings,

Ltd.

36,366

Real

Alloy(Š)

3,197

Regal

Rexnord

Corp.

2,399

Ryanair

Holdings

PLC

4,433

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

5,775

Samyang

Foods

Co.,

Ltd.

Snap-on,

Inc.

Spirax

Group

PLC

1,776

Sung

Kwang

Bend

Co.,

Ltd.

1,805

TAT

Technologies,

Ltd.(Æ)

1,109

Tenaris

SA

1,626

TransDigm

Group,

Inc.

Transurban

Group(Æ)

15,792

TrueBlue

,

Inc.(Æ)

28,525

Tutor

Perini

Corp.

4,043

Union

Pacific

Corp.

1,884

V2X,

Inc.(Æ)

7,296

Vertiv

Holdings

Co.

Class

A

2,402

Vinci

SA

Wartsila

OYJ

Abp

Class

B

4,406

Waste

Connections,

Inc.

Waste

Management,

Inc.

1,772

Weir

Group

PLC

(The)

7,464

West

Japan

Railway

Co.

2,300

21,103

Technology

-

10.7%

8x8,

Inc.(Æ)

104,138

AAC

Technologies

Holdings,

Inc.

20,000

Adobe,

Inc.(Æ)

938

Advanced

Micro

Devices,

Inc.(Æ)

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

682

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Airbnb,

Inc.

Class

A(Æ)

3,281

Airtel

Africa

PLC(Þ)

9,074

Alpha

&

Omega

Semiconductor,

Ltd.

(Æ)

8,852

Alphabet,

Inc.

Class

A

3,938

1,107

Alphabet,

Inc.

Class

C

3,322

936

Analog

Devices,

Inc.

946

Apple,

Inc.

9,479

2,563

Applied

Materials,

Inc.

3,471

809

Asia

Vital

Components

Co.,

Ltd.

2,000

ASM

International

NV

ASML

Holding

NV

891

943

Assa

Abloy

AB

Class

B

5,481

Astera

Labs,

Inc.(Æ)

625

Autodesk,

Inc.(Æ)

Baidu,

Inc.

Class

A(Æ)

4,550

BE

Semiconductor

Industries

NV

Bilibili

,

Inc.

Class

Z(Æ)

4,160

Booking

Holdings,

Inc.

Broadcom,

Inc.

3,339

1,234

Cadence

Design

Systems,

Inc.(Æ)

Cambricon

Technologies

Corp.,

Ltd.

Class

A(Æ)

568

Capgemini

SE

910

Cisco

Systems,

Inc.

7,605

556

Cognizant

Technology

Solutions

Corp.

Class

A

4,496

Computershare,

Ltd.

4,446

Corning,

Inc.

6,458

575

DoorDash

,

Inc.

Class

A(Æ)

768

Fanuc

Corp.

600

GDS

Holdings,

Ltd.

Class

A(Æ)

18,900

HMS

Networks

AB(Æ)

1,077

Hon

Hai

Precision

Industry

Co.,

Ltd.

39,000

Horizon

Robotics(Æ)

158,664

HUB24,

Ltd.

971

Intuit,

Inc.

Kanzhun

,

Ltd.

-

ADR

7,398

Keyence

Corp.

1,200

KLA

Corp.

Lam

Research

Corp.

1,190

LG

Corp.

Class

H

1,521

MakeMyTrip

,

Ltd.(Æ)

5,003

MediaTek

,

Inc.

7,000

Meta

Platforms,

Inc.

Class

A

1,113

722

Microsoft

Corp.

4,652

2,409

MSCI,

Inc.

Class

A

533

NAVER

Corp.

532

NCR

Voyix

Corp.(Æ)

55,827

637

Nemetschek

SE

525

Nice,

Ltd.(Æ)

637

Nokia

Oyj

28,968

NVIDIA

Corp.

10,272

2,080

Onto

Innovation,

Inc.(Æ)

2,874

Oracle

Corp.

1,200

Palantir

Technologies,

Inc.

Class

A(Æ)

2,524

506

Parade

Technologies,

Ltd.

4,000

PAX

Global

Technology,

Ltd.

10,000

QUALCOMM,

Inc.

1,113

ROBLOX

Corp.

Class

A(Æ)

2,252

Roku,

Inc.(Æ)

Samsung

Electronics

Co.,

Ltd.

17,160

1,292

SAP

SE

625

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SES

SA

2,458

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

8,671

Silicon

Motion

Technology

Corp.

-

ADR

4,890

Singapore

Telecommunications,

Ltd.

28,300

SK

Hynix,

Inc.

1,078

Synopsys,

Inc.(Æ)

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

34,000

1,645

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

2,921

878

Take-Two

Interactive

Software,

Inc.(Æ)

1,288

Technology

One,

Ltd.

1,896

Telefonaktiebolaget

LM

Ericsson

Class

B

33,020

Teradata

Corp.(Æ)

22,494

Trip.com

Group,

Ltd.

-

ADR

1,824

Uber

Technologies,

Inc.(Æ)

1,888

Vimeo,

Inc.(Æ)

109,507

854

Vodafone

Group

PLC

29,360

Xiaomi

Corp.

Class

B(Æ)(Þ)

21,400

31,236

Utilities

-

1.8%

Alliant

Energy

Corp.

1,086

Ameren

Corp.

American

Water

Works

Co.,

Inc.

Antero

Midstream

Corp.

9,435

Atmos

Energy

Corp.

BKV

Corp.(Æ)

23,913

564

Black

Hills

Corp.

514

CenterPoint

Energy,

Inc.

1,542

Centrais

Eletricas

Brasileiras

SA

7,525

CGN

Power

Co.,

Ltd.

Class

H(Þ)

135,000

Cheniere

Energy,

Inc.

Chubu

Electric

Power

Co.,

Inc.

1,900

Chunghwa

Telecom

Co.,

Ltd.

25,000

Cia

Paranaense

de

Energia

-

Copel

16,449

Constellation

Energy

Corp.

Deutsche

Telekom

AG

9,874

Dominion

Energy,

Inc.

612

Edison

International

2,690

Elisa

Oyj

955

Empresa

Nacional

de

Telecomunicaciones

SA

10,219

Enbridge,

Inc.

1,687

Enel

SpA

15,199

Engie

SA

2,340

ENN

Energy

Holdings,

Ltd.

5,296

Entergy

Corp.

974

Equatorial

Energia

SA

1,920

Evergy

,

Inc.

607

Eversource

Energy

559

Expand

Energy

Corp.

Federal

Grid

Co.

-

Rosseti

PJSC(Æ)(Š)

410,745,540

—

GAIL

India,

Ltd.

-

GDR(Þ)

6,370

Gaztransport

Et

Technigaz

SA

992

Iberdrola

SA

1,430

Inpex

Corp.

2,200

Italgas

SpA

4,035

Keyera

Corp.

4,522

Kinetik

Holdings,

Inc.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

683

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Korea

Electric

Power

Corp.

2,832

KT

Corp.

-

ADR

4,085

LG

Uplus

Corp.

20,044

MEG

Energy

Corp.

Class

A

4,009

MTN

Group,

Ltd.

14,248

National

Grid

PLC

19,335

NextEra

Energy,

Inc.

2,767

NiSource,

Inc.

558

Osaka

Gas

Co.,

Ltd.

800

PG&E

Corp.

13,131

Power

Assets

Holdings,

Ltd.

14,000

RusHydro

PJSC(Æ)(Š)

121,714,026

—

Sempra

1,504

South

Bow

Corp.

Class

W

663

Spire,

Inc.

TC

Energy

Corp.

3,223

Telstra

Group,

Ltd.

17,293

Tenaga

Nasional

BHD

16,300

Venture

Global,

Inc.

Class

A

2,466

Veolia

Environnement

SA

5,830

Vistra

Corp.

Xcel

Energy,

Inc.

5,341

#### Total

#### Common

#### Stocks
(cost

$128,587)

154,722

#### Preferred

#### Stocks

#### -

#### 1.3%
Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.

7.875%

due

12/16/25(¢)(Þ)

2,500

Henkel

AG

&

Co.

KGaA

2.864%

(Ÿ)

918

Energy

-

0.0%

Petroleo

Brasileiro

SA

-

Petrobras

9.222%

(Ÿ)

13,514

Financial

Services

-

1.0%

AEGON

Funding

Co.

LLC

5.100%

due

12/15/49

2,035

Affiliated

Managers

Group,

Inc.

5.875%

due

03/30/59

1,717

4.750%

due

09/30/60

1,288

4.200%

due

09/30/61

3,440

6.750%

due

03/30/64

1,814

Allstate

Corp.

(The)

4.750%

due

01/15/26(¢)

950

5.100%

due

01/15/26(¢)

1,772

American

Financial

Group,

Inc.

5.125%

due

12/15/59

977

Apollo

Global

Management,

Inc.

7.625%

due

09/15/53

1,401

Arch

Capital

Group,

Ltd.

5.450%

due

12/17/25(¢)

2,064

4.550%

due

06/11/26(¢)

2,758

Athene

Holding,

Ltd.

7.250%

due

03/30/64

1,858

4.875%

due

12/30/25(¢)

1,389

7.750%

due

12/30/27(¢)

1,081

6.350%

due

06/30/29(¢)

2,303

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Axis

Capital

Holdings,

Ltd.

5.500%

due

12/17/25(¢)

1,840

Bank

of

America

Corp.

4.375%

due

12/17/25(¢)

1,574

5.000%

due

12/17/25(¢)

2,291

5.375%

due

12/17/25(¢)

2,387

5.875%

due

12/17/25(¢)

1,156

4.125%

due

02/02/26(¢)

1,889

4.250%

due

11/17/26(¢)

3,205

Brookfield

BRP

Holdings

Canada,

Inc.

4.875%

due

12/09/26(¢)

1,219

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

1,856

Carlyle

Finance

LLC

4.625%

due

05/15/61

1,095

Comerica,

Inc.

6.875%

due

10/01/30(¢)

3,873

Corebridge

Financial,

Inc.

6.375%

due

12/15/64

1,160

Equitable

Holdings,

Inc.

5.250%

due

03/15/26(¢)

2,487

F&G

Annuities

&

Life,

Inc.

7.950%

due

12/15/53

1,712

First

Horizon

Bank

5.039%

due

12/16/25(¢)(Þ)

Itau

Unibanco

Holding

SA

6.467%

(Ÿ)

15,496

JPMorgan

Chase

&

Co.

4.550%

due

06/01/26(¢)

3,246

4.625%

due

06/01/26(¢)

4,776

KKR

&

Co.,

Inc.

6.875%

due

06/01/65

2,100

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

689

M&T

Bank

Corp.

6.350%

due

12/15/30(¢)

4,000

7.500%

due

06/15/29(¢)

3,154

MetLife,

Inc.

4.750%

due

03/15/26(¢)

2,803

Morgan

Stanley

6.375%

due

01/15/26(¢)

1,116

6.875%

due

01/15/26(¢)

1,097

5.850%

due

04/15/27(¢)

1,992

6.500%

due

10/15/27(¢)

890

6.625%

due

10/15/29(¢)

6,128

Public

Storage

4.625%

due

12/16/25(¢)

3,057

4.125%

due

12/17/25(¢)

1,200

4.700%

due

12/17/25(¢)

1,510

4.750%

due

12/17/25(¢)

764

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

1,574

6.950%

due

09/15/29(¢)

1,835

TPG

Operating

Group

II,

LP

6.950%

due

03/15/64

2,037

Truist

Financial

Corp.

5.250%

due

03/01/26(¢)

1,315

W.R.

Berkley

Corp.

5.100%

due

12/30/59

1,898

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

684

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wells

Fargo

&

Co.

4.375%

due

03/15/26(¢)

2,192

4.700%

due

03/15/26(¢)

2,475

4.750%

due

03/15/26(¢)

6,023

4.250%

due

09/15/26(¢)

5,275

2,756

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

2.972%

(Ÿ)

Technology

-

0.0%

T-Mobile

USA,

Inc.

6.250%

due

09/01/69

1,255

5.500%

due

03/01/70

1,580

5.500%

due

06/01/70

1,576

Utilities

-

0.2%

AT&T,

Inc.

5.350%

due

11/01/66

1,443

4.750%

due

12/17/25(¢)

1,145

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

1,401

Brookfield

Infrastructure

Partners,

LP

5.125%

due

12/16/25(¢)

1,226

CMS

Energy

Corp.

5.875%

due

10/15/78

1,997

DTE

Energy

Co.

4.375%

due

10/15/80

1,350

4.375%

due

12/01/81

1,367

6.250%

due

10/01/85

3,653

NextEra

Energy

Capital

Holdings,

Inc.

6.500%

due

06/01/85

4,220

Southern

Co.

(The)

4.200%

due

10/15/60

1,688

4.950%

due

01/30/80

1,377

Telephone

and

Data

Systems,

Inc.

6.625%

due

03/31/26(¢)

1,388

Xcel

Energy,

Inc.

6.250%

due

10/15/85

5,200

614

#### Total

#### Preferred

#### Stocks
(cost

$3,835)

3,897

#### Short-Term

#### Investments

#### -

#### 8.8%
U.S.

Cash

Management

Fund(@)

25,687,050

(∞)

25,682

#### Total

#### Short-Term

#### Investments
(cost

$25,681)

25,682

#### Total

#### Investments

#### -

#### 97.6%
(identified

cost

$256,589)

285,821

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.4%
7,077

#### Net

#### Assets

#### -

#### 100.0%
292,898

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

685

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $17.6%

ABN

AMRO

Bank

NV

03/23/23

EUR

3,775

15.92 60

Abu

Dhabi

Government

International

Bond

11/02/22

255,000

69.05 176

Abu

Dhabi

Government

International

Bond

09/25/25

380,000

99.08 377

Aena

SME

SA

11/10/15

EUR

15,377

16.08 266

Aeropuerto

Internacional

De

Tocumen

SA

02/16/23

662,000

79.63 527

530

African

Export-Import

Bank

(The)

12/15/22

348,000

90.99 317

Airtel

Africa

PLC

09/09/25

GBP

9,074

3.02 27

Akeso

,

Inc.

07/11/25

HKD

2,000

14.17 28

Allegro.eu

SA

03/20/25

PLN

4,703

8.02 38

AltaGas

,

Ltd.

09/16/24

62,000

99.99 62

Amundi

SA

08/08/25

EUR

76.22 25

Angolan

Government

International

Bond

10/07/25

200,000

100.00 200

Ares

Finance

Co.

III

LLC

06/24/21

40,000

100.00 40

Bahrain

Government

International

Bond

09/24/24

200,000

104.11 208

Bahrain

Government

International

Bond

10/01/25

200,000

100.00 200

Banco

de

Credito

del

Peru

SA

10/09/25

46,000

99.75 46

Banco

de

Sabadell

SA

05/13/25

EUR

200,000

111.90 224

Banco

del

Estado

de

Chile

04/24/25

200,000

103.92 208

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

200,000

94.25 189

Banco

Nacional

de

Panama

01/23/24

203,000

81.95 166

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

562,000

91.24 513

548

Bapco

Energies

BSC

Closed

03/22/22

572,000

104.06 595

620

BNP

Paribas

SA

08/08/22

200,000

100.00 200

BNP

Paribas

SA

04/02/25

200,000

104.25 208

CBB

International

Sukuk

Programme

,

Co.

08/08/24

200,000

96.75 193

Cellnex

Telecom

SA

10/07/22

EUR

749

30.82 23

Centrais

Eletricas

Brasileiras

SA

07/23/24

350,000

92.71 324

CFAMC

III

Co.,

Ltd.

02/16/23

595,000

95.78 570

597

CFAMC

IV

Co.,

Ltd.

03/09/23

377,000

80.72 304

CGN

Power

Co.,

Ltd.

10/28/22

HKD

135,000

0.23 32

China

Government

International

Bond

11/13/24

273,000

99.69 272

China

International

Capital

Corp.,

Ltd.

05/17/24

HKD

87,200

2.00 174

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

08/07/25

709,000

101.37 719

751

Comision

Federal

de

Electricidad

03/20/25

352,000

84.92 299

Commerzbank

AG

10/01/24

200,000

100.00 200

Cooperatieve

Rabobank

UA

05/03/24

EUR

37,100

116.04 43

Corp.

Financiera

de

Desarrollo

SA

02/16/23

200,000

93.95 188

Corp.

Nacional

del

Cobre

de

Chile

03/22/22

671,000

81.25 545

Corp.

Nacional

del

Cobre

de

Chile

05/06/25

200,000

100.68 201

Corp.

Nacional

del

Cobre

de

Chile

09/29/25

200,000

107.30 215

Costa

Rica

Government

International

Bond

09/08/25

232,000

104.05 241

Credit

Agricole

SA

09/02/25

200,000

100.00 200

Cryoport

,

Inc.

10/23/25

240,000

94.48 227

DAE

Sukuk

Difc

,

Ltd.

10/08/25

200,000

99.51 199

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

01/07/25

200,000

100.00 200

Dairy

Farmers

of

America,

Inc.

08/05/16

2,500

106.50 266

Dominican

Republic

International

Bond

05/14/25

300,000

100.37 301

Dominican

Republic

International

Bond

06/05/25

314,000

82.50 259

Dominican

Republic

International

Bond

08/07/25

138,000

101.89 141

Dominican

Republic

International

Bond

10/22/25

326,000

100.00 326

DP

World,

Ltd.

03/22/22

620,000

115.14 714

715

Ecuador

Government

International

Bond

10/03/22

273,001

48.33 132

Ecuador

Government

International

Bond

02/13/25

424,413

76.96 342

EDO

Sukuk

,

Ltd.

06/03/25

268,000

101.20 271

Egypt

Government

International

Bond

06/28/24

400,000

75.36 301

Egypt

Government

International

Bond

10/03/25

200,000

106.85 214

El

Salvador

Government

International

Bond

10/21/25

171,000

108.90 186

Empresa

de

Transmision

Electrica

SA

03/22/22

732,000

99.98 732

565

Empresa

Nacional

del

Petroleo

03/22/22

921,000

84.21 776

770

Enav

SpA

04/11/25

EUR

3,202

4.04 13

Eskom

Holdings

SOC,

Ltd.

03/22/22

539,000

101.19 545

556

Export-Import

Bank

of

India

03/22/22

784,000

89.16 707

703

Fastly

,

Inc.

07/31/25

169,000

102.12 173

First

Horizon

Bank

12/07/22

808.04 104

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

686

Multi-Strategy

Income

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Franshion

Brilliant,

Ltd.

07/26/22

342,000

80.40 275

Franshion

Brilliant,

Ltd.

10/19/22

300,000

95.22 286

Freeport

Indonesia

PT

04/22/24

200,000

94.76 190

Gaci

First

Investment

Co.

06/05/25

310,000

81.13 252

GAIL

India,

Ltd.

10/04/24

6,370

1,277.95

Georgian

Railway

JSC

03/22/22

363,000

92.32 335

Ghana

Government

International

Bond

10/10/24

19,000

89.80 17

Ghana

Government

International

Bond

11/20/24

171,000

90.66 155

Global

Atlantic

Finance

Co.

06/24/21

95,000

98.84 94

Global

Atlantic

Finance

Co.

06/04/24

48,000

100.00 48

Grupo

Energia

Bogota

SA

ESP

03/22/22

509,000

101.05 514

506

Guatemala

Government

International

Bond

10/24/25

200,000

100.66 201

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/02/22

697

8.82 6

Hapvida

Participacoes

e

Investimentos

SA

09/11/25

BRL

7,481

7.39 55

Hartford

Insurance

Group,

Inc.

(The)

02/05/21

61,000

94.81 58

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/24/25

497,000

99.61 495

517

HRB

Winddown

,

Inc.

10/30/20

1,640,000

—

—

—

Hungary

Government

International

Bond

06/16/25

222,000

99.50 221

Hungary

Government

International

Bond

10/20/25

311,000

103.23 321

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

03/09/23

200,000

88.20 176

Infrastrutture

Wireless

Italiane

SpA

05/16/25

EUR

2,036

11.83 24

ING

Groep

NV

09/25/24

200,000

107.75 215

Innovent

Biologics,

Inc.

04/12/24

HKD

9,000

4.95 45

Instituto

Costarricense

de

Electricidad

03/22/22

762,000

79.97 609

752

Ivory

Coast

Government

International

Bond

01/23/24

200,000

98.25 197

Jordan

Government

International

Bond

07/22/25

200,000

103.13 206

Kazakhstan

Government

International

Bond

06/24/25

200,000

100.00 200

KazMunayGas

National

Co.

JSC

03/22/22

464,000

91.18 423

Krung

Thai

Bank

PCL

10/19/22

400,000

78.58 314

KSA

Ijarah

Sukuk

,

Ltd.

09/02/25

464,000

98.85 459

Kuaishou

Technology

06/10/22

HKD

32,000

7.21 231

Kuwait

International

Government

Bond

09/30/25

652,000

100.00 652

655

Larsen

&

Toubro,

Ltd.

05/10/22

3,521

34.51 121

Lebanon

Government

International

Bond

10/31/22

483,000

11.78 57

Lenta

International

Co.

PJSC

01/07/19

130,305

—

—

Longfor

Group

Holdings,

Ltd.

08/25/23

HKD

162,500

1.38 224

Mahindra

&

Mahindra,

Ltd.

02/10/25

922

36.49 34

Match

Group

Financeco

,

Inc.

11/01/23

401,000

97.16 390

Mazoon

Assets

Co.

SAOC

03/22/22

545,000

101.49 553

552

Meiji

Yasuda

Life

Insurance

Co.

03/04/25

200,000

100.00 200

Meiji

Yasuda

Life

Insurance

Co.

04/15/25

200,000

96.28 193

MetLife

Capital

Trust

IV

12/09/22

150,000

106.35 160

MetLife,

Inc.

07/14/16

125,000

138.78 173

Mexico

City

Airport

Trust

03/22/22

213,000

88.49 188

MHP

SE

03/16/21

10,149

5.59 57

MVM

Energetika

Zrt

.

01/23/24

701,000

102.33 717

744

NAC

Kazatomprom

JSC

12/17/19

1,417

12.99 18

Nigeria

Government

International

Bond

06/05/25

565,000

105.05 599

615

OCP

SA

03/22/22

755,000

92.49 698

708

OCP

SA

04/24/24

103,000

97.30 100

Oman

Sovereign

Sukuk

Co.

10/09/25

245,000

100.00 245

Omniyat

Sukuk

1,

Ltd.

08/07/25

604,000

102.96 622

612

OQ

SAOC

03/22/22

618,000

100.01 618

624

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

200,000

99.95 200

Pakistan

Water

and

Power

Development

Authority

03/22/22

753,000

75.20 566

712

Paraguay

Government

International

Bond

06/12/25

200,000

101.25 203

Pebblebrook

Hotel

Trust

09/17/25

135,000

100.00 135

Pertamina

Hulu

Energi

PT

05/14/25

200,000

100.00 200

Pertamina

Persero

PT

04/18/22

650,000

82.10 534

Perusahaan

Penerbit

SBSN

Indonesia

III

07/16/25

270,000

100.00 270

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

07/25/23

318,000

83.33 265

Petroleos

de

Venezuela

SA

01/15/25

317,100

22.00 70

Petroleos

de

Venezuela

SA

07/17/25

63,291

94.42 60

Petroleos

del

Peru

SA

03/22/22

1,231,000

69.10 903

887

Petroleos

Mexicanos

03/22/22

894,000

64.84 580

682

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

687

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Petronas

Capital,

Ltd.

04/01/22

1,323,000

73.71 1,103

921

Petronas

Capital,

Ltd.

03/26/25

200,000

100.00 200

Petronas

Capital,

Ltd.

03/26/25

200,000

99.84 200

Polyus

PJSC

10/20/22

—

—

—

Porch

Group,

Inc.

07/14/25

274,000

96.38 264

PRIO

Luxembourg

Holding

Sarl

10/06/25

200,000

100.00 200

Reliance

Industries,

Ltd.

03/21/22

3,725

56.97 212

Repay

Holdings

Corp.

05/26/23

293,000

98.44 288

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

108,000

86.94 94

Republic

of

Kenya

Government

International

Bond

09/16/25

200,000

107.61 215

Republic

of

South

Africa

Government

International

Bond

04/16/25

200,000

93.44 187

Republic

of

South

Africa

Government

International

Bond

07/30/25

200,000

95.36 191

Republic

of

Uzbekistan

Government

International

Bond

03/03/25

200,000

86.10 172

Romanian

Government

International

Bond

04/28/25

240,000

100.25 241

Romanian

Government

International

Bond

06/05/25

202,000

62.01 125

Romanian

Government

International

Bond

06/05/25

202,000

98.95 200

Romanian

Government

International

Bond

06/12/25

190,000

86.62 165

Romanian

Government

International

Bond

07/09/25

106,000

99.89 106

SABIC

Capital

I

BV

06/05/25

441,000

64.94 286

Samruk-Kazyna

JSC

03/22/22

200,000

96.81 194

Saudi

Arabian

Oil

Co.

03/22/22

660,000

94.41 623

595

Saudi

Arabian

Oil

Co.

06/05/25

214,000

59.73 128

Saudi

Government

International

Bond

06/16/25

420,000

85.49 359

SBL

Holdings,

Inc.

02/04/20

85,000

85.44 73

SBL

Holdings,

Inc.

06/17/21

99,000

98.12 97

Scout24

SE

07/25/24

EUR

525

86.19 45

Signify

NV

08/05/22

EUR

8,671

25.37 220

Societe

Generale

SA

11/07/23

200,000

100.00 200

Societe

Generale

SA

01/21/25

200,000

95.88 192

Southern

Gas

Corridor

CJSC

03/22/22

281,000

100.34 282

Sri

Lanka

Government

International

Bond

12/20/24

33,612

70.31 24

Sri

Lanka

Government

International

Bond

12/20/24

131,253

72.91 96

Sri

Lanka

Government

International

Bond

01/15/25

62,001

70.29 44

Svenska

Handelsbanken

AB

07/26/24

200,000

87.55 175

Swedbank

AB

02/06/24

200,000

100.00 200

TC

Ziraat

Bankasi

AS

01/15/25

665,000

102.59 682

702

Tecpetrol

SA

10/29/25

78,000

100.02 78

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

12/12/24

432,000

100.08 432

Tierra

Mojada

Luxembourg

II

SARL

10/19/22

211,320

70.56 149

Trade

and

Development

Bank

of

Mongolia

LLC

08/07/25

522,000

98.24 513

517

Transnet

SOC,

Ltd.

07/25/23

607,000

99.74 605

643

Trinidad

Generation

UnLimited

08/07/25

583,000

103.40 603

612

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

98.53 690

704

UBS

Group

AG

01/17/24

200,000

105.70 211

UBS

Group

AG

01/15/25

200,000

103.63 207

UBS

Group

AG

09/12/25

200,000

102.29 205

Ukraine

Government

International

Bond

08/30/24

113,086

46.56 52

Ukraine

Government

International

Bond

10/10/24

245,000

55.97 137

Ukraine

Government

International

Bond

10/15/25

150,000

42.67 64

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

07/23/24

732,610

91.68 672

564

Uzbekneftegaz

JSC

03/22/22

687,000

87.12 598

651

Venezuela

Government

International

Bond

07/30/24

177,500

15.34 27

Venezuela

Government

International

Bond

03/07/25

111,800

18.17 20

Venezuela

Government

International

Bond

05/21/25

175,800

18.81 33

WuXi

AppTec

Co.,

Ltd.

12/17/24

HKD

16,200

9.15 148

Wuxi

Biologics

Cayman,

Inc.

08/04/25

HKD

19,500

3.92 77

Xiaomi

Corp.

07/02/25

HKD

21,400

7.60 163

XPLR

Infrastructure,

LP

09/02/25

382,000

97.98 374

Yellow

Cake

PLC

09/23/19

GBP

6,508

2.52 16

YPF

SA

02/16/23

166,000

90.98 151

YPF

SA

07/25/23

523,000

91.56 479

532

YPF

SA

08/07/25

40,000

86.51 35

Zalando

SE

07/21/25

EUR

8,031

31.36 252

Zambia

Government

International

Bond

07/10/25

63,635

92.72 59

Ziff

Davis,

Inc.

10/15/25

380,000

96.70 367

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

688

Multi-Strategy

Income

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $51,574

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

Commonwealth

Year

Treasury

Bond

Futures

AUD

9,998

12/25

Dow

Jones

U.S.

Real

Estate

Index

Futures

USD

4,502

12/25

(155) FTSE

Index

Futures

GBP

975

12/25

Long

Gilt

Futures

GBP

4,026

12/25

MSCI

Emerging

Markets

Index

Futures

USD

1,408

12/25

SPI

Index

Futures

AUD

889

12/25

(1) TOPIX

Index

Futures

JPY

133,360

12/25

United

States

Year

Treasury

Note

Futures

USD

33,319

12/25

(30) United

States

Year

Treasury

Note

Futures

USD

40,735

12/25

(10) United

States

Year

Treasury

Note

Futures

USD

14,422

12/25

United

States

Year

Ultra

Treasury

Note

Futures

USD

2,772

12/25

United

States

Treasury

Long

Bond

Futures

USD

5,514

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

6,064

12/25

Short

Positions

EURO

STOXX

Index

Futures

EUR

1,757

12/25

(78) Euro-Bund

Futures

EUR

5,693

12/25

(66) Hang

Seng

Index

Futures

HKD

72,540

11/25

Japanese

Year

Government

Bond

Futures

JPY

1,088,320

12/25

Japanese

Year

Mini

Government

Bond

Futures

JPY

95,200

12/25

—

NASDAQ

E-Mini

Index

Futures

USD

24,964

12/25

(1,583)

Russell

2000

E-Mini

Index

Futures

USD

10,084

12/25

(299) S&P

500

E-Mini

Index

Futures

USD

4,468

12/25

(127) S&P/TSX

Index

Futures

CAD

2,851

12/25

(58) United

States

Year

Treasury

Note

Futures

USD

1,092

12/25

—

United

States

Treasury

Ultra

Bond

Futures

USD

1,577

12/25

(55) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,540)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

11/03/25

—

Bank

of

America

USD

EUR

11/03/25

—

Bank

of

America

USD

EUR

11/03/25

(1) Bank

of

America

USD

SGD

11/03/25

—

Bank

of

America

USD

ZAR

547

11/04/25

—

Bank

of

America

CHF

USD

11/03/25

—

Bank

of

America

EUR

USD

11/03/25

—

Bank

of

America

GBP

USD

11/03/25

—

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

689

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

HKD

USD

11/03/25

—

Bank

of

America

HKD

723

USD

11/03/25

—

Bank

of

America

TRY

USD

11/03/25

—

Bank

of

New

York

USD

CAD

619

11/10/25

(3) BNP

Paribas

USD

AUD

548

12/17/25

(5) BNP

Paribas

USD

960

CHF

757

12/17/25

(15) BNP

Paribas

USD

JPY

17,064

12/17/25

(6) BNP

Paribas

USD

NOK

1,243

12/17/25

(3) BNP

Paribas

CAD

USD

12/17/25

BNP

Paribas

DKK

6,243

USD

987

12/17/25

BNP

Paribas

EUR

USD

12/17/25

BNP

Paribas

GBP

655

USD

889

12/17/25

BNP

Paribas

HKD

16,948

USD

2,182

12/17/25

(1) BNP

Paribas

SEK

2,700

USD

12/17/25

Brown

Brothers

Harriman

EUR

USD

11/28/25

HSBC

USD

CAD

11/10/25

—

HSBC

USD

—

CHF

—

11/10/25

—

HSBC

USD

EUR

11/10/25

—

HSBC

USD

GBP

11/10/25

—

HSBC

USD

NOK

11/10/25

—

HSBC

USD

SEK

11/10/25

—

HSBC

CHF

1,017

USD

1,282

11/10/25

HSBC

JPY

1,494

USD

11/10/25

—

JPMorgan

Chase

USD

EUR

11/10/25

(9) Morgan

Stanley

USD

AUD

548

12/17/25

(4) Morgan

Stanley

USD

959

CHF

757

12/17/25

(14) Morgan

Stanley

USD

JPY

17,064

12/17/25

(6) Morgan

Stanley

USD

NOK

1,243

12/17/25

(3) Morgan

Stanley

CAD

USD

12/17/25

Morgan

Stanley

DKK

6,243

USD

985

12/17/25

Morgan

Stanley

EUR

USD

12/17/25

Morgan

Stanley

GBP

655

USD

887

12/17/25

Morgan

Stanley

HKD

16,948

USD

2,182

12/17/25

(1) Morgan

Stanley

SEK

2,700

USD

12/17/25

Royal

Bank

of

Canada

USD

AUD

548

12/17/25

(5) Royal

Bank

of

Canada

USD

960

CHF

757

12/17/25

(14) Royal

Bank

of

Canada

USD

JPY

17,064

12/17/25

(6) Royal

Bank

of

Canada

USD

NOK

1,243

12/17/25

(3) Royal

Bank

of

Canada

CAD

USD

12/17/25

Royal

Bank

of

Canada

DKK

6,243

USD

986

12/17/25

Royal

Bank

of

Canada

EUR

USD

12/17/25

Royal

Bank

of

Canada

GBP

655

USD

888

12/17/25

Royal

Bank

of

Canada

HKD

16,948

USD

2,182

12/17/25

(1) Royal

Bank

of

Canada

SEK

2,700

USD

12/17/25

Standard

Chartered

USD

849

EUR

725

12/17/25

(11) #### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

690

Multi-Strategy

Income

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Standard

Chartered

USD

1,473

GBP

1,100

12/17/25

(27) State

Street

USD

EUR

11/03/25

—

State

Street

USD

EUR

11/03/25

—

State

Street

USD

GBP

11/03/25

—

State

Street

USD

HKD

11/03/25

—

State

Street

USD

IDR

1,678,708

11/03/25

—

State

Street

USD

ILS

11/03/25

—

State

Street

USD

KRW

68,173

11/03/25

—

State

Street

USD

KRW

129,406

11/03/25

—

State

Street

USD

833

NOK

8,286

11/10/25

(14) State

Street

CAD

—

USD

—

11/03/25

—

State

Street

CHF

USD

11/03/25

—

State

Street

CHF

USD

11/03/25

—

State

Street

EUR

USD

11/03/25

—

State

Street

EUR

USD

11/03/25

—

State

Street

GBP

—

USD

11/03/25

—

State

Street

GBP

USD

11/03/25

—

State

Street

IDR

1,949,895

USD

11/03/25

—

State

Street

SEK

7,823

USD

836

11/10/25

Westpac

USD

GBP

11/10/25

(8) Westpac

JPY

57,045

USD

11/10/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

#### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Credit

#### Indices

#### -

#### Purchase

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

Emerging

Markets

Index

Bank

of

America

USD

9,500

(1.000%)

(2) 12/20/30

(66) 143

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(66) 143

#### Credit

#### Indices

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

High

Yield

Index

Bank

of

America

USD

7,500

5.000%

(2) 12/20/30

568

589

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

568

589

Total

Open

Credit

Default

Swap

Contracts

(å)

777

(45) 732

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

691

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

43,567

$

—

$

—

$

43,567

International

Debt

—

57,66

—

—

57,66

Non-US

Bonds

—

—

—

Common

Stocks

Consumer

Discretionary

10,319

9,597

—

—

19,916

Consumer

Staples

4,754

1,896

—

—

6,650

Energy

3,199

1,382

—

—

4,581

Financial

Services

26,444

15,647

—

—

42,091

Health

Care

8,986

4,134

—

—

13,120

Materials

and

Processing

5,404

5,280

—

—

10,684

Producer

Durables

10,720

7,186

3,197

—

21,103

Technology

22,673

8,563

—

—

31,236

Utilities

2,975

2,366

—

—

5,341

Preferred

Stocks

3,453

—

—

3,897

Short-Term

Investments

—

—

—

25,682

25,682

Total

Investments

98,927

158,015

3,197

25,682

285,821

Other

Financial

Instruments

Assets

Futures

Contracts

922

—

—

—

922

Foreign

Currency

Exchange

Contracts

—

—

—

Credit

Default

Swap

Contracts

—

732

—

—

732

Liabilities

Futures

Contracts

(2,462)

—

—

—

(2,462)

Foreign

Currency

Exchange

Contracts

(2) (158) —

—

(160) Total

Other

Financial

Instruments

\*

$

(1,542)

$

815

$

—

$

—

$

(727) \*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Quantitative

Information

about

Level

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

securities

were

as

follows:

#### Category

#### and

#### Subcategory

#### Valuation

#### Technique(s)

#### Unobservable

#### Input(s)

#### Input/Range(s)

#### Fair

#### Value

#### ($)
Common

Stocks

Producer

Durables

Discounted

cash

flow\*\*

Discount

rate\*

13.3%

3,197

Market

approach\*\*

EBITDA

multiple\*\*\*

6.41x

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

692

Multi-Strategy

Income

Fund

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

October

31,

2025

were

as

follows:

#### Category

#### and

#### Subcategory

#### Beginning

#### Balance

#### 11/01/2024

#### Gross

#### Purchases

#### Gross

#### Sales

#### Accrued

#### Discounts/
(Premiums)

#### Realized

#### Gain
(Loss)

#### Net

#### Transfers

#### into

#### Level

#### 3

#### Net

#### Transfers

#### out

#### of

#### Level

#### 3

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### Ending

#### Balance

#### 10/31/2025

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### on

#### Investments

#### held

#### as

#### of

#### 10/31/2025
Long-Term

Investments

Corporate

Bonds

and

Notes

$

$

—

$

$

$

(3) $

—

$

—

$

—

$

—

$

—

Common

Stocks

Producer

Durables

3,433

—

—

—

—

—

—

(236) 3,197

(236) Total

Investments

$

3,446

$

—

$

$

$

(3) $

—

$

—

$

(236) $

3,197

$

(236) Discount

to

guideline

comparables

30.3%

Total

Investments

3,197

\*

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

\*\*

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

\*\*\*

A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBITDA

multiple.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Angola

................................................................................................

.1

Argentina

............................................................................................

1,564

.5

Australia

.............................................................................................

3,462

.2

Austria

................................................................................................

—

\*\*

Azerbaijan

..........................................................................................

.1

Bahrain

...............................................................................................

1,228

.4

Belgium

..............................................................................................

593

.2

Brazil

..................................................................................................

4,003

.4

Canada

................................................................................................

6,228

.1

Chile

...................................................................................................

2,253

.8

China

..................................................................................................

10,516

.6

Colombia

............................................................................................

1,832

.6

Congo,

the

Democratic

Republic

of

the

.............................................

.1

Costa

Rica

..........................................................................................

994

.3

Denmark

.............................................................................................

570

.2

Dominican

Republic

..........................................................................

1,076

.4

Ecuador

..............................................................................................

595

.2

Egypt

..................................................................................................

911

.3

El

Salvador

.........................................................................................

940

.3

Finland

...............................................................................................

678

.2

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

693

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
France

.................................................................................................

4,667

.6

Georgia

...............................................................................................

.1

Germany

.............................................................................................

4,339

.5

Ghana

.................................................................................................

.1

Greece

................................................................................................

.1

Guatemala

..........................................................................................

.1

Hong

Kong

.........................................................................................

1,613

.6

Hungary

..............................................................................................

1,292

.4

India

...................................................................................................

2,931

.0

Indonesia

............................................................................................

2,891

.0

Ireland

................................................................................................

.1

Israel

...................................................................................................

—

\*\*

Italy

....................................................................................................

1,186

.4

Ivory

Coast

.........................................................................................

.1

Japan

..................................................................................................

6,887

.4

Jordan

.................................................................................................

.1

Kazakhstan

.........................................................................................

967

.3

Kenya

.................................................................................................

.1

Kuwait

................................................................................................

655

.2

Lebanon

..............................................................................................

—

\*\*

Luxembourg

.......................................................................................

—

\*\*

Macao

.................................................................................................

.1

Malaysia

.............................................................................................

1,434

.5

Mexico

...............................................................................................

3,604

.2

Mongolia

............................................................................................

517

.2

Morocco

.............................................................................................

823

.3

Myanmar

............................................................................................

—

\*\*

Netherlands

........................................................................................

2,452

.8

New

Zealand

......................................................................................

—

\*\*

Nigeria

................................................................................................

736

.3

Norway

...............................................................................................

—

\*\*

Oman

..................................................................................................

1,703

.6

Pakistan

..............................................................................................

915

.3

Panama

...............................................................................................

1,869

.6

Paraguay

.............................................................................................

.1

Peru

....................................................................................................

1,485

.5

Philippines

..........................................................................................

681

.2

Poland

................................................................................................

659

.2

Puerto

Rico

.........................................................................................

.1

Romania

.............................................................................................

905

.3

Russia

.................................................................................................

—

—

Saudi

Arabia

.......................................................................................

2,292

.8

Serbia

.................................................................................................

.1

Singapore

...........................................................................................

2,345

.8

South

Africa

.......................................................................................

3,180

.1

South

Korea

.......................................................................................

3,949

.3

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

694

Multi-Strategy

Income

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Spain

..................................................................................................

1,353

.5

Sri

Lanka

............................................................................................

.1

Sweden

...............................................................................................

2,002

.7

Switzerland

........................................................................................

2,347

.8

Taiwan

................................................................................................

3,983

.4

Thailand

.............................................................................................

983

.3

Trinidad

and

Tobago

..........................................................................

612

.2

Turkey

................................................................................................

2,276

.8

Ukraine

...............................................................................................

883

.3

United

Arab

Emirates

.........................................................................

2,127

.7

United

Kingdom

.................................................................................

6,497

.2

United

States

......................................................................................

161,962

.3

Uruguay

..............................................................................................

715

.2

Uzbekistan

..........................................................................................

837

.3

Venezuela,

Bolivarian

Republic

of

....................................................

.1

Zambia

...............................................................................................

.1

Total

Investments

...............................................................................

285,821

.6

\*\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

695

!?!!?

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

$

—

Variation

margin

on

futures

contracts\*

—

—

561

Credit

default

swap

contracts,

at

fair

value

—

732

—

—

Total

$

$

732

$

$

561

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

2,301

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

—

Total

$

2,301

$

—

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Investments\*\*

$

(131) $

—

$

—

$

—

Futures

contracts

(12,699)

—

—

(1,914)

Options

written

—

—

—

Credit

default

swap

contracts

—

573

—

—

Foreign

currency

exchange

contracts

—

—

1,991

—

Total

$

(12,693)

$

573

$

1,991

$

(1,914)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

;

Investments\*\*\*

$

$

—

$

—

$

—

Futures

contracts

(879) —

—

3,587

Options

written

(45) —

—

—

Credit

default

swap

contracts

—

(40) —

—

Foreign

currency

exchange

contracts

—

—

(1,015)

—

Total

$

(796) $

(40) $

(1,015)

$

3,587

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

\*\*

Includes

net

realized

gain

(loss)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

\*\*\*

Includes

net

change

in

unrealized

appreciation

(depreciation)

on

purchased

options

as

reported

in

the

Statement

of

Operations

.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

696

Multi-Strategy

Income

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

732

—

732

Total

Financial

and

Derivative

Assets

973

—

973

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

973

$

—

$

973

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

$

—

$

$

BNP

Paribas

—

Brown

Brothers

Harriman

—

—

HSBC

—

—

Morgan

Stanley

—

Royal

Bank

of

Canada

—

State

Street

—

—

Westpac

—

Total

$

$

$

$

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

697

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

$

—

$

Total

Financial

and

Derivative

Liabilities

—

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(2) —

(2) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

$

—

$

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

—

$

—

$

BNP

Paribas

—

—

JPMorgan

Chase

—

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

—

State

Street

—

Westpac

—

—

Total

$

$

$

—

$

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

698

Multi-Strategy

Income

Fund

xt

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

256,589

Investments,

at

fair

value(>)

........................................................................................................................................................

285,821

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

550

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,525

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

792

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)

.................................................................................................................................................................

12,317

Variation

margin

on

futures

contracts

..............................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

732

Total

assets

...............................................................................................................................................................

302,976

#### Liabilities
Payables:

Due

to

broker(b)(c)

..........................................................................................................................................................

5,868

Investments

purchased

.....................................................................................................................................................

1,520

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

1,942

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

10,078

#### Net

#### Assets

#### ...............................................................................................................................................................
$

292,898

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

699

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

6,228

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

286,381

#### Net

#### Assets

#### ...............................................................................................................................................................
$

292,898

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

25,682

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

552

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

12,317

(+)

Credit

default

swap

contracts

-

premiums

paid

(received)

$

777

(b) Due

to

Broker

for

Options

$

5,599

(c) Due

to

Broker

for

Swaps

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

10.08 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

10.69 Class

A

—

Net

assets

...........................................................................................................................................................

$

2,832,740

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

280,931

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.94 Class

C

—

Net

assets

...........................................................................................................................................................

$

3,239,523

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

326,059

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

10.13 Class

M

—

Net

assets

..........................................................................................................................................................

$

29,120,817

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,874,759

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

10.12 Class

S

—

Net

assets

..........................................................................................................................................................

$

172,841,469

Class

S

—

Shares

outstanding

($.01

par

value)

.................................................................................................................

17,071,227

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

10.15 Class

Y

—

Net

assets

...........................................................................................................................................................

$

84,863,100

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,358,946

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

700

Multi-Strategy

Income

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

7,55

Dividends

.........................................................................................................................................................................

4,118

Dividends

from

affiliated

funds

.......................................................................................................................................

722

Total

investment

income

..............................................................................................................................................................

12,39

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,546

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

..........................................................................................................................................

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,63

Expense

reductions

..........................................................................................................................................................

(525) Net

expenses

................................................................................................................................................................................

2,11

Net

investment

income

(loss)

.......................................................................................................................................................

10,280

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

19,572

Investments

in

affiliated

funds

.........................................................................................................................................

(4) Futures

contracts

..............................................................................................................................................................

(14,613)

Options

written

.................................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

1,991

Credit

default

swap

contracts

...........................................................................................................................................

573

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

7,691

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

7,883

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

2,708

Options

written

.................................................................................................................................................................

(45) Foreign

currency

exchange

contracts

...............................................................................................................................

(1,015)

Credit

default

swap

contracts

...........................................................................................................................................

(40) Foreign

currency-related

transactions

..............................................................................................................................

(87) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

9,406

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

17,09

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

27,37

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

701

#### 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)

.......................................................................................................

$

10,280

$

13,131

Net

realized

gain

(loss)

................................................................................................................

7,691

11,39

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

9,406

32,04

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

27,377

56,573

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(171) (110) Class

C

.....................................................................................................................................

(165) (88) Class

M

....................................................................................................................................

(1,773)

(1,124)

Class

S

....................................................................................................................................

(10,677)

(7,033)

Class

Y

.....................................................................................................................................

(5,436)

(3,568)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(18,222)

(11,923)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(34,362)

(53,886)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(25,207)

(9,236)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

318,105

327,341

End

of

period

......................................................................................................................................

$

292,898

$

318,105

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

702

Multi-Strategy

Income

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

$

$

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(83) (792) (95) (879) Net

increase

(decrease)

(29) (280) (49) (452) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(69) (652) (81) (755) Net

increase

(decrease)

(7) (56) (22) (210) Class

M

Proceeds

from

shares

sold

559

5,393

695

6,611

Proceeds

from

reinvestment

of

distributions

1,773

1,123

Payments

for

shares

redeemed

(1,047)

(10,182)

(972) (9,151)

Net

increase

(decrease)

(301) (3,016)

(157) (1,417)

Class

S

Proceeds

from

shares

sold

2,315

22,504

2,344

22,143

Proceeds

from

reinvestment

of

distributions

1,125

10,673

753

7,027

Payments

for

shares

redeemed

(5,968)

(57,952)

(7,582)

(69,199)

Net

increase

(decrease)

(2,528)

(24,775)

(4,485)

(40,029)

Class

Y

Proceeds

from

shares

sold

1,473

747

Proceeds

from

reinvestment

of

distributions

571

5,436

3,568

Payments

for

shares

redeemed

(1,369)

(13,144)

(1,702)

(16,093)

Net

increase

(decrease)

(648) (6,235)

(1,240)

(11,778)

Total

increase

(decrease)

(3,513)

$

(34,362)

(5,953)

$

(53,886)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

703

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### 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

9.77 8.49 8.47 11.11 9.39 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.31

.36

.36

.05

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

1.24 .11

(2.03)

1.79 $

Total

from

Investment

Operations

.89

1.60 .47

(1.98)

1.82 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.32)

(.45)

(.30)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.36)

—

$

Total

Distributions

(.58)

(.32)

(.45)

(.66)

(.10)

$

Net

Asset

Value,

End

of

Period

10.08 9.77 8.49 8.47 11.11 %

Total

Return

(±)

9.56 19.12 5.44 (18.70)

19.41 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,833

3,032

3,050

3,893

5,074

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.20 1.24 1.42 1.40 1.35 %

Expenses,

Net

(Ƃ)

1.03 1.01 1.02 1.02 1.02 %

Net

Investment

Income

(Ƃ)

3.22 3.81 4.01 .54

.29

%

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

9.63 8.38 8.37 10.99 9.33 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.24

.28

.29

(.02)

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.57

1.22 .11

(2.00)

1.77 $

Total

from

Investment

Operations

.81

1.50 .40

(2.02)

1.72 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.50)

(.25)

(.39)

(.24)

(.06)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.36)

—

$

Total

Distributions

(.50)

(.25)

(.39)

(.60)

(.06)

$

Net

Asset

Value,

End

of

Period

9.94 9.63 8.38 8.37 10.99 %

Total

Return

8.89 18.15 4.61 (19.28)

18.45 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,240

3,209

2,980

3,397

5,081

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.95 1.99 2.16 2.15 2.10 %

Expenses,

Net

(Ƃ)

1.78 1.76 1.77 1.77 1.77 %

Net

Investment

Income

(Ƃ)

2.48 3.06 3.26 (.25)

(.46)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

704

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.81 8.53 8.51 11.15 9.40 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.35

.39

.39

.08

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

1.25 .11

(2.02)

1.79 $

Total

from

Investment

Operations

.93

1.64 .50

(1.94)

1.87 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.61)

(.36)

(.48)

(.34)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.36)

—

$

Total

Distributions

(.61)

(.36)

(.48)

(.70)

(.12)

$

Net

Asset

Value,

End

of

Period

10.13 9.81 8.53 8.51 11.15 %

Total

Return

10.00 19.44 5.79 (18.34)

19.93 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 29,121

31,152

28,422

37,206

54,260

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.95

.99

1.16 1.15 1.10 %

Expenses,

Net

(Ƃ)

.68

.66

.67

.67

.67

%

Net

Investment

Income

(Ƃ)

3.58 4.15 4.32 .84

.79

%

Portfolio

Turnover

Rate

#### 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

9.81 8.53 8.50 11.15 9.41 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.34

.38

.38

.07

.06

$

Net

Realized

and

Unrealized

Gain

(Loss)

.57

1.25 .12

(2.03)

1.79 $

Total

from

Investment

Operations

.91

1.63 .50

(1.96)

1.85 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.60)

(.35)

(.47)

(.33)

(.11)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.36)

—

$

Total

Distributions

(.60)

(.35)

(.47)

(.69)

(.11)

$

Net

Asset

Value,

End

of

Period

10.12 9.81 8.53 8.50 11.15 %

Total

Return

9.79 19.32 5.81 (18.52)

19.74 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 172,841

192,173

205,321

243,625

390,872

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.95

.99

1.16 1.15 1.10 %

Expenses,

Net

(Ƃ)

.78

.76

.77

.77

.77

%

Net

Investment

Income

(Ƃ)

3.47 4.05 4.24 .74

.59

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

705

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.83 8.55 8.52 11.17 9.43 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.36

.40

.40

.09

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

.58

1.25 .12

(2.03)

1.77 $

Total

from

Investment

Operations

.94

1.65 .52

(1.94)

1.86 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.62)

(.37)

(.49)

(.35)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.36)

—

$

Total

Distributions

(.62)

(.37)

(.49)

(.71)

(.12)

$

Net

Asset

Value,

End

of

Period

10.15 9.83 8.55 8.52 11.17 %

Total

Return

10.09 19.51 6.01 (18.32)

19.82 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 84,863

88,539

87,568

110,575

159,725

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.75

.80

.97

.96

.90

%

Expenses,

Net

(Ƃ)

.58

.56

.57

.57

.57

%

Net

Investment

Income

(Ƃ)

3.67 4.26 4.46 .93

.81

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

706

Multi-Strategy

Income

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

an

underlying

fund

which

is,

or

was,

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:

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

equalization,

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.

Advisory

fees

$

90,141

Administrative

fees

11,881

Distribution

fees

2,648

Shareholder

servicing

fees

678

Transfer

agent

fees

33,410

Trustees'

fees

1,159

$

139,917

#### 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
U.S.

Cash

Management

Fund

$

17,535

$

274,536

$

266,387

$

(4)

$

$

25,682

$

722

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

270,053,510

$

23,209,067

$

(6,437,402)

$

16,771,665

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

2,426,653

$

(12,722,238)

$

16,524,076

$

—

$

6,228,491

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

18,221,996

$

—

$

—

$

11,922,950

$

—

$

—

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

707

At

October

31,

2025,

there

were

no

adjustments

to

the

Statement

of

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

708

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 18.8%
Asset-Backed

Securities

-

0.8%

Ally

Bank

Auto

Credit-Linked

Notes

Series

25-B

6.637%

due

09/15/33

(Þ)

3,000

3,000

COOPR

Residential

Mortgage

Trust

Series

2025-CES4

Class

M1

5.692%

due

11/25/60

1,800

1,800

4,800

Corporate

Bonds

and

Notes

-

10.1%

Consumer

Discretionary

-

2.6%

Cable

One,

Inc.

6.838%

due

03/15/26

(ž)

1,136

1,107

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

1,384

1,338

DraftKings

,

Inc.

4.982%

due

03/15/28

(ž)

Etsy,

Inc.

0.250%

due

06/15/28

1,613

1,440

FuboTV

,

Inc.

3.250%

due

02/15/26

1,441

1,430

JetBlue

Airways

Corp.

0.500%

due

04/01/26

1,035

1,013

LCI

Industries

1.125%

due

05/15/26

1,070

1,049

Magnite

,

Inc.

0.250%

due

03/15/26

2,106

2,057

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

1,319

1,258

Peloton

Interactive,

Inc.

5.604%

due

02/15/26

(ž)

Topgolf

Callaway

Brands

Corp.

2.750%

due

05/01/26

1,270

1,253

Vail

Resorts,

Inc.

5.093%

due

01/01/26

(ž)

968

960

Winnebago

Industries,

Inc.

3.250%

due

01/15/30

983

902

Ziff

Davis,

Inc.

3.625%

due

03/01/28

(Þ)

784

762

15,090

Consumer

Staples

-

0.4%

Alarm.com,

Inc.

4.744%

due

01/15/26

(ž)

MGP

Ingredients,

Inc.

1.875%

due

11/15/41

1,182

1,136

Spectrum

Brands,

Inc.

3.375%

due

06/01/29

839

782

2,096

Energy

-

0.8%

Array

Technologies,

Inc.

1.000%

due

12/01/28

1,150

1,018

Enphase

Energy,

Inc.

5.606%

due

03/01/26

(ž)

6.354%

due

03/01/28

(ž)

1,446

1,252

Green

Plains,

Inc.

2.250%

due

03/15/27

593

568

Nabors

Industries,

Inc.

1.750%

due

06/15/29

1,661

1,290

XPLR

Infrastructure,

LP

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.500%

due

06/15/26

(Þ)

629

618

4,930

Financial

Services

-

1.7%

Affirm

Holdings,

Inc.

4.290%

due

11/15/26

(ž)

1,361

1,303

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

1,244

1,232

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

866

832

1.625%

due

01/15/30

(Þ)

PennyMac

Corp.

5.500%

due

03/15/26

1,073

1,070

Redfin

Corp.

0.500%

due

04/01/27

1,269

1,186

Redwood

Trust,

Inc.

7.750%

due

06/15/27

1,006

1,011

Repay

Holdings

Corp.

7.974%

due

02/01/26

(Þ)(ž)

684

670

Square,

Inc.

5.089%

due

05/01/26

(ž)

0.250%

due

11/01/27

770

708

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

620

612

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

726

725

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

9,968

Health

Care

-

1.9%

Amphastar

Pharmaceuticals,

Inc.

2.000%

due

03/15/29

1,108

999

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

1,063

1,012

BridgeBio

Pharma,

Inc.

2.250%

due

02/01/29

CONMED

Corp.

2.250%

due

06/15/27

1,597

1,528

DexCom

,

Inc.

0.250%

due

11/15/25

Envista

Holdings

Corp.

1.750%

due

08/15/28

1,072

1,017

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

684

681

Guardant

Health,

Inc.

0.000%

due

11/15/27

(ž)

622

662

Haemonetics

Corp.

5.077%

due

03/01/26

(ž)

1,209

1,189

2.500%

due

06/01/29

Herbalife,

Ltd.

4.250%

due

06/15/28

920

872

NeoGenomics

,

Inc.

0.250%

due

01/15/28

1,270

1,108

Teladoc

Health,

Inc.

1.250%

due

06/01/27

1,545

1,452

11,237

Producer

Durables

-

0.0%

Cryoport

,

Inc.

0.750%

due

12/01/26

(Þ)

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

709

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Technology

-

2.7%

Airbnb,

Inc.

4.718%

due

03/15/26

(ž)

899

883

Bandwidth,

Inc.

0.500%

due

04/01/28

1,805

1,530

Bentley

Systems,

Inc.

0.375%

due

07/01/27

610

579

Bill.com

Holdings,

Inc.

4.248%

due

04/01/27

(ž)

683

644

Cerence

,

Inc.

1.500%

due

07/01/28

643

545

DigitalOcean

Holdings,

Inc.

4.968%

due

12/01/26

(ž)

Evolent

Health,

Inc.

3.500%

due

12/01/29

Fastly

,

Inc.

4.673%

due

03/15/26

(ž)

7.750%

due

06/01/28

(Þ)

Five9,

Inc.

1.000%

due

03/15/29

1,616

1,442

Groupon,

Inc.

1.125%

due

03/15/26

770

698

Match

Group

Financeco

,

Inc.

0.875%

due

06/15/26

(Þ)

1,040

1,013

Mitek

Systems,

Inc.

0.750%

due

02/01/26

1,095

1,080

Okta

,

Inc.

0.375%

due

06/15/26

1,474

1,435

Porch

Group,

Inc.

6.750%

due

10/01/28

(Þ)

711

729

Snap,

Inc.

0.750%

due

08/01/26

666

642

5.138%

due

05/01/27

(ž)

0.125%

due

03/01/28

Unity

Software,

Inc.

4.834%

due

11/15/26

(ž)

1,213

1,155

Upwork

,

Inc.

0.250%

due

08/15/26

1,502

1,458

Ziff

Davis,

Inc.

1.750%

due

11/01/26

15,876

59,456

International

Debt

-

5.1%

Abu

Dhabi

Government

International

Bond

4.250%

due

10/02/35

(Þ)

525

524

3.125%

due

09/30/49

(Þ)

Aegea

Finance

SARL

7.625%

due

01/20/36

(Þ)

Angolan

Government

International

Bond

9.244%

due

01/15/31

(Þ)

Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

Series

\*

4.125%

due

07/09/35

(~)(Ê)

774

542

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bahrain

Government

International

Bond

6.750%

due

09/20/29

(Þ)

6.625%

due

10/06/37

(Þ)

Bolivia

Government

International

Bond

4.500%

due

03/20/28

(Þ)

Brazilian

Government

International

Bond

7.250%

due

01/12/56

CBB

International

Sukuk

Programme

,

Co.

6.250%

due

07/07/33

(Þ)

Chile

Government

International

Bond

2.550%

due

07/27/33

China

Government

International

Bond

4.125%

due

11/20/27

(Þ)

CIFC

Funding,

Ltd.

6.791%

due

10/19/38

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

2,380

2,388

Colombia

Government

International

Bond

8.500%

due

04/25/35

647

729

Corp.

Nacional

del

Cobre

de

Chile

6.780%

due

01/13/55

(Þ)

6.780%

due

01/13/55

(Þ)

Costa

Rica

Government

International

Bond

6.125%

due

02/19/31

(Þ)

DAE

Sukuk

Difc

,

Ltd.

4.500%

due

10/16/30

(Þ)

Dominican

Republic

International

Bond

5.875%

due

10/28/35

(Þ)

6.950%

due

03/15/37

(Þ)

Ecuador

Government

International

Bond

6.900%

due

07/31/30

(~)(Ê)(Þ)

6.900%

due

07/31/35

(~)(Ê)(Þ)

EDO

Sukuk

,

Ltd.

5.662%

due

07/03/31

(Þ)

Egypt

Government

International

Bond

8.625%

due

02/04/30

(Þ)

8.500%

due

01/31/47

(Þ)

617

568

El

Salvador

Government

International

Bond

9.500%

due

07/15/52

(Þ)

Export-Import

Bank

of

India

3.250%

due

01/15/30

(Þ)

2.250%

due

01/13/31

(Þ)

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

5.000%

due

07/03/29

(~)(Ê)(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

555

577

Hungary

Government

International

Bond

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

710

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.125%

due

05/22/28

(Þ)

5.375%

due

09/26/30

(Þ)

540

Indonesia

Government

International

Bond

4.300%

due

03/31/52

5.650%

due

01/11/53

Ivory

Coast

Government

International

Bond

8.075%

due

04/01/36

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Kazakhstan

Government

International

Bond

5.000%

due

07/01/32

(Þ)

Kingston

Airport

Revenue

Finance,

Ltd.

6.750%

due

12/15/36

(Þ)

KSA

Ijarah

Sukuk

,

Ltd.

4.875%

due

09/09/35

(Þ)

Kuwait

International

Government

Bond

4.652%

due

10/09/35

(Þ)

896

900

Lebanon

Government

International

Bond

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

657

Series

GMTN

7.000%

due

03/20/28

(Æ)(Ø)(Þ)

Mazoon

Assets

Co.

SAOC

5.250%

due

10/09/31

(Þ)

Mexico

Government

International

Bond

6.875%

due

05/13/37

7.375%

due

05/13/55

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

526

OCP

SA

7.500%

due

05/02/54

(Þ)

Oman

Sovereign

Sukuk

Co.

4.525%

due

04/17/33

(Þ)

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

7.950%

due

01/31/29

(Þ)

Panama

Government

International

Bond

3.875%

due

03/17/28

2.252%

due

09/29/32

8.000%

due

03/01/38

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

Pertamina

Hulu

Energi

PT

5.250%

due

05/21/30

(Þ)

Perusahaan

Penerbit

SBSN

Indonesia

III

4.550%

due

07/23/30

(Þ)

Peruvian

Government

International

Bond

5.500%

due

03/30/36

6.200%

due

06/30/55

Petrobras

Global

Finance

BV

6.250%

due

01/10/36

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

Petroleos

Mexicanos

6.375%

due

01/23/45

Series

WI

6.750%

due

09/21/47

1,030

849

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

5.848%

due

04/03/55

(Þ)

3.404%

due

04/28/61

(Þ)

Philippine

Government

International

Bond

5.170%

due

10/13/27

1.950%

due

01/06/32

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

(Þ)

PRIO

Luxembourg

Holding

Sarl

6.750%

due

10/15/30

(Þ)

Republic

of

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

Republic

of

Poland

Government

International

Bond

Series

5Y

4.875%

due

02/12/30

Series

10Y

5.375%

due

02/12/35

Series

30Y

5.500%

due

03/18/54

Republic

of

South

Africa

Government

International

Bond

7.100%

due

11/19/36

(Þ)

524

Series

30Y

5.750%

due

09/30/49

Republic

of

Uzbekistan

Government

International

Bond

3.900%

due

10/19/31

(Þ)

Romanian

Government

International

Bond

5.750%

due

09/16/30

(Þ)

3.000%

due

02/14/31

(Þ)

7.500%

due

02/10/37

(Þ)

Saudi

Government

International

Bond

5.000%

due

01/18/53

(Þ)

609

559

Sea,

Ltd.

0.250%

due

09/15/26

859

827

Senegal

Government

International

Bond

6.250%

due

05/23/33

(Þ)

Sri

Lanka

Government

International

Bond

3.600%

due

06/15/35

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

02/15/38

(~)(Ê)(Þ)

TC

Ziraat

Bankasi

AS

7.250%

due

02/04/30

(Þ)

Tecpetrol

SA

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

711

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.625%

due

11/03/30

(Þ)

Threelands

Energy,

Ltd.

Sarl

7.450%

due

10/20/35

(Þ)

Turk

Telekomunikasyon

AS

6.950%

due

10/07/32

(Þ)

Ukraine

Government

International

Bond

11.323%

due

02/01/34

(~)(Ê)(Þ)(ž)

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

7.581%

due

02/01/35

(~)(Æ)(Ê)(Ø)

(Þ)(ž)

Uruguay

Government

International

Bond

5.750%

due

10/28/34

540

580

5.442%

due

02/14/37

Venezuela

Government

International

Bond

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

9.000%

due

05/07/23

(Æ)(Ø)(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

29,764

Mortgage-Backed

Securities

-

1.0%

BX

Trust

Series

2024-VLT4

Class

B

5.973%

due

06/15/41

(CME

Term

SOFR

Month

+

1.941%)(Ê)(Þ)

2,358

2,356

GS

Mortgage-Backed

Securities

Trust

7.295%

due

12/25/65

(SOFR

Day

Average

+

3.100%)(Ê)(Þ)

1,150

1,150

VDCM

Commercial

Mortgage

Trust

6.226%

due

07/13/44

(~)(Ê)(Þ)

2,600

2,649

6,155

Non-US

Bonds

-

1.8%

Carlyle

Euro

CLO

DAC

3.990%

due

01/15/39

(3

Month

EURIBOR

+

2.050%)(Ê)(Þ)

EUR

3,000

3,469

CVC

Cordatus

Loan

Fund

3.784%

due

07/29/34

(3

Month

EURIBOR

+

1.700%)(Ê)(Þ)

EUR

2,000

2,300

Stannaway

Park

CLO

DAC

Series

1A

Class

D

1.000%

due

01/23/38

EUR

4,000

4,611

10,380

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$108,044)

110,555

#### Common

#### Stocks

#### -

#### 66.4%
Consumer

Discretionary

-

9.2%

Academy

Sports

&

Outdoors,

Inc.

10,823

518

Adtalem

Global

Education,

Inc.(Æ)

Advanced

Energy

Industries,

Inc.

Alibaba

Group

Holding,

Ltd.

213,408

4,534

Alibaba

Group

Holding,

Ltd.

-

ADR

2,551

Allegro.eu

SA(Æ)(Þ)

13,502

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Amazon.com,

Inc.(Æ)

16,403

4,006

API

Group

Corp.(Æ)

1,442

Autoliv

,

Inc.

4,998

584

AutoZone,

Inc.(Æ)

1,249

Axon

Enterprise,

Inc.(Æ)

Best

Buy

Co.,

Inc.

1,796

Boot

Barn

Holdings,

Inc.(Æ)

686

Bridgestone

Corp.

5,600

BYD

Co.,

Ltd.

Class

H

27,000

Caesars

Entertainment,

Inc.(Æ)

10,387

Canadian

Tire

Corp.,

Ltd.

Class

A

1,149

Celestica,

Inc.(Æ)

Charter

Communications,

Inc.

Class

A(Æ)

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

9,840

Cie

Financiere

Richemont

SA

Class

A

8,101

1,601

Cie

Generale

des

Etablissements

Michelin

SCA

32,831

1,048

Comcast

Corp.

Class

A

12,892

Costco

Wholesale

Corp.

994

906

Coupang

,

Inc.(Æ)

2,759

CuriosityStream

,

Inc.

10,671

Damai

Entertainment

Holdings,

Ltd.

(Æ)

460,000

Darden

Restaurants,

Inc.

701

Dassault

Aviation

SA

Davide

Campari-Milano

NV

SpA

142,777

985

De'

Longhi

SpA

945

Deckers

Outdoor

Corp.(Æ)

3,508

Denny's

Corp.(Æ)

100,762

Diageo

PLC

22,124

509

DiDi

Global,

Inc.

-

ADR(Æ)

15,542

Dollarama

,

Inc.

1,509

DR

Horton,

Inc.

1,397

DraftKings

,

Inc.

Class

A(Æ)

2,655

Driven

Brands

Holdings,

Inc.(Æ)

31,468

eBay,

Inc.

3,260

Ferguson

Enterprises,

Inc.

1,730

Ferrari

NV

599

Five

Below,

Inc.(Æ)

1,102

Foschini

Group,

Ltd.

(The)

17,161

Fox

Corp.

Class

A

2,429

Fox

Corp.

Class

B

6,733

Games

Workshop

Group

PLC

Garmin,

Ltd.

1,611

General

Motors

Co.

9,462

654

Genius

Sports,

Ltd.(Æ)

13,539

Genuine

Parts

Co.

764

Grab

Holdings,

Ltd.

Class

A(Æ)

44,950

Hankook

Tire

&

Technology

Co.,

Ltd.

1,805

Hanwha

Aerospace

Co.,

Ltd.

520

Home

Depot,

Inc.

(The)

1,370

520

Howden

Joinery

Group

PLC

68,774

782

Hoya

Corp.

3,600

584

Hyundai

Department

Store

Co.,

Ltd.

1,841

IAC,

Inc.(Æ)

14,401

Industria

de

Diseno

Textil

SA

10,044

554

InterContinental

Hotels

Group

PLC

6,881

828

JD.com,

Inc.

Class

A

6,750

Kia

Corp.

4,399

Kingfisher

PLC

29,408

Kuaishou

Technology(Þ)

82,200

766

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

712

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Las

Vegas

Sands

Corp.

6,318

Lennar

Corp.

Class

A

1,299

Li

Ning

Co.,

Ltd.

230,000

500

Lincoln

Educational

Services

Corp.(Æ)

1,142

Lowe's

Cos.,

Inc.

703

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,365

1,672

Magazine

Luiza

SA

65,000

Magnite

,

Inc.(Æ)

555

Mahindra

&

Mahindra,

Ltd.

22,989

903

Matthews

International

Corp.

Class

A

17,305

McDonald's

Corp.

1,014

MercadoLibre

,

Inc.(Æ)

668

Netflix,

Inc.

Class

B(Æ)

659

737

Next

PLC

3,751

706

NIO,

Inc.

-

ADR(Æ)

46,179

NVR,

Inc.(Æ)

Omnicom

Group,

Inc.

1,814

Omron

Corp.

5,900

OptimizeRx

Corp.(Æ)

7,455

O'Reilly

Automotive,

Inc.(Æ)

4,291

Oriental

Holdings

BHD

27,167

Pernod

Ricard

SA

5,571

546

PulteGroup,

Inc.

1,540

Remy

Cointreau

SA

7,757

Renault

SA

3,385

Rolls-Royce

Holdings

PLC

24,645

Rush

Street

Interactive,

Inc.(Æ)

12,782

Sands

China,

Ltd.

117,200

Scout24

SE(Þ)

2,056

SCREEN

Holdings

Co.,

Ltd.

2,000

Sea,

Ltd.

-

ADR(Æ)

6,424

1,004

Secom

Co.,

Ltd.

5,000

Sekisui

Chemical

Co.,

Ltd.

6,700

SJM

Holdings,

Ltd.(Æ)

158,000

Sportradar

Holding

AG

Class

A(Æ)

2,305

Stride,

Inc.(Æ)

1,111

Subaru

Corp.

9,100

Super

Group

SGHC,

Ltd.

12,335

Target

Corp.

1,000

Tencent

Holdings,

Ltd.

57,566

4,679

Tencent

Holdings,

Ltd.

-

ADR

6,050

Tesla,

Inc.(Æ)

1,662

759

TJX

Cos.,

Inc.

(The)

10,772

1,510

Tkms

AG&

Co.

KGaA

(Æ)

—

Tokyo

Broadcasting

System

Holdings,

Inc.

800

Toyota

Motor

Corp.

16,200

Tri

Pointe

Homes,

Inc.(Æ)

36,192

1,153

Universal

Music

Group

NV

16,935

Volkswagen

AG

773

Walmart,

Inc.

4,316

Walt

Disney

Co.

(The)

1,304

Yamaha

Corp.

88,900

560

Yum!

Brands,

Inc.

1,084

Zalando

SE(Æ)(Þ)

28,022

783

54,003

Consumer

Staples

-

2.5%

Alimentation

Couche-Tard,

Inc.

2,724

Altria

Group,

Inc.

11,808

666

Ambev

SA

78,394

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Anheuser-Busch

InBev

SA

3,776

Archer-Daniels-Midland

Co.

2,609

Asahi

Group

Holdings,

Ltd.

12,000

Astarta

Holding

PLC

2,995

Beiersdorf

AG

3,680

BIM

Birlesik

Magazalar

AS

16,010

BrasilAgro

-

Companhia

Brasileira

de

Propiedades

Agricolas

13,161

British

American

Tobacco

PLC

4,702

Campbell's

Co.

(The)

3,019

Carrefour

SA

12,119

China

Mengniu

Dairy

Co.,

Ltd.

257,000

Church

&

Dwight

Co.,

Inc.

1,714

Clorox

Co.

(The)

928

Coca-Cola

Co.

(The)

4,117

Coca-Cola

Consolidated,

Inc.

1,137

Colgate-Palmolive

Co.

1,771

Compass

Group

PLC

5,187

Conagra

Brands,

Inc.

4,314

CVS

Health

Corp.

3,165

DO

&

CO

AG

1,353

elf

Beauty,

Inc.(Æ)

First

Pacific

Co.,

Ltd.

70,000

First

Resources,

Ltd.

63,697

General

Mills,

Inc.

4,198

Genting

Plantations

Bhd

48,600

Golden

Agri-Resources,

Ltd.

1,454,600

Grocery

Outlet

Holding

Corp.(Æ)

39,273

534

GS

Holdings

Corp.

2,988

Haleon

PLC

175,408

817

Henkel

AG

&

Co.

KGaA

517

Hershey

Co.

(The)

760

Imperial

Tobacco

Group

PLC

5,348

JBS

NV

Class

A(Æ)

7,640

JM

Smucker

Co.

(The)

1,080

Kato

Sangyo

Co.,

Ltd.

1,400

Kellanova

1,879

Keurig

Dr

Pepper,

Inc.

7,132

Kimberly-Clark

Corp.

1,331

Kraft

Heinz

Co.

(The)

3,366

Kroger

Co.

(The)

2,108

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

105,913

—

Loblaw

Cos.,

Ltd.

4,668

MBRF

Global

Foods

Company

SA

24,857

Metro,

Inc.

Class

A

2,416

Mondelez

International,

Inc.

Class

A

2,470

Monster

Beverage

Corp.(Æ)

8,081

540

National

Vision

Holdings,

Inc.(Æ)

43,881

1,130

PepsiCo,

Inc.

4,675

683

Philip

Morris

International,

Inc.

5,244

757

Pilgrim's

Pride

Corp.

5,935

Procter

&

Gamble

Co.

(The)

3,415

513

Puregold

Price

Club,

Inc.

80,600

Reckitt

Benckiser

Group

PLC

3,752

Shiseido

Co.,

Ltd.

30,000

510

Smithfield

Foods,

Inc.

5,997

Sodexo

SA

3,351

Tyson

Foods,

Inc.

Class

A

1,788

Unicharm

Corp.

13,900

Wal-Mart

de

Mexico

SAB

de

CV

75,063

Zabka

Group

SA(Æ)

15,737

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

713

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $14,518

Energy

-

2.0%

Antero

Resources

Corp.(Æ)

3,378

ARC

Resources,

Ltd.

1,609

Baker

Hughes

Co.

9,726

Cenovus

Energy,

Inc.

37,175

628

Chevron

Corp.

1,926

Coterra

Energy,

Inc.

6,468

ENEOS

Holdings,

Inc.

31,700

EOG

Resources,

Inc.

2,125

Eramet

SA

2,099

Expro

Group

Holdings

NV(Æ)

28,515

Exxon

Mobil

Corp.

5,145

588

Galp

Energia

SGPS

SA

Class

B

8,752

Gazprom

PJSC(Æ)(Š)

332,583

—

Idemitsu

Kosan

Co.,

Ltd.

25,900

Japan

Petroleum

Exploration

Co.,

Ltd.

16,600

Kinder

Morgan,

Inc.

9,622

Liberty

Energy,

Inc.

Class

A

24,491

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A(Æ)

103,900

LUKOIL

PJSC(Æ)(Š)

8,302

—

NAC

Kazatomprom

JSC

-

GDR(Þ)

4,051

National

Energy

Services

Reunited

Corp.(Æ)

29,603

Natural

Gas

Services

Group,

Inc.

1,035

NPK

International,

Inc.(Æ)

15,087

ONEOK,

Inc.

4,867

Paladin

Energy,

Ltd.(Æ)

46,003

Petroleo

Brasileiro

SA

-

ADR

10,739

Phillips

1,024

Range

Resources

Corp.

8,715

Reliance

Industries,

Ltd.

16,270

Repsol

SA

10,640

Santos,

Ltd.

54,783

Schlumberger

NV

4,047

Schneider

Electric

SE

5,107

1,448

Shell

PLC

12,428

Subsea

SA

1,268

Suncor

Energy,

Inc.

6,865

Targa

Resources

Corp.

802

TechnipFMC

PLC

6,941

Teck

Resources,

Ltd.

Class

B

10,874

TotalEnergies

SE

3,304

Tourmaline

Oil

Corp.

3,728

Tullow

Oil

PLC(Æ)

213,313

United

States

Antimony

Corp.(Æ)

11,982

Viper

Energy,

Inc.

Class

A

10,974

Williams

Cos.,

Inc.

(The)

2,532

YPF

SA

-

ADR(Æ)

1,107

11,763

Financial

Services

-

15.6%

3i

Group

PLC

7,550

ABN

AMRO

Bank

NV(Þ)

13,202

Aedifica

SA(ö)

3,484

Aflac,

Inc.

2,921

Ageas

SA

1,098

Agree

Realty

Corp.(ö)

5,446

AIA

Group,

Ltd.

66,600

648

Air

Lease

Corp.

Class

A

752

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Akbank

TAS

95,347

Allianz

SE

1,643

660

Allstate

Corp.

(The)

818

Alpha

Bank

SA

107,456

American

Homes

Rent

Class

A(ö)

7,738

American

Integrity

Insurance

Group,

Inc.(Æ)

30,428

725

American

Tower

Corp.(ö)

1,247

Amundi

SA(Þ)

1,302

Annaly

Capital

Management,

Inc.(ö)

7,993

ARGAN

SA(ö)

1,319

Arthur

J

Gallagher

&

Co.

AvalonBay

Communities,

Inc.(ö)

751

Bajaj

Finance,

Ltd.

61,098

715

Baloise

Holding

AG

673

Banco

BTG

Pactual

SA

24,817

Banco

de

Sabadell

SA

49,375

Bank

Hapoalim

BM

14,098

Bank

Leumi

Le-Israel

BM

19,615

Bank

Mandiri

Persero

Tbk

PT

4,866,392

1,378

Bank

of

America

Corp.

17,199

919

Bank

of

China

(Hong

Kong),

Ltd.

50,000

Bank

of

Ireland

Group

PLC

34,493

565

Bank

of

Montreal

2,948

Bank

of

New

York

Mellon

Corp.

(The)

2,509

Bank

of

Nova

Scotia

(The)

4,521

Beazley

PLC

36,138

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,029

969

BGC

Group,

Inc.

Class

A

95,566

873

Big

Yellow

Group

PLC(ö)

10,673

BNP

Paribas

SA

3,750

Brambles,

Ltd.

20,068

British

Land

Co.

PLC

(The)(ö)

12,481

Broadstone

Net

Lease,

Inc.(ö)

53,949

967

Brookfield

Corp.

1,377

Brown

&

Brown,

Inc.

1,601

BXP,

Inc.(ö)

6,035

Canadian

Imperial

Bank

of

Commerce

4,359

Capital

One

Financial

Corp.

3,543

779

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

234,700

Capitec

Bank

Holdings,

Ltd.

1,396

CareTrust

REIT,

Inc.(ö)

8,731

Castellum

AB

9,094

Catena

AB

1,750

Centurion

Accommodation

REIT(Æ)

(ö)

184,200

Charles

Schwab

Corp.

(The)

11,285

1,067

Charter

Hall

Group(ö)

17,014

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

316,000

857

China

Merchants

Bank

Co.,

Ltd.

Class

H

45,000

China

Resources

Land,

Ltd.

68,000

Chubb,

Ltd.

586

Cincinnati

Financial

Corp.

1,114

Citigroup,

Inc.

6,013

609

CK

Asset

Holdings,

Ltd.

35,000

CK

Hutchison

Holdings,

Ltd.

Class

B

76,000

504

Close

Brothers

Group

PLC(Æ)

7,162

CME

Group,

Inc.

Class

A

4,485

1,191

Commerzbank

AG

4,643

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

714

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Country

Garden

Services

Holdings

Co.,

Ltd.

190,000

Cresud

SACIF

y

A

-

ADR

9,463

Crown

Castle,

Inc.(ö)

9,151

826

Dave,

Inc.(Æ)

1,212

DBS

Group

Holdings,

Ltd.

5,500

Derwent

London

PLC(ö)

4,320

Deutsche

Boerse

AG

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

201,600

Digital

Realty

Trust,

Inc.(ö)

10,391

1,771

DLF,

Ltd.

39,146

DNB

Bank

ASA

6,117

E.Sun

Financial

Holding

Co.,

Ltd.

362,595

EastGroup

Properties,

Inc.(ö)

2,681

EQT

AB

4,990

Equinix

,

Inc.(ö)

1,368

1,157

Essex

Property

Trust,

Inc.(ö)

3,560

896

Extra

Space

Storage,

Inc.(ö)

6,514

870

Fairfax

Financial

Holdings,

Ltd.

Fastighets

AB

Balder

Class

B(Æ)

24,845

Fidelity

National

Financial,

Inc.

2,749

FinecoBank

Banca

Fineco

SpA

24,461

559

First

Abu

Dhabi

Bank

PJSC

27,739

First

BanCorp

20,336

First

Industrial

Realty

Trust,

Inc.(ö)

1,846

flatexDEGIRO

AG

2,340

Franklin

Resources,

Inc.

5,876

Frasers

Centrepoint

Trust(ö)

58,100

Futu

Holdings,

Ltd.

-

ADR

2,708

539

GLP

J-REIT(ö)

Goldman

Sachs

Group,

Inc.

(The)

Goodman

Group(ö)

44,132

951

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

20,597

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

9,236

546

Guaranty

Trust

Holding

Co.

PLC

3,566,672

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

2,642

Hana

Financial

Group,

Inc.

15,276

918

Hang

Seng

Bank,

Ltd.

12,700

Hankook

Technology

Group

Co.,

Ltd.

4,569

Hartford

Insurance

Group,

Inc.

(The)

1,893

HDFC

Bank,

Ltd.

87,341

970

HDFC

Bank,

Ltd.

-

ADR

12,496

Healthcare

Realty

Trust,

Inc.(ö)

26,096

Highwoods

Properties,

Inc.(ö)

5,183

Hiscox

,

Ltd.

23,660

Hong

Kong

Exchanges

&

Clearing,

Ltd.

18,166

995

Hongkong

Land

Holdings,

Ltd.

16,200

Host

Hotels

&

Resorts,

Inc.(ö)

51,701

828

HSBC

Holdings

PLC

15,270

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

52,950

iA

Financial

Corp.,

Inc.

2,574

ICICI

Bank,

Ltd.

70,693

1,072

Industrivarden

AB

Class

A

732

ING

Groep

NV

13,779

Ingenia

Communities

Group(ö)

71,400

Intact

Financial

Corp.

820

Intesa

Sanpaolo

SpA

39,609

Investor

AB

Class

B

8,140

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Invincible

Investment

Corp.(ö)

Invitation

Homes,

Inc.(ö)

38,587

1,086

Iron

Mountain,

Inc.(ö)

7,610

783

Israel

Discount

Bank,

Ltd.

Class

A

20,783

Itau

Unibanco

Holding

SA

-

ADR

55,524

Japan

Hotel

REIT

Investment

Corp.(ö)

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Post

Holdings

Co.,

Ltd.

15,400

Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

5,203

1,619

Kasikornbank

PCL

-

NVDR

14,000

KB

Financial

Group,

Inc.

5,604

KDX

Realty

Investment

Corp.

Class

A(ö)

Keppel

REIT(ö)

212,500

Kilroy

Realty

Corp.(ö)

7,919

Kimco

Realty

Corp.(ö)

38,915

804

Kite

Realty

Group

Trust(ö)

15,542

Klepierre

SA(ö)

13,906

532

Korean

Reinsurance

Co.

5,451

Land

Securities

Group

PLC(ö)

35,424

LEG

Immobilien

SE

2,404

Link

REIT(ö)

62,400

LondonMetric

Property

PLC(ö)

182,184

Longfor

Group

Holdings,

Ltd.(Þ)

591,500

729

LSR

Group

PJSC(Æ)(Š)

33,861

—

LX

Holdings

Corp.

1,012

M&T

Bank

Corp.

887

Macrotech

Developers,

Ltd.(Þ)

10,860

Manulife

Financial

Corp.

8,428

Mapfre

SA

15,460

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

762

Mastercard

,

Inc.

Class

A

4,747

2,620

Mercialys

SA(ö)

10,040

MetLife,

Inc.

3,134

Mirvac

Group(ö)

134,021

Mitsubishi

Estate

Co.,

Ltd.

14,599

Mitsubishi

UFJ

Financial

Group,

Inc.

1,200

Mitsui

Fudosan

Co.,

Ltd.

63,500

660

Mizrahi

Tefahot

Bank,

Ltd.

3,618

Mizuho

Financial

Group,

Inc.

4,500

Morgan

Stanley

1,435

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

182,429

—

Muenchener

Rueckversicherungs-

Gesellschaft

AG

National

Bank

of

Canada

1,544

NatWest

Group

PLC

65,935

506

New

China

Life

Insurance

Co.,

Ltd.

Class

H

33,900

Newmark

Group,

Inc.

Class

A

27,135

Nippon

Accommodations

Fund,

Inc.(ö)

Nippon

Prologis

REIT,

Inc.(ö)

502

NN

Group

NV

2,191

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

NU

Holdings,

Ltd.

Class

A(Æ)

17,895

Nyfosa

AB

10,772

Omega

Healthcare

Investors,

Inc.(ö)

8,226

ORIX

Corp.

16,872

OUTFRONT

Media,

Inc.(ö)

7,085

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

715

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Oversea-Chinese

Banking

Corp.,

Ltd.

13,500

Parkway

Life

Real

Estate

Investment

Trust(ö)

27,600

Perella

Weinberg

Partners

35,302

659

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

43,767

Piper

Sandler

Cos.

Piraeus

Financial

Holdings

SA

43,171

PNC

Financial

Services

Group,

Inc.

(The)

841

Power

Corp.

of

Canada

3,934

Progressive

Corp.

(The)

2,237

Prologis,

Inc.(ö)

12,056

1,496

Prosperity

Bancshares,

Inc.

25,028

1,647

Prosus

NV

10,082

696

Public

Storage(ö)

2,649

738

Realty

Income

Corp.(ö)

11,300

655

Regions

Financial

Corp.

6,720

RELX

PLC

16,083

711

Resona

Holdings,

Inc.

39,000

Royal

Bank

of

Canada

3,248

Safestore

Holdings

PLC(ö)

11,473

Sampo

Oyj

Class

A

15,515

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

963

Saudi

National

Bank

(The)

12,512

SBA

Communications

Corp.(ö)

Sberbank

of

Russia

PJSC(Æ)(Š)

334,627

—

SBI

Life

Insurance

Co.,

Ltd.(Þ)

5,889

Schroders

PLC

33,193

Segro

PLC(ö)

12,322

SGS

SA

1,394

Shinhan

Financial

Group

Co.,

Ltd.

2,906

Shriram

Finance,

Ltd.

45,094

Simon

Property

Group,

Inc.(ö)

4,043

711

SLM

Corp.

37,454

1,006

Societe

Generale

SA

6,827

Sompo

Holdings,

Inc.

5,000

Standard

Bank

Group,

Ltd.

11,007

Stockland(ö)

117,138

Sumitomo

Mitsui

Financial

Group,

Inc.

7,400

Sumitomo

Realty

&

Development

Co.,

Ltd.

8,500

Sun

Communities,

Inc.(ö)

5,129

649

Sun

Hung

Kai

Properties,

Ltd.

81,000

982

Sun

Life

Financial,

Inc.

3,358

Swiss

Prime

Site

AG

Class

A

2,337

Swissquote

Group

Holding

SA

TAG

Immobilien

AG

15,200

Talanx

AG

952

Toronto-Dominion

Bank

(The)

Travelers

Cos.,

Inc.

(The)

774

UBS

Group

AG

16,222

620

UDR,

Inc.(ö)

11,797

Unibail

-

Rodamco

-Westfield(ö)

1,854

Unipol

Gruppo

SpA

3,953

United

Overseas

Bank,

Ltd.

6,200

VGP

NV

VICI

Properties,

Inc.(ö)

12,920

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

1,952

665

Vonovia

SE

10,866

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
VTB

Bank

PJSC(Æ)(Š)

58,930

—

W.R.

Berkley

Corp.

2,634

Warehouses

De

Pauw

CVA(ö)

5,305

Webster

Financial

Corp.

18,707

1,067

Wells

Fargo

&

Co.

Welltower

,

Inc.(ö)

16,685

3,021

Weyerhaeuser

Co.(ö)

10,393

Wharf

Real

Estate

Investment

Co.,

Ltd.

87,000

XP,

Inc.

Class

A

6,187

Yellow

Cake

PLC(Æ)(Þ)

18,378

Yoma

Strategic

Holdings,

Ltd.(Æ)

456,208

Zurich

Insurance

Group

AG

91,630

Health

Care

-

6.0%

Abbott

Laboratories

2,085

AbbVie,

Inc.

2,364

515

Adaptive

Biotechnologies

Corp.(Æ)

7,545

ADMA

Biologics,

Inc.(Æ)

4,556

Akeso

,

Inc.

Class

B(Æ)(Þ)

5,000

Ambu

A/S

Class

B

8,469

Amgen,

Inc.

558

Argenx

SE(Æ)

Artivion

,

Inc.(Æ)

1,850

Astellas

Pharma,

Inc.

37,300

AstraZeneca

PLC

7,338

1,209

Aurobindo

Pharma,

Ltd.

35,000

Becton

Dickinson

&

Co.

4,340

776

Beta

Bionics,

Inc.(Æ)

2,586

Boston

Scientific

Corp.(Æ)

2,480

Bristol-Myers

Squibb

Co.

12,492

575

Cencora

,

Inc.

Class

A

669

Centene

Corp.(Æ)

6,422

ChemoMetec

A/S

3,815

Chong

Kun

Dang

Pharmaceutical

Corp.

936

Cigna

Group

(The)

1,154

Cooper

Cos,

Inc.

(The)(Æ)

6,711

Corcept

Therapeutics,

Inc.(Æ)

1,312

Cytek

Biosciences,

Inc.(Æ)

49,959

Daiichi

Sankyo

Co.,

Ltd.

5,600

Danaher

Corp.

1,781

Doximity

,

Inc.

Class

A(Æ)

2,322

Edwards

Lifesciences

Corp.(Æ)

2,293

Elevance

Health,

Inc.

785

Eli

Lilly

&

Co.

1,437

1,240

Enovis

Corp.

Class

W(Æ)

21,969

686

Euroapi

SA(Æ)

6,678

Exagen

,

Inc.(Æ)

6,433

Fresenius

Medical

Care

AG

3,768

Fresenius

SE

&

Co.

KGaA

10,506

606

FUJIFILM

Holdings

Corp.

6,900

Galderma

Group

AG

1,372

GeneDx

Holdings

Corp.(Æ)

1,652

Genmab

A/S(Æ)

637

Gilead

Sciences,

Inc.

4,949

593

Grifols

SA

14,173

GSK

PLC

8,101

Guardant

Health,

Inc.(Æ)

1,752

H

Lundbeck

A/S

5,830

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

A

99,500

840

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

716

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

13,999

HCA

Healthcare,

Inc.

528

Humana,

Inc.

2,595

722

Indivior

PLC(Æ)

1,943

Innovent

Biologics,

Inc.(Æ)(Þ)

59,000

657

Innoviva

,

Inc.(Æ)

43,824

798

Insmed

,

Inc.(Æ)

805

Insulet

Corp.(Æ)

1,143

Intuitive

Surgical,

Inc.(Æ)

941

503

Ionis

Pharmaceuticals,

Inc.(Æ)

iRadimed

Corp.

1,299

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

H(Æ)

26,278

Johnson

&

Johnson

13,447

2,540

Kyorin

Pharmaceutical

Co.,

Ltd.

8,700

Labcorp

Holdings,

Inc.

668

LENZ

Therapeutics,

Inc.(Æ)

3,542

Lifco

AB

Class

B

5,163

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

781

Lonza

Group

AG

Madrigal

Pharmaceuticals,

Inc.(Æ)

McKesson

Corp.

Medibank

Pvt

,

Ltd.

24,178

Medtronic

PLC

8,911

808

Merck

&

Co.,

Inc.

11,172

961

Merck

KGaA

730

Mirum

Pharmaceuticals,

Inc.(Æ)

1,356

Molina

Healthcare,

Inc.(Æ)

568

Novartis

AG

2,151

Novo

Nordisk

A/S

Class

B

18,648

920

PACS

Group,

Inc.(Æ)

3,576

Pfizer,

Inc.

16,933

Pro

Medicus

,

Ltd.

PTC

Therapeutics,

Inc.(Æ)

9,952

680

Quest

Diagnostics,

Inc.

686

RaySearch

Laboratories

AB

5,502

Regeneron

Pharmaceuticals,

Inc.

Roche

Holding

AG

1,038

Sanofi

SA

8,841

894

Sartorius

Stedim

Biotech

1,277

SI-BONE,

Inc.(Æ)

2,497

Sigma

Healthcare,

Ltd.

11,129

Smith

&

Nephew

PLC

23,900

Stryker

Corp.

866

Suzuken

Co.,

Ltd.

1,200

Teleflex,

Inc.

17,035

2,120

Thermo

Fisher

Scientific,

Inc.

944

536

UCB

SA

1,459

United

Therapeutics

Corp.(Æ)

UnitedHealth

Group,

Inc.

3,789

1,294

Universal

Health

Services,

Inc.

Class

B

848

Vertex

Pharmaceuticals,

Inc.(Æ)

1,390

592

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

39,000

543

Wuxi

Biologics

Cayman,

Inc.(Æ)(Þ)

53,500

Xeris

Biopharma

Holdings,

Inc.(Æ)

5,035

Zai

Lab,

Ltd.(Æ)

33,600

Zoetis,

Inc.

Class

A

840

35,522

Materials

and

Processing

-

4.6%

AddTech

AB

Class

B

6,653

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Albemarle

Corp.

Aluminum

Corp.

of

China,

Ltd.

Class

A

269,300

Aluminum

Corp.

of

China,

Ltd.

Class

H

126,000

Amcor

PLC

12,264

Amrize

,

Ltd.(Æ)

4,807

Anglo

American

Platinum,

Ltd.

13,376

824

Anglo

American

PLC

8,069

Anglogold

Ashanti

PLC

17,851

1,214

ArcelorMittal

SA

7,397

Aris

Mining

Corp.(Æ)

13,061

Armstrong

World

Industries,

Inc.

552

Asian

Paints,

Ltd.

4,156

Atlas

Arteria,

Ltd.

57,381

Barrick

Mining

Corp.

17,149

562

Bear

Creek

Mining

Corp.(Æ)

13,056

BlueScope

Steel,

Ltd.

3,568

BrightView

Holdings,

Inc.

30,787

Cameco

Corp.

571

Capstone

Mining

Corp.(Æ)

13,825

Carpenter

Technology

Corp.

Carrier

Global

Corp.

8,618

513

Century

Aluminum

Co.(Æ)

15,511

Copart

,

Inc.(Æ)

11,302

CRH

PLC

3,947

Croda

International

PLC

19,477

739

Diploma

PLC

6,986

515

Ecolab,

Inc.

654

Fastenal

Co.

3,726

First

Quantum

Minerals,

Ltd.(Æ)

23,566

Freeport-McMoRan,

Inc.

5,482

Fresnillo

PLC

17,945

523

Gabriel

Resources,

Ltd.(Æ)

80,280

Geberit

AG

603

General

Electric

Co.

Gibraltar

Industries,

Inc.(Æ)

7,917

Glencore

PLC

156,414

748

Gold

Fields,

Ltd.

-

ADR

5,832

Heidelberg

Materials

AG

709

Hindalco

Industries,

Ltd.

68,420

654

ICL

Group,

Ltd.

23,069

IMCD

NV

9,241

959

Impala

Platinum

Holdings,

Ltd.

43,264

Ingevity

Corp.(Æ)

10,612

570

International

Tower

Hill

Mines,

Ltd.

(Æ)

22,792

Ivanhoe

Electric,

Inc.(Æ)

1,099

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

38,995

K+S

AG

24,963

Kinross

Gold

Corp.

4,714

Kronos

Worldwide,

Inc.

90,132

Linde

PLC

2,935

1,228

LKQ

Corp.

2,576

Lotte

Chemical

Corp.

1,495

MHP

SE

-

GDR(Æ)(Þ)

22,127

Mitsui

Chemicals,

Inc.

2,200

Modine

Manufacturing

Co.(Æ)

512

Motiva

Infraestrutura

de

Mobilidade

SA

18,637

MP

Materials

Corp.(Æ)

960

Newmont

Corp.

1,179

Northern

Dynasty

Minerals,

Ltd.(Æ)

83,477

NovaGold

Resources,

Inc.(Æ)

20,611

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

717

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nutrien

,

Ltd.

2,230

Polyus

PJSC(Æ)(Š)

48,690

—

PPG

Industries,

Inc.

1,131

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

6,213

Royal

Gold,

Inc.

796

Saudi

Basic

Industries

Corp.

8,950

Seabridge

Gold,

Inc.(Æ)

17,662

Sherwin-Williams

Co.

(The)

2,341

808

Sibanye

Stillwater,

Ltd.(Æ)

23,141

Siemens

AG

2,796

791

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

9,189

SOL

SpA

3,567

Solstice

Advanced

Materials

Inc.(Æ)

Sumitomo

Metal

Mining

Co.,

Ltd.

3,600

Symrise

AG

14,627

1,210

Tecogen

Inc.(Æ)

1,660

Ternium

SA

-

ADR

4,404

ThredUp

,

Inc.

Class

A(Æ)

3,385

thyssenkrupp

AG

99,880

1,045

USA

Rare

Earth,

Inc.(Æ)

6,155

Vale

SA

31,122

Vale

SA

Class

B

-

ADR

48,857

591

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A(Æ)

19,100

Western

Copper

&

Gold

Corp.(Æ)

31,468

Zijin

Gold

International

Co.,

Ltd.(Æ)

20,980

Zijin

Mining

Group

Co.,

Ltd.

Class

H

178,000

735

27,122

Producer

Durables

-

7.2%

Aena

SME

SA(Þ)

20,607

559

Aeroports

de

Paris

SA

1,950

Aker

ASA

Class

A

AMN

Healthcare

Services,

Inc.(Æ)

19,541

Amprius

Technologies,

Inc.(Æ)

5,590

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

Argan

,

Inc.

860

Auckland

International

Airport,

Ltd.

69,687

Automatic

Data

Processing,

Inc.

526

Avery

Dennison

Corp.

818

BAE

Systems

PLC

11,865

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

228,000

Boeing

Co.

(The)(Æ)

2,045

Canadian

Pacific

Kansas

City,

Ltd.

10,627

765

Canon,

Inc.

4,500

CECO

Environmental

Corp.(Æ)

1,507

Cellnex

Telecom

SA(Þ)

1,870

China

Communications

Services

Corp.,

Ltd.

Class

H

178,886

China

Tower

Corp.,

Ltd.

Class

H(Þ)

89,500

Cintas

Corp.

1,463

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

6,100

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

10,147

724

CSX

Corp.

18,526

667

Custom

Truck

One

Source,

Inc.(Æ)

128,848

759

Dai

Nippon

Printing

Co.,

Ltd.

10,600

Deutsche

Post

AG

20,539

943

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
DL

E&C

Co.,

Ltd.

5,476

Eiffage

SA

1,077

Element

Fleet

Management

Corp.

6,344

Embraer

SA

-

ADR

3,611

EMCOR

Group,

Inc.

559

Equifax,

Inc.

2,357

ESCO

Technologies,

Inc.

FedEx

Corp.

1,067

Ferrovial

SE

4,114

Flughafen

Zurich

AG

897

FTAI

Aviation,

Ltd.

550

Fukuda

Corp.

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

16,222

Gartner,

Inc.(Æ)

GEA

Group

AG

3,878

General

Dynamics

Corp.

2,358

813

Getlink

SE

28,100

513

GMR

Infrastructure,

Ltd.(Æ)

300,707

Graco

,

Inc.

5,969

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

17,104

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

7,324

Guangshen

Railway

Co.,

Ltd.

Class

H

174,000

Halma

PLC

11,717

546

HD

Hyundai

Electric

Co.,

Ltd.

1,709

1,040

HEICO

Corp.

Class

A

621

Hi

Sun

Technology

China,

Ltd.(Æ)

318,000

Holley,

Inc.(Æ)

225,118

646

Honeywell

International,

Inc.

956

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

59,800

Hyundai

Engineering

&

Construction

Co.,

Ltd.

3,917

IMI

PLC

7,122

Infrastrutture

Wireless

Italiane

SpA

(Þ)

2,232

InterGlobe

Aviation,

Ltd.(Þ)

13,889

880

International

Consolidated

Airlines

Group

SA

34,646

International

Container

Terminal

Services,

Inc.

43,260

Intertek

Group

PLC

12,953

864

Jacobs

Solutions,

Inc.

1,056

Japan

Airport

Terminal

Co.,

Ltd.

6,000

JET2

PLC

6,205

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

23,500

JSW

Infrastructure,

Ltd.

52,208

Kamigumi

Co.,

Ltd.

1,300

Kone

Oyj

Class

B

5,077

Konecranes

Oyj

916

Korean

Air

Lines

Co.,

Ltd.

2,948

Kratos

Defense

&

Security

Solutions,

Inc.(Æ)

974

L3Harris

Technologies,

Inc.

593

Latham

Group,

Inc.(Æ)

10,127

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

19,698

Lens

Technology

Co.,

Ltd.

Class

H

51,226

Localiza

Rent

a

Car

SA

37,223

Logitech

International

SA

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

Mama's

Creations,

Inc.(Æ)

13,097

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

718

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MasTec

,

Inc.(Æ)

1,071

Maximus,

Inc.

13,347

1,109

Mercury

Systems,

Inc.(Æ)

1,631

Mesa

Laboratories,

Inc.

5,879

Mettler

-Toledo

International,

Inc.(Æ)

585

Mitsubishi

Corp.

11,735

Mitsui

OSK

Lines,

Ltd.

4,700

Moody's

Corp.

2,723

1,308

MTR

Corp.,

Ltd.

43,500

MYR

Group,

Inc.(Æ)

3,422

745

Nestle

SA

9,610

918

Nexi

SpA

(Þ)

26,863

NEXTracker

,

Inc.

Class

A(Æ)

3,146

Ningbo

Tuopu

Group

Co.,Ltd

.

Class

A

47,000

Norfolk

Southern

Corp.

683

Otis

Worldwide

Corp.

6,632

615

Pan

Ocean

Co.,

Ltd.

33,535

Paychex,

Inc.

1,045

PHA

Co.,

Ltd.

2,544

Primoris

Services

Corp.

850

Proficient

Auto

Logistics,

Inc.(Æ)

67,094

502

Regal

Rexnord

Corp.

5,477

772

Republic

Services,

Inc.

Class

A

740

Rollins,

Inc.

3,020

Rumo

SA

9,172

Ryanair

Holdings

PLC

17,744

537

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

15,718

Samyang

Foods

Co.,

Ltd.

Sezzle

,

Inc.(Æ)

911

Spirax

Group

PLC

6,086

569

Sterling

Infrastructure,

Inc.(Æ)

Sung

Kwang

Bend

Co.,

Ltd.

4,973

TAT

Technologies,

Ltd.(Æ)

4,684

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.

1,911

TransDigm

Group,

Inc.

558

730

Transurban

Group(Æ)

46,844

TrueBlue

,

Inc.(Æ)

65,130

Tutor

Perini

Corp.

9,231

622

Union

Pacific

Corp.

909

United

Parcel

Service,

Inc.

Class

B

1,538

V2X,

Inc.(Æ)

16,658

951

Veralto

Corp.

1,543

Verisk

Analytics,

Inc.

Class

A

556

Vertiv

Holdings

Co.

Class

A

4,709

908

Vinci

SA

1,802

Wartsila

OYJ

Abp

Class

B

5,571

Waste

Connections,

Inc.

1,037

Waste

Management,

Inc.

775

Weir

Group

PLC

(The)

27,731

1,080

West

Japan

Railway

Co.

7,200

WSP

Global,

Inc.

898

42,008

Technology

-

15.8%

8x8,

Inc.(Æ)

238,366

AAC

Technologies

Holdings,

Inc.

99,500

511

Accenture

PLC

Class

A

1,251

Adobe,

Inc.(Æ)

1,591

541

Advanced

Micro

Devices,

Inc.(Æ)

Advantest

Corp.

3,300

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Airbnb,

Inc.

Class

A(Æ)

7,254

918

Airtel

Africa

PLC(Þ)

11,275

Akamai

Technologies,

Inc.(Æ)

1,388

Alpha

&

Omega

Semiconductor,

Ltd.

(Æ)

20,211

567

Alphabet,

Inc.

Class

A

18,029

5,070

Alphabet,

Inc.

Class

C

8,050

2,269

Apple,

Inc.

30,564

8,264

Applied

Materials,

Inc.

3,960

923

Asia

Vital

Components

Co.,

Ltd.

12,000

547

ASM

International

NV

ASML

Holding

NV

2,354

2,493

Assa

Abloy

AB

Class

B

18,765

711

Astera

Labs,

Inc.(Æ)

790

Autodesk,

Inc.(Æ)

Baidu,

Inc.

Class

A(Æ)

13,000

BE

Semiconductor

Industries

NV

1,908

Bilibili

,

Inc.

Class

Z(Æ)

9,760

Booking

Holdings,

Inc.

Broadcom,

Inc.

7,937

2,934

Cadence

Design

Systems,

Inc.(Æ)

Calix,

Inc.(Æ)

838

Cambricon

Technologies

Corp.,

Ltd.

Class

A(Æ)

2,892

557

CGI,

Inc.

1,952

Check

Point

Software

Technologies,

Ltd.(Æ)

1,672

Ciena

Corp.(Æ)

Cisco

Systems,

Inc.

8,035

587

Cognizant

Technology

Solutions

Corp.

Class

A

4,606

Computershare,

Ltd.

5,602

Constellation

Software,

Inc.

Credo

Technology

Group

Holding,

Ltd.

(Æ)

1,204

Dassault

Systemes

SE

5,560

DoorDash

,

Inc.

Class

A(Æ)

972

Evolv

Technologies

Holdings,

Inc.(Æ)

9,586

Extreme

Networks,

Inc.(Æ)

5,173

GDS

Holdings,

Ltd.

Class

A(Æ)

41,700

Graham

Corp.(Æ)

3,064

Hewlett

Packard

Enterprise

Co.

8,136

HMS

Networks

AB(Æ)

4,947

Hon

Hai

Precision

Industry

Co.,

Ltd.

156,000

1,300

Horizon

Robotics(Æ)

399,600

HUB24,

Ltd.

1,228

IBM

Corp.

1,014

Infineon

Technologies

AG

4,691

Intuit,

Inc.

598

IonQ

,

Inc.(Æ)

668

JFrog

,

Ltd.(Æ)

2,396

Kanzhun

,

Ltd.

-

ADR

18,024

Keyence

Corp.

3,400

1,261

KLA

Corp.

Lam

Research

Corp.

3,645

574

Lasertec

Corp.

2,100

Leidos

Holdings,

Inc.

1,046

LG

Corp.

Class

H

4,346

LightPath

Technologies,

Inc.

Class

A(Æ)

15,707

Lumentum

Holdings,

Inc.

Class

E(Æ)

1,813

MakeMyTrip

,

Ltd.(Æ)

5,619

MediaTek

,

Inc.

18,000

764

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

719

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Meta

Platforms,

Inc.

Class

A

3,738

2,424

Microsoft

Corp.

15,558

8,056

Motorola

Solutions,

Inc.

648

MSCI,

Inc.

Class

A

2,193

1,291

NAVER

Corp.

1,282

NCR

Voyix

Corp.(Æ)

127,468

1,454

Nemetschek

SE

2,060

Nice,

Ltd.(Æ)

2,547

Nokia

Oyj

71,523

NVIDIA

Corp.

25,385

5,140

NXP

Semiconductors

NV

1,300

Obic

Co.,

Ltd.

4,500

ON

Semiconductor

Corp.(Æ)

2,229

Onto

Innovation,

Inc.(Æ)

6,562

886

Oracle

Corp.

4,567

1,199

Orange

SA

12,739

Palantir

Technologies,

Inc.

Class

A(Æ)

3,191

640

Parade

Technologies,

Ltd.

21,000

PAX

Global

Technology,

Ltd.

27,000

Pegasystems

,

Inc.

983

Porch

Group,

Inc.(Æ)

6,738

QUALCOMM,

Inc.

4,813

871

Rambus,

Inc.(Æ)

772

Red

Violet,

Inc.

3,583

Renesas

Electronics

Corp.

19,800

ROBLOX

Corp.

Class

A(Æ)

2,847

Roku,

Inc.(Æ)

597

Roper

Technologies,

Inc.

552

Samsung

Electronics

Co.,

Ltd.

44,743

3,368

SAP

SE

2,513

649

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

29,705

711

Silicon

Motion

Technology

Corp.

11,163

1,095

SiTime

Corp.(Æ)

680

SK

Hynix,

Inc.

5,483

2,142

SoftBank

Corp.

181,000

STMicroelectronics

NV

5,174

Synopsys,

Inc.(Æ)

617

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

129,000

6,242

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

12,344

3,709

Take-Two

Interactive

Software,

Inc.(Æ)

1,628

TE

Connectivity

PLC

930

Technology

One,

Ltd.

2,397

Telefonaktiebolaget

LM

Ericsson

Class

B

41,729

Teradata

Corp.(Æ)

51,356

1,071

Tokyo

Electron,

Ltd.

1,500

Trip.com

Group,

Ltd.

-

ADR

6,639

Tyler

Technologies,

Inc.(Æ)

Uber

Technologies,

Inc.(Æ)

7,118

687

VeriSign,

Inc.

587

Vimeo,

Inc.(Æ)

250,025

1,950

Vodafone

Group

PLC

244,301

Wix.com,

Ltd.(Æ)

960

Xiaomi

Corp.

Class

B(Æ)(Þ)

51,000

92,506

Utilities

-

3.5%

AES

Corp.

(The)

2,493

Ameren

Corp.

1,814

American

Electric

Power

Co.,

Inc.

4,394

528

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Antero

Midstream

Corp.

11,913

AT&T,

Inc.

20,285

502

Bharti

Airtel,

Ltd.

59,997

1,385

BKV

Corp.(Æ)

54,600

1,288

Canadian

Natural

Resources,

Ltd.

8,810

Centrais

Eletricas

Brasileiras

SA

21,477

CGN

Power

Co.,

Ltd.

Class

H(Þ)

381,000

Cheniere

Energy,

Inc.

1,173

China

Gas

Holdings,

Ltd.

38,800

Chunghwa

Telecom

Co.,

Ltd.

127,000

541

CMS

Energy

Corp.

2,024

ConocoPhillips

2,553

Consolidated

Edison,

Inc.

2,924

Constellation

Energy

Corp.

531

Deutsche

Telekom

AG

19,247

597

Dominion

Energy,

Inc.

1,941

DT

Midstream,

Inc.

1,386

DTE

Energy

Co.

1,059

Duke

Energy

Corp.

3,384

Edison

International

5,429

EDP

SA

48,404

Elisa

Oyj

2,575

Emera

,

Inc.

4,536

Empresa

Nacional

de

Telecomunicaciones

SA

28,811

Enbridge,

Inc.

12,324

575

Engie

SA

9,932

ENN

Energy

Holdings,

Ltd.

6,400

Evergy

,

Inc.

Eversource

Energy

2,530

Exelon

Corp.

6,485

Expand

Energy

Corp.

1,292

Federal

Grid

Co.

-

Rosseti

PJSC(Æ)(Š)

381,588,279

—

FirstEnergy

Corp.

3,417

Fortis,

Inc.

3,360

Gaztransport

Et

Technigaz

SA

2,560

506

Hera

SpA

28,956

Iberdrola

SA

10,385

Inpex

Corp.

16,700

JSW

Energy,

Ltd.

26,443

KDDI

Corp.

15,400

Keyera

Corp.

8,188

Koninklijke

KPN

NV

36,782

Korea

Electric

Power

Corp.

8,094

KT

Corp.

-

ADR

11,664

LG

Uplus

Corp.

58,039

620

MEG

Energy

Corp.

Class

A

10,394

MTN

Group,

Ltd.

37,740

National

Grid

PLC

72,166

1,079

NextEra

Energy,

Inc.

3,612

NTT,

Inc.

242,000

Orsted

A/S

Class

A(Æ)(Þ)

4,932

PG&E

Corp.

13,682

Power

Assets

Holdings,

Ltd.

23,000

Public

Service

Enterprise

Group,

Inc.

2,050

Redeia

Corp.

SA

7,131

Rogers

Communications,

Inc.

Class

B

5,739

RusHydro

PJSC(Æ)(Š)

104,654,642

—

RWE

AG

2,641

Sempra

5,454

501

Southern

Co.

(The)

1,654

Telefonica

SA

45,189

Telstra

Group,

Ltd.

57,808

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

720

Multi-Asset

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
TELUS

Corp.

10,641

T-Mobile

US,

Inc.

1,487

UGI

Corp.

1,618

United

Utilities

Group

PLC

17,394

Veolia

Environnement

SA

20,766

686

Verizon

Communications,

Inc.

13,875

551

WEC

Energy

Group,

Inc.

1,388

Xcel

Energy,

Inc.

4,254

20,723

#### Total

#### Common

#### Stocks
(cost

$307,305)

389,795

#### Preferred

#### Stocks

#### -

#### 0.1%
Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

2.864%

(Ÿ)

1,936

Energy

-

0.0%

Petroleo

Brasileiro

SA

-

Petrobras

9.222%

(Ÿ)

38,769

Financial

Services

-

0.1%

Itau

Unibanco

Holding

SA

6.467%

(Ÿ)

33,842

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

2.972%

(Ÿ)

1,125

#### Total

#### Preferred

#### Stocks
(cost

$522)

714

#### Short-Term

#### Investments

#### -

#### 14.1%
U.S.

Cash

Management

Fund(@)

82,725,143

(∞)

82,709

#### Total

#### Short-Term

#### Investments
(cost

$82,708)

82,709

#### Total

#### Investments

#### -
99.4 #### %
(identified

cost

$498,579)

583,773

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.6%
3,650

#### Net

#### Assets

#### -

#### 100.0%
587,423

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

721

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $8.5%

ABN

AMRO

Bank

NV

03/22/23

EUR

13,202

16.33 215

Abu

Dhabi

Government

International

Bond

11/02/22

367,000

68.08 250

Abu

Dhabi

Government

International

Bond

09/25/25

525,000

99.08 520

524

Aegea

Finance

SARL

09/25/25

200,000

99.94 200

Aena

SME

SA

04/27/20

EUR

20,607

16.99 365

559

Airtel

Africa

PLC

09/09/25

GBP

11,275

3.02 34

Akeso

,

Inc.

07/21/25

HKD

5,000

17.88 89

Allegro.eu

SA

03/20/25

PLN

13,502

8.02 108

Ally

Bank

Auto

Credit-Linked

Notes

10/30/25

3,000,000

100.00 3,000

3,000

Amundi

SA

09/03/25

EUR

1,302

72.85 95

Angolan

Government

International

Bond

10/07/25

263,000

100.00 263

Bahrain

Government

International

Bond

09/11/24

223,000

103.59 231

Bahrain

Government

International

Bond

10/01/25

224,000

100.00 224

Bolivia

Government

International

Bond

12/07/23

119,000

63.06 75

BX

Trust

10/27/25

2,358,000

100.03 2,359

2,356

CBB

International

Sukuk

Programme

,

Co.

08/28/25

279,000

101.23 282

Carlyle

Euro

CLO

DAC

10/30/25

EUR

3,000,000

86.48 3,469

3,469

Cellnex

Telecom

SA

11/10/23

EUR

1,870

32.97 62

CGN

Power

Co.,

Ltd.

09/30/22

HKD

381,000

0.22 83

China

Government

International

Bond

11/13/24

472,000

99.69 471

China

International

Capital

Corp.,

Ltd.

05/17/24

HKD

316,000

2.08 656

857

China

Tower

Corp.,

Ltd.

02/27/25

HKD

89,500

1.31 117

CIFC

Funding,

Ltd.

10/27/25

2,380,000

100.45 2,391

2,388

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

200,000

99.96 200

Corp.

Nacional

del

Cobre

de

Chile

04/28/25

200,000

101.34 203

Costa

Rica

Government

International

Bond

09/08/25

298,000

104.05 310

Cryoport

,

Inc.

10/23/25

275,000

94.48 260

CVC

Cordatus

Loan

Fund

10/29/25

EUR

2,000,000

116.00 2,320

2,300

DAE

Sukuk

Difc

,

Ltd.

10/08/25

252,000

99.51 251

Dominican

Republic

International

Bond

05/12/25

450,000

100.41 452

Dominican

Republic

International

Bond

10/22/25

448,000

100.00 448

Ecuador

Government

International

Bond

10/03/22

395,675

50.21 199

Ecuador

Government

International

Bond

02/13/25

105,376

71.53 75

EDO

Sukuk

,

Ltd.

06/03/25

311,000

101.20 315

Egypt

Government

International

Bond

04/11/24

617,000

76.88 474

568

Egypt

Government

International

Bond

10/03/25

200,000

106.85 214

El

Salvador

Government

International

Bond

07/09/25

300,000

105.89 318

Export-Import

Bank

of

India

09/20/22

116,000

85.85 100

Export-Import

Bank

of

India

11/06/24

200,000

92.96 186

Fastly

,

Inc.

08/14/25

437,000

102.12 446

Ghana

Government

International

Bond

10/10/24

21,726

89.80 19

Ghana

Government

International

Bond

11/20/24

245,000

91.72 225

GS

Mortgage-Backed

Securities

Trust

10/27/25

1,150,000

100.00 1,150

1,150

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/14/22

2,642

8.74 23

Hapvida

Participacoes

e

Investimentos

SA

09/08/25

BRL

13,999

7.44 104

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/24/25

555,000

99.61 553

577

Hungary

Government

International

Bond

07/19/23

204,000

101.11 206

Hungary

Government

International

Bond

06/16/25

200,000

99.50 199

Hungary

Government

International

Bond

10/20/25

325,000

103.23 335

Infrastrutture

Wireless

Italiane

SpA

10/09/20

EUR

2,232

10.92 24

Innovent

Biologics,

Inc.

11/08/24

HKD

59,000

6.26 370

657

InterGlobe

Aviation,

Ltd.

06/10/22

INR

13,889

29.63 411

880

Ivory

Coast

Government

International

Bond

03/25/25

200,000

97.59 195

Jordan

Government

International

Bond

04/04/23

46,000

99.27 46

Jordan

Government

International

Bond

10/07/25

200,000

104.91 210

Kazakhstan

Government

International

Bond

06/24/25

272,000

100.00 272

Kingston

Airport

Revenue

Finance,

Ltd.

09/25/24

200,000

99.97 200

KSA

Ijarah

Sukuk

,

Ltd.

09/02/25

414,000

98.85 409

Kuaishou

Technology

06/10/22

HKD

82,200

7.89 649

766

Kuwait

International

Government

Bond

09/30/25

896,000

100.00 896

900

Lebanon

Government

International

Bond

10/31/22

657,000

11.78 77

Lebanon

Government

International

Bond

07/18/25

27,000

21.23 6

Lenta

International

Co.

PJSC

12/17/18

105,913

—

—

Longfor

Group

Holdings,

Ltd.

08/11/23

HKD

591,500

1.43 846

729

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

722

Multi-Asset

Strategy

Fund

#### Restricted

#### Securities
Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

#### %

#### of

#### Net

#### Assets

#### Acquisition

#### Principal

#### Amount

#### ($)

#### Cost

#### per

#### Unit

#### Cost
(000) #### Fair

#### Value
(000) #### Securities

#### Date

#### or

#### Shares

#### $
Macrotech

Developers,

Ltd.

04/05/24

INR

10,860

15.86 172

Match

Group

Financeco

,

Inc.

11/01/23

1,040,000

97.26 1,012

1,013

Mazoon

Assets

Co.

SAOC

08/12/25

250,000

101.31 253

MHP

SE

03/10/17

22,127

9.37 207

NAC

Kazatomprom

JSC

10/15/19

4,051

13.29 54

Nexi

SpA

07/21/25

EUR

26,863

6.06 163

Nigeria

Government

International

Bond

09/10/25

483,000

108.31 523

526

OCP

SA

08/06/25

200,000

101.78 204

Oman

Sovereign

Sukuk

Co.

10/09/25

200,000

100.00 200

Orsted

A/S

10/03/25

DKK

4,932

18.17 90

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

215,000

99.95 215

Paraguay

Government

International

Bond

06/12/25

200,000

101.25 202

Pebblebrook

Hotel

Trust

09/17/25

222,000

100.00 222

Pertamina

Hulu

Energi

PT

05/14/25

303,000

100.00 303

Perusahaan

Penerbit

SBSN

Indonesia

III

07/16/25

376,000

100.00 376

Petroleos

de

Venezuela

SA

01/15/25

497,300

22.16 110

Petroleos

de

Venezuela

SA

07/17/25

107,685

28.84 31

Petroleos

del

Peru

SA

09/20/22

416,000

65.22 271

Petronas

Capital,

Ltd.

10/31/23

200,000

59.84 120

Petronas

Capital,

Ltd.

03/26/25

269,000

100.00 269

Petronas

Capital,

Ltd.

09/10/25

200,000

103.52 207

Porch

Group,

Inc.

05/07/25

711,000

96.38 685

729

Port

of

Spain

Waterfront

Development

02/11/25

193,333

99.35 192

PRIO

Luxembourg

Holding

Sarl

10/06/25

240,000

100.00 240

Repay

Holdings

Corp.

05/22/23

684,000

98.20 672

671

Republic

of

Kenya

Government

International

Bond

09/16/25

226,000

107.61 243

Republic

of

South

Africa

Government

International

Bond

04/16/25

487,000

100.07 487

524

Republic

of

Uzbekistan

Government

International

Bond

02/12/25

223,000

84.71 189

Romanian

Government

International

Bond

04/29/25

380,000

99.88 380

Romanian

Government

International

Bond

06/12/25

294,000

86.60 255

Romanian

Government

International

Bond

07/09/25

142,000

99.89 142

Saudi

Government

International

Bond

06/16/25

609,000

84.73 516

559

SBI

Life

Insurance

Co.,

Ltd.

01/24/25

INR

5,889

16.72 98

Scout24

SE

05/17/24

EUR

2,056

76.76 158

Senegal

Government

International

Bond

02/27/25

200,000

79.67 159

Signify

NV

09/02/22

EUR

29,705

24.38 724

711

Sri

Lanka

Government

International

Bond

12/20/24

101,353

69.95 71

Sri

Lanka

Government

International

Bond

12/20/24

44,658

70.31 31

Sri

Lanka

Government

International

Bond

12/20/24

233,688

71.62 167

TC

Ziraat

Bankasi

AS

01/28/25

200,000

99.55 199

Tecpetrol

SA

10/29/25

107,000

100.02 107

Threelands

Energy,

Ltd.

Sarl

10/09/25

200,000

100.00 200

Turk

Telekomunikasyon

AS

10/01/25

200,000

99.99 200

Ukraine

Government

International

Bond

08/30/24

140,665

46.56 65

Ukraine

Government

International

Bond

10/10/24

355,000

56.82 202

Ukraine

Government

International

Bond

10/15/25

202,000

42.67 86

VDCM

Commercial

Mortgage

Trust

10/30/25

2,600,000

102.27 2,659

2,649

Venezuela

Government

International

Bond

07/30/24

336,000

15.38 52

Venezuela

Government

International

Bond

03/07/25

139,800

18.03 25

Venezuela

Government

International

Bond

05/21/25

158,100

17.62 28

WuXi

AppTec

Co.,

Ltd.

12/19/24

HKD

39,000

8.75 341

543

Wuxi

Biologics

Cayman,

Inc.

08/08/25

HKD

53,500

3.78 202

Xiaomi

Corp.

07/02/25

HKD

51,000

7.60 388

XPLR

Infrastructure,

LP

09/02/25

629,000

97.86 616

618

Yellow

Cake

PLC

07/08/19

GBP

18,378

2.64 49

Zalando

SE

07/11/25

EUR

28,022

32.70 916

783

Zambia

Government

International

Bond

06/28/24

102,524

90.77 93

Ziff

Davis,

Inc.

10/15/25

784,000

96.61 757

762

50,154

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

723

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Expiration

#### Date

#### &nbsp;&nbsp;&nbsp;&nbsp; Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Long

Positions

CAC40

Euro

Index

Futures

EUR

651

11/25

Commonwealth

Year

Treasury

Bond

Futures

AUD

20,109

12/25

DAX

Index

Futures

EUR

1,802

12/25

EURO

STOXX

Index

Futures

EUR

2,438

12/25

FTSE

Index

Futures

GBP

2,534

12/25

FTSE/MIB

Index

Futures

EUR

643

12/25

Hang

Seng

Index

Futures

HKD

3,886

11/25

(10) IBEX

Index

Futures

EUR

11/25

Long

Gilt

Futures

GBP

8,051

12/25

MSCI

Emerging

Markets

Index

Futures

USD

10,275

12/25

OMXS30

Index

Futures

SEK

2,493

11/25

S&P

500

E-Mini

Index

Futures

USD

82,832

12/25

2,522

S&P/TSX

Index

Futures

CAD

4,988

12/25

SPI

Index

Futures

AUD

2,223

12/25

(2) TOPIX

Index

Futures

JPY

333,400

12/25

United

States

Year

Treasury

Note

Futures

USD

51,852

12/25

(47) United

States

Year

Treasury

Note

Futures

787

USD

85,949

12/25

(11) United

States

Year

Treasury

Note

Futures

USD

20,619

12/25

United

States

Treasury

Long

Bond

Futures

USD

4,810

12/25

United

States

Treasury

Ultra

Bond

Futures

USD

11,158

12/25

Short

Positions

EURO

STOXX

Index

Futures

EUR

18,028

12/25

(954) Euro-Bund

Futures

EUR

11,257

12/25

(136) FTSE

Index

Futures

GBP

7,115

12/25

(455) Hang

Seng

Index

Futures

HKD

178,758

11/25

Japanese

Year

Government

Bond

Futures

JPY

2,312,680

12/25

Japanese

Year

Mini

Government

Bond

Futures

JPY

81,600

12/25

—

MSCI

Emerging

Markets

Index

Futures

USD

30,333

12/25

(1,353)

Russell

2000

E-Mini

Index

Futures

USD

51,167

12/25

(1,517)

S&P/TSX

Index

Futures

CAD

10,689

12/25

(215) United

States

Year

Treasury

Note

Futures

USD

2,499

12/25

—

United

States

Year

Treasury

Note

Futures

USD

4,259

12/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

11/03/25

—

Bank

of

America

USD

513

EUR

11/03/25

(4) Bank

of

America

USD

SGD

11/03/25

—

Bank

of

America

CHF

USD

11/03/25

Bank

of

America

EUR

USD

11/03/25

—

Bank

of

America

EUR

USD

11/03/25

Bank

of

America

GBP

USD

11/03/25

—

Bank

of

America

HKD

850

USD

11/03/25

—

Bank

of

America

HKD

1,822

USD

11/03/25

—

Bank

of

America

TRY

526

USD

11/03/25

—

Bank

of

New

York

USD

2,934

CAD

4,090

11/10/25

(17) Citigroup

USD

10,651

EUR

9,100

12/17/25

(137) #### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

724

Multi-Asset

Strategy

Fund

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

3,549

GBP

2,650

12/17/25

(68) Citigroup

DKK

6,388

USD

1,008

12/17/25

Citigroup

EUR

2,624

USD

3,090

12/17/25

Citigroup

GBP

2,025

USD

2,742

12/17/25

Citigroup

HKD

6,579

USD

847

12/17/25

—

Citigroup

SEK

5,844

USD

629

12/17/25

Commonwealth

Bank

of

Australia

DKK

6,388

USD

1,008

12/17/25

Commonwealth

Bank

of

Australia

EUR

2,624

USD

3,088

12/17/25

Commonwealth

Bank

of

Australia

GBP

2,025

USD

2,741

12/17/25

Commonwealth

Bank

of

Australia

HKD

6,579

USD

847

12/17/25

—

Commonwealth

Bank

of

Australia

SEK

5,844

USD

628

12/17/25

HSBC

USD

CAD

11/10/25

—

HSBC

USD

EUR

11/10/25

—

HSBC

USD

GBP

11/10/25

—

HSBC

USD

NOK

11/10/25

—

HSBC

CHF

USD

11/10/25

—

HSBC

CHF

6,718

USD

8,468

11/10/25

HSBC

EUR

2,001

USD

2,313

11/12/25

HSBC

JPY

11,282

USD

11/10/25

—

HSBC

SEK

USD

11/10/25

—

JPMorgan

Chase

USD

2,960

EUR

2,516

11/10/25

(60) Royal

Bank

of

Canada

DKK

6,388

USD

1,009

12/17/25

Royal

Bank

of

Canada

EUR

2,624

USD

3,093

12/17/25

Royal

Bank

of

Canada

GBP

2,025

USD

2,743

12/17/25

Royal

Bank

of

Canada

HKD

6,579

USD

847

12/17/25

—

Royal

Bank

of

Canada

SEK

5,844

USD

630

12/17/25

State

Street

USD

1,603

AUD

2,421

12/17/25

(18) State

Street

USD

CAD

583

12/17/25

(6) State

Street

USD

—

EUR

—

11/03/25

—

State

Street

USD

EUR

11/03/25

—

State

Street

USD

EUR

11/03/25

—

State

Street

USD

GBP

11/03/25

—

State

Street

USD

—

IDR

1,228

11/03/25

—

State

Street

USD

ILS

11/03/25

—

State

Street

USD

1,915

JPY

279,537

12/17/25

(94) State

Street

USD

KRW

275,124

11/03/25

—

State

Street

USD

609

KRW

868,282

11/03/25

—

State

Street

USD

5,499

NOK

54,730

11/10/25

(96) State

Street

CAD

—

USD

—

11/03/25

—

State

Street

CHF

USD

11/03/25

—

State

Street

CHF

USD

11/03/25

—

State

Street

CHF

1,382

USD

1,752

12/17/25

State

Street

EUR

USD

11/03/25

—

State

Street

EUR

USD

11/03/25

—

State

Street

GBP

USD

11/03/25

—

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

725

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

GBP

USD

11/03/25

—

State

Street

IDR

3,172,700

USD

11/03/25

—

State

Street

SEK

51,672

USD

5,523

11/10/25

UBS

DKK

6,388

USD

1,010

12/17/25

UBS

EUR

2,624

USD

3,095

12/17/25

UBS

GBP

2,025

USD

2,746

12/17/25

UBS

HKD

6,579

USD

847

12/17/25

—

UBS

SEK

5,844

USD

631

12/17/25

Westpac

USD

2,532

GBP

1,886

11/10/25

(54) Westpac

DKK

6,388

USD

1,008

12/17/25

Westpac

EUR

2,624

USD

3,090

12/17/25

Westpac

GBP

2,025

USD

2,743

12/17/25

Westpac

HKD

6,579

USD

847

12/17/25

—

Westpac

JPY

376,782

USD

2,569

11/10/25

Westpac

SEK

5,844

USD

629

12/17/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

675

#### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Credit

#### Indices

#### -

#### Purchase

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

Emerging

Markets

Index

Bank

of

America

USD

23,500

(1.000%)

(2) 12/20/30

529

(176) 353

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

529

(176) 353

#### Credit

#### Indices

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
CDX

NA

High

Yield

Index

Bank

of

America

USD

18,500

5.000%

(2) 12/20/30

1,400

1,453

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

1,400

1,453

Total

Open

Credit

Default

Swap

Contracts

(å)

1,929

(123) 1,806

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

726

Multi-Asset

Strategy

Fund

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

4,800

$

—

$

—

$

4,800

Corporate

Bonds

and

Notes

—

59,456

—

—

59,456

International

Debt

—

29,764

—

—

29,764

Mortgage-Backed

Securities

—

6,155

—

—

6,155

Non-US

Bonds

—

10,380

—

—

10,380

Common

Stocks

Consumer

Discretionary

25,780

28,223

—

—

54,003

Consumer

Staples

9,185

5,333

—

—

14,518

Energy

7,302

4,461

—

—

11,763

Financial

Services

50,605

41,025

—

—

91,630

Health

Care

23,435

12,087

—

—

35,522

Materials

and

Processing

13,368

13,754

—

—

27,122

Producer

Durables

22,646

19,362

—

—

42,008

Technology

63,315

29,191

—

—

92,506

Utilities

11,071

9,652

—

—

20,723

Preferred

Stocks

—

—

714

Short-Term

Investments

—

—

—

82,70

82,70

Total

Investments

227,169

,

895

—

82,70

583

,

773

Other

Financial

Instruments

Assets

Futures

Contracts

5,024

—

—

—

5,024

Foreign

Currency

Exchange

Contracts

1,226

—

—

1,229

Credit

Default

Swap

Contracts

—

1,8

—

—

1,8

A

Liabilities

Futures

Contracts

(4,700)

—

—

—

(4,700)

Foreign

Currency

Exchange

Contracts

(4) (550) —

—

(554) Total

Other

Financial

Instruments

\*

$

$

2,482

$

—

$

—

$

2,805

\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a) Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

in

the

Notes

to

Financial

Statements.

For

a

disclosure

on

transfers

into

and

out

of

Level

during

the

period

ended

October

31,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

October

31,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Angola

................................................................................................

—

\*\*

Argentina

............................................................................................

1,522

.3

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

727

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

5,012

.9

Austria

................................................................................................

.1

Bahrain

...............................................................................................

752

.1

Belgium

..............................................................................................

1,124

.2

Bolivia,

Plurinational

State

of

............................................................

—

\*\*

Brazil

..................................................................................................

5,664

.0

Canada

................................................................................................

11,058

.9

Cayman

Islands

..................................................................................

2,388

.4

Chile

...................................................................................................

1,371

.2

China

..................................................................................................

28,333

.8

Colombia

............................................................................................

858

.2

Congo,

the

Democratic

Republic

of

the

.............................................

.1

Costa

Rica

..........................................................................................

.1

Denmark

.............................................................................................

1,831

.3

Dominican

Republic

..........................................................................

929

.2

Ecuador

..............................................................................................

.1

Egypt

..................................................................................................

782

.1

El

Salvador

.........................................................................................

.1

Finland

...............................................................................................

1,387

.2

France

.................................................................................................

9,643

.6

Germany

.............................................................................................

11,340

.9

Ghana

.................................................................................................

.1

Greece

................................................................................................

757

.1

Guatemala

..........................................................................................

—

\*\*

Guernsey

............................................................................................

—

\*\*

Hong

Kong

.........................................................................................

5,040

.9

Hungary

..............................................................................................

752

.1

India

...................................................................................................

10,249

.7

Indonesia

............................................................................................

2,909

.5

Ireland

................................................................................................

10,945

.9

Israel

...................................................................................................

2,093

.4

Italy

....................................................................................................

2,962

.5

Ivory

Coast

.........................................................................................

—

\*\*

Jamaica

...............................................................................................

—

\*\*

Japan

..................................................................................................

14,208

.4

Jordan

.................................................................................................

—

\*\*

Kazakhstan

.........................................................................................

584

.1

Kenya

.................................................................................................

—

\*\*

Kuwait

................................................................................................

899

.2

Lebanon

..............................................................................................

—

\*\*

Luxembourg

.......................................................................................

.1

Macao

.................................................................................................

.1

Malaysia

.............................................................................................

736

.1

Mexico

...............................................................................................

3,260

.6

Morocco

.............................................................................................

—

\*\*

Myanmar

............................................................................................

—

\*\*

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

728

Multi-Asset

Strategy

Fund

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Netherlands

........................................................................................

6,237

.1

New

Zealand

......................................................................................

.1

Nigeria

................................................................................................

806

.1

Norway

...............................................................................................

—

\*\*

Oman

..................................................................................................

784

.1

Pakistan

..............................................................................................

—

\*\*

Panama

...............................................................................................

768

.1

Paraguay

.............................................................................................

—

\*\*

Peru

....................................................................................................

684

.1

Philippines

..........................................................................................

1,158

.2

Poland

................................................................................................

1,109

.2

Portugal

..............................................................................................

.1

Puerto

Rico

.........................................................................................

.1

Romania

.............................................................................................

825

.1

Russia

.................................................................................................

—

—

Saudi

Arabia

.......................................................................................

1,257

.2

Senegal

...............................................................................................

—

\*\*

Singapore

...........................................................................................

3,841

.7

South

Africa

.......................................................................................

4,753

.8

South

Korea

.......................................................................................

12,422

.1

Spain

..................................................................................................

2,370

.4

Sri

Lanka

............................................................................................

.1

Sweden

...............................................................................................

3,482

.6

Switzerland

........................................................................................

4,846

.8

Taiwan

................................................................................................

15,011

.6

Thailand

.............................................................................................

1,369

.2

Trinidad

and

Tobago

..........................................................................

—

\*\*

Turkey

................................................................................................

1,328

.2

Ukraine

...............................................................................................

500

.1

United

Arab

Emirates

.........................................................................

1,178

.2

United

Kingdom

.................................................................................

18,107

.1

United

States

......................................................................................

352,763

.1

Uruguay

..............................................................................................

584

.1

Uzbekistan

..........................................................................................

—

\*\*

Venezuela,

Bolivarian

Republic

of

....................................................

.1

Zambia

...............................................................................................

588

.1

Total

Investments

...............................................................................

583,773

.4

\*

\*

Less

than

.05%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

729

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

1,229

$

—

Variation

margin

on

futures

contracts\*

4,079

—

—

945

Credit

default

swap

contracts,

at

fair

value

—

1,8

—

—

Total

$

4,079

$

1,8

$

1,229

$

945

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

4,506

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

554

—

Total

$

4,506

$

—

$

554

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Investments\*\*

$

$

—

$

—

$

—

Futures

contracts

(9,447)

—

—

(3,478)

Options

written

—

—

—

Credit

default

swap

contracts

—

1,19

—

—

Foreign

currency

exchange

contracts

—

—

(2,061)

—

Total

$

(9,245)

$

1,19

$

(2,061)

$

(3,478)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Investments\*\*\*

$

$

—

$

—

$

—

Futures

contracts

(1,249)

—

—

6,455

Options

written

(83) —

—

—

Credit

default

swap

contracts

—

(11

2)

—

—

Foreign

currency

exchange

contracts

—

—

—

Total

$

(1,095)

$

(11

2)

$

$

6,455

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

\*\*

Includes

net

realized

gain

(loss)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

\*\*\*

Includes

net

change

in

unrealized

appreciation

(depreciation)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

730

Multi-Asset

Strategy

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Assets

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

1,229

$

—

$

1,229

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

1,806

—

1,806

Total

Financial

and

Derivative

Assets

3,035

—

3,035

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(3) —

(3) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

3,032

$

—

$

3,032

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

1,806

$

—

$

664

$

1,142

Citigroup

—

—

Commonwealth

Bank

of

Australia

—

—

HSBC

—

Royal

Bank

of

Canada

—

—

State

Street

—

—

UBS

—

—

Westpac

—

Total

$

3,03

$

$

664

$

2,03

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### October

#### 31,

#### 2025
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

731

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

#### Description

#### Location:

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### -

#### Liabilities

#### Gross

#### Amounts

#### of

#### Recognized

#### Liabilities

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities
Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

554

$

—

$

554

Total

Financial

and

Derivative

Liabilities

554

—

554

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4) —

(4) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

550

$

—

$

550

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

—

$

—

$

Citigroup

—

HSBC

—

—

JPMorgan

Chase

—

—

State

Street

—

Westpac

—

—

Total

$

$

$

—

$

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

732

Multi-Asset

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

,

579

Investments,

at

fair

value(>)

........................................................................................................................................................

583

,

773

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,949

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,229

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,125

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

2,725

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

24,424

Variation

margin

on

futures

contracts

..............................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

1,806

Total

assets

...............................................................................................................................................................

618

,

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Due

to

broker(b)(c)

..........................................................................................................................................................

11,777

Investments

purchased

.....................................................................................................................................................

6,696

Fund

shares

redeemed

......................................................................................................................................................

587

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Deferred

capital

gains

tax

liability

...................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

554

Total

liabilities

...........................................................................................................................................................

,

#### Net

#### Assets

#### ...............................................................................................................................................................
$

587,423

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

733

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### October

#### 31,

#### 2025
Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

86,441

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

500,492

#### Net

#### Assets

#### ...............................................................................................................................................................
$

587,423

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

82,709

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,962

(a) &nbsp;&nbsp;&nbsp;&nbsp;Receivable

from

Broker

for

Futures

$

24,424

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

1,929

(b) Due

to

Broker

for

Options

$

11,113

(c) Due

to

Broker

for

Swaps

$

664

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

11.95 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

12.68 Class

A

—

Net

assets

...........................................................................................................................................................

$

3,584,890

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

300,027

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

11.71 Class

C

—

Net

assets

...........................................................................................................................................................

$

656,193

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

56,059

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

12.00 Class

M

—

Net

assets

..........................................................................................................................................................

$

123,443,107

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

10,285,460

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

11.98 Class

S

—

Net

assets

............................................................................................................................................................

$

368,837,717

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

30,793,924

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

12.02 Class

Y

—

Net

assets

...........................................................................................................................................................

$

90,901,551

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,563,149

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

734

Multi-Asset

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### October

#### 31,

#### 2025
Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

8,954

Interest

..............................................................................................................................................................................

8,614

Dividends

from

affiliated

funds

.......................................................................................................................................

1,737

Total

investment

income

..............................................................................................................................................................

19,305

#### Expenses
Advisory

fees

...................................................................................................................................................................

4,141

Administrative

fees

..........................................................................................................................................................

Custodian

fees

..................................................................................................................................................................

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

Transfer

agent

fees

-

Class

S

............................................................................................................................................

727

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,046

Expense

reductions

..........................................................................................................................................................

(1,153)

Net

expenses

................................................................................................................................................................................

4,893

Net

investment

income

(loss)

.......................................................................................................................................................

14,412

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$172)

.................................................................................................

40,767

Investments

in

affiliated

funds

.........................................................................................................................................

(11) Futures

contracts

..............................................................................................................................................................

(12,925)

Options

written

.................................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(2,061)

Credit

default

swap

contracts

...........................................................................................................................................

1,19

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

27,2

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($217))

......................................................

31,680

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

5,206

Options

written

.................................................................................................................................................................

(83) Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

(11

2)

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

37,05

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

64,30

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

78,71

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

735

#### 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)

.......................................................................................................

$

14,412

$

18,150

Net

realized

gain

(loss)

................................................................................................................

27,2

34,349

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

37,05

64,541

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

78,71

117,040

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(102) (68) Class

C

.....................................................................................................................................

(14) (10) Class

M

....................................................................................................................................

(4,325)

(3,674)

Class

S

......................................................................................................................................

(13,310)

(11,463)

Class

Y

.....................................................................................................................................

(3,477)

(3,076)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(21,228)

(18,291)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(59,955)

(64,594)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(2,465)

34,155

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

589,888

555,733

End

of

period

......................................................................................................................................

$

587,423

$

589,888

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

736

Multi-Asset

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

$

$

859

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(32) (354) (42) (444) Net

increase

(decrease)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(14)

(157) (14) (138) Net

increase

(decrease)

(2) (19) Class

M

Proceeds

from

shares

sold

1,815

20,086

1,825

19,029

Proceeds

from

reinvestment

of

distributions

4,325

3,674

Payments

for

shares

redeemed

(3,290)

(36,390)

(2,112)

(21,830)

Net

increase

(decrease)

(1,081)

(11,979)

873

Class

S

Proceeds

from

shares

sold

3,847

42,621

2,669

27,575

Proceeds

from

reinvestment

of

distributions

1,214

13,264

1,104

11,422

Payments

for

shares

redeemed

(8,499)

(94,153)

(9,360)

(94,869)

Net

increase

(decrease)

(3,438)

(38,268)

(5,587)

(55,872)

Class

Y

Proceeds

from

shares

sold

2,028

868

Proceeds

from

reinvestment

of

distributions

3,477

3,076

Payments

for

shares

redeemed

(1,433)

(15,911)

(1,349)

(14,002)

Net

increase

(decrease)

(935) (10,406)

(968) (10,058)

Total

increase

(decrease)

(5,391)

$

(59,955)

(6,442)

$

(64,594)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

737

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### 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
(ɸ)

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.81 9.11 8.66 11.32 9.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.24

.29

.27

(—)

(Ɵ)

—

(Ɵ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.28 1.71 .42

(2.01)

1.81 $

Total

from

Investment

Operations

1.52 2.00 .69

(2.01)

1.81 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.38)

(.30)

(.24)

(.11)

(.03)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.54)

—

$

Total

Distributions

(.38)

(.30)

(.24)

(.65)

(.03)

$

Net

Asset

Value,

End

of

Period

11.95 10.81 9.11 8.66 11.32 %

Total

Return

(±)

14.42 22.09 7.89 (18.73)

19.03 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,585

2,668

1,812

1,474

1,980

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.33 1.35 1.47 1.48 1.44 %

Expenses,

Net

(Ƃ)

1.15 1.15 1.18 1.16 1.20 %

Net

Investment

Income

(Ƃ)

2.20 2.82 2.91 (.01)

.03

%

Portfolio

Turnover

Rate

#### Class

#### C

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21
(ɸ)

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.60 8.94 8.51 11.16 9.46 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.16

.21

.20

(.07)

(.07)

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.25 1.67 .40

(1.97)

1.78 $

Total

from

Investment

Operations

1.41 1.88 .60

(2.04)

1.71 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.22)

(.17)

(.07)

(.01)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.54)

—

$

Total

Distributions

(.30)

(.22)

(.17)

(.61)

(.01)

$

Net

Asset

Value,

End

of

Period

11.71 10.60 8.94 8.51 11.16 %

Total

Return

13.59 21.13 6.98 (19.22)

18.11 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 656

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

2.08 2.10 2.22 2.23 2.19 %

Expenses,

Net

(Ƃ)

1.90 1.90 1.93 1.91 1.95 %

Net

Investment

Income

(Ƃ)

1.43 2.07 2.18 (.70)

(.69)

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

738

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21
(ɸ)

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.86 9.14 8.69 11.34 9.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.28

.33

.30

.03

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.28 1.72 .42

(2.00)

1.79 $

Total

from

Investment

Operations

1.56 2.05 .72

(1.97)

1.84 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.42)

(.33)

(.27)

(.14)

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.54)

—

$

Total

Distributions

(.42)

(.33)

(.27)

(.68)

(.05)

$

Net

Asset

Value,

End

of

Period

12.00 10.86 9.14 8.69 11.34 %

Total

Return

14.73 22.63 8.23 (18.38)

19.24 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 123,443

123,393

103,326

126,529

164,993

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.08 1.11 1.22 1.23 1.19 %

Expenses,

Net

(Ƃ)

.80

.80

.83

.81

.85

%

Net

Investment

Income

(Ƃ)

2.56 3.15 3.22 .34

.48

%

Portfolio

Turnover

Rate

#### Class

#### S

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21
(ɸ)

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.84 9.13 8.68 11.33 9.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.27

.32

.30

.02

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.27 1.71 .41

(2.00)

1.79 $

Total

from

Investment

Operations

1.54 2.03 .71

(1.98)

1.83 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.40)

(.32)

(.26)

(.13)

(.04)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.54)

—

$

Total

Distributions

(.40)

(.32)

(.26)

(.67)

(.04)

$

Net

Asset

Value,

End

of

Period

11.98 10.84 9.13 8.68 11.33 %

Total

Return

14.65 22.43 8.13 (18.46)

19.22 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 368,838

370,942

363,486

468,226

656,179

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

1.08 1.11 1.23 1.23 1.20 %

Expenses,

Net

(Ƃ)

.90

.90

.93

.91

.95

%

Net

Investment

Income

(Ƃ)

2.46 3.04 3.15 .25

.37

%

Portfolio

Turnover

Rate

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

739

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21
(ɸ)

#### Per-Share

#### Data
–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.87 9.16 8.71 11.36 9.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(ƥ)(Ƃ)

.29

.34

.32

.04

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.29 1.71 .41

(2.01)

1.82 $

Total

from

Investment

Operations

1.58 2.05 .73

(1.97)

1.86 Less

distributions:

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.34)

(.28)

(.14)

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.54)

—

$

Total

Distributions

(.43)

(.34)

(.28)

(.68)

(.05)

$

Net

Asset

Value,

End

of

Period

12.02 10.87 9.16 8.71 11.36 %

Total

Return

14.93 22.58 8.32 (18.28)

19.48 –

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 90,901

92,390

86,677

112,849

154,330

Ratio

to

average

net

assets:

–

–

–

–

–

%

Expenses,

Gross

.88

.91

1.03 1.03 .99

%

Expenses,

Net

(Ƃ)

.70

.70

.73

.71

.75

%

Net

Investment

Income

(Ƃ)

2.65 3.25 3.38 .44

.39

%

Portfolio

Turnover

Rate

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

740

Multi-Asset

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

an

underlying

fund

which

is,

or

was,

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

$

269,489

Administrative

fees

23,678

Distribution

fees

1,175

Shareholder

servicing

fees

Transfer

agent

fees

74,155

Trustees'

fees

1,969

$

370,605

#### 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
U.S.

Cash

Management

Fund

$

75,312

$

559,487

$

552,084

$

(11)

$

$

82,709

$

1,737

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

508,696,625

$

93,137

,

836

$

(19,041,66

3)

$

74,096

,1

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### (Capital

#### Loss

#### Carryforward)

#### Net

#### Unrealized

#### Appreciation

#### (Depreciation)\*

#### Other

#### Book/Tax

#### Differences\*\*

#### Total

#### Accumulated

#### Earnings
(Losses)

$

4,185

,

$

8,792,049

$

73,463

,

$

—

$

86,440,

\*

Includes

Unrealized

Appreciation/Depreciation

on

foreign

currency.

\*\*

Other

Book/Tax

Differences

represent

differences

related

to

timing.

#### 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
$

21,228,043

$

—

$

—

$

18,291,342

$

—

$

—

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

741

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

equalization,

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.

Total

distributable

earnings

(losses)

$

—

Additional

paid-in

capital

—

#### Federal

#### Income

#### Taxes,

#### continued

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Schedules

#### of

#### Investments

#### —

#### October

#### 31,

#### 2025
742

Notes

to

Schedules

of

Investments

#### Footnotes:

#### Abbreviations:
ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BDR

-

Brazilian

Depository

Receipts

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

("the

Act").

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(i)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

(~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(CPI)

or

other

contractual

arrangements.

(@)

Affiliate.

(Ÿ)

Rate

noted

is

dividend

yield

at

period

end.

(¢)

Date

shown

reflects

next

contractual

call

date.

(Œ)

Unfunded

loan

agreement.

(Ð)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0) Weekly

payment

frequency.

(1) Monthly

payment

frequency.

(2) Quarterly

payment

frequency.

(3) Semi-annual

payment

frequency.

(4) Annual

payment

frequency.

(5) Payment

at

termination.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Schedules

#### of

#### Investments,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Schedules

of

Investments

743

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

Rate

NVDR

-

Non-Voting

Depository

Receipt

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

#### Foreign

#### Currency

#### Abbreviations:
ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

–

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

–

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

–

Ghanaian

Cedi

PHP

-

Philippine

peso

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### October

#### 31,

#### 2025
744

Notes

to

Financial

Highlights

(ſ)

For

the

period

September

11,

2023

(inception

date)

to

October

31,

2023. (ƶ)

For

the

period

September

12,

2023

(inception

date)

to

October

31,

2023. (ɸ)

For

the

Multi-Asset

Strategy

Fund,

the

Financial

Highlights

are

consolidated

and

include

balances

of

the

Cayman

Multi-Asset

Growth

Strategy

Fund

Ltd.

(a

Cayman

Island

exempted

company

and

wholly-owned

subsidiary

of

the

Multi-Asset

Strategy

Fund).

Accordingly,

all

interfund

balances

and

transactions

have

been

eliminated.

Effective

March

1,

2022,

the

Cayman

Multi-Asset

Growth

Strategy

Fund,

Ltd.

was

liquidated

and

the

Multi-Asset

Strategy

Fund

no

longer

invests

indirectly

through

a

wholly

owned

subsidiary.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(ǿ)

The

ratios

or

returns

for

periods

less

than

one

year

are

not

annualized.

(±)

Total

return

for

Class

A

does

not

reflect

a

front-end

sales

charge.

If

sales

charges

were

included,

the

total

return

would

be

lower.

The

returns

presented

herein

may

differ

from

the

performance

reported

in

the

Shareholder

Report

as

the

returns

herein

are

calculated

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("U.S.

GAAP"),

while

the

performance

in

the

Shareholder

Report

is

calculated

manner

consistent

with

standardized

performance

in

accordance

with

Securities

and

Exchange

Commission

rules.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and

/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(Ɵ)

Less

than

$.01

per

share.

(∆)

For

the

Sustainable

Aware

Equity

Fund,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

#### For

#### the

#### period

#### ended

#### Class

#### A

#### Class

#### C

#### Class

#### S

#### Class

#### Y
October

31,

2025

1.12%

1.87%

0.83%

0.67%

October

31,

2024

1.12%

1.87%

0.83%

0.67%

October

31,

2023

1.11%

1.86%

0.82%

0.66%

October

31,

2022

1.11%

1.86%

0.82%

0.66%

October

31,

2021

1.11%

1.86%

0.82%

0.66%

For

the

U.S.

Strategic

Equity

Fund,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

#### For

#### the

#### period

#### ended

#### Class

#### A

#### Class

#### C

#### Class

#### M

#### Class

#### S

#### Class

#### Y
October

31,

2025

0.99%

1.74%

0.64%

0.74%

0.56%

October

31,

2024

0.99%

1.74%

0.64%

0.74%

0.56%

October

31,

2023

0.99%

1.74%

0.64%

0.74%

0.57%

October

31,

2022

0.99%

1.74%

0.64%

0.74%

N/A

October

31,

2021

N/A

N/A

N/A

N/A

N/A

For

the

U.S.

Small

Cap

Equity

Fund,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

#### For

#### the

#### period

#### ended

#### Class

#### A

#### Class

#### C

#### Class

#### M

#### Class

#### R6

#### Class

#### S

#### Class

#### Y
October

31,

2025

1.29%

2.04%

0.90%

0.87%

1.00%

0.83%

October

31,

2024

1.26%

2.01%

0.87%

0.85%

0.97%

0.82%

October

31,

2023

1.26%

2.01%

0.87%

0.84%

0.97%

0.81%

October

31,

2022

1.26%

2.01%

0.87%

0.84%

0.97%

0.82%

October

31,

2021

1.26%

2.01%

0.87%

0.84%

0.97%

0.80%

(∂)

Distributions

in

excess

of

accumulated

earnings

and

profits,

but

not

in

excess

of

current

earnings

and

profits,

computed

on

a

tax

basis.

(Ω)

Less

than

.005%

of

average

net

assets.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

745

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

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. 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. 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

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

Funds.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

Russell

Investment

Management,

LLC

("RIM"),

the

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
746

Notes

to

Financial

Statements

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

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:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange,

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

of

the

fair

value

hierarchy.

Repurchase

agreements

are

categorized

as

Level

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

747

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

("NAV")

per

share

of

such

investments.

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.

Short-term

investments

having

a

maturity

of

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

("OTC")

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

Secured

Overnight

Financing

Rate

("SOFR")

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund's

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

more

often

(typically

daily)

since

significant

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing

of

the

foreign

securities.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

and

2. Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund's

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
748

Notes

to

Financial

Statements

The

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Aware

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

International

Developed

Markets,

Global

Equity,

Tax-Managed

U.S.

Large

Cap,

Tax-Managed

U.S.

Mid

&

Small

Cap,

Tax-Managed

Real

Assets,

Long

Duration

Bond,

Strategic

Bond,

Short

Duration

Bond,

Tax-Exempt

High

Yield

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds

had

no

transfers

into

or

out

of

Level

for

the

period

ended

October

31,

2025. The

Opportunistic

Credit

Fund

and

Investment

Grade

Bond

Fund

had

transfers

out

of

Level

into

Level

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amounts

transferred

were

$482,615

and

$725

respectively.

The

Emerging

Markets

Fund

and

Tax-Managed

International

Equity

Fund

had

transfers

out

of

Level

into

Level

representing

financials

instruments

for

which

approved

vendor

sources

became

unavailable

or

inputs

became

unobservable.

The

amounts

transferred

were

$1,354,048

and

$2,073,065

respectively.

Level

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

or

pricing

service

prices

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund's

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund's

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds'

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds'

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

("EBITDA")

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds'

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

Significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

("broker

quotes")

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

749

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

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

within

a

particular

Fund.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Funds

classify

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

Losses

realized

on

principal

paydowns

may

result

in

negative

interest

income

on

the

Fund's

Statement

of

Operations

if

there

is

insufficient

interest

income

to

offset

such

losses.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
750

Notes

to

Financial

Statements

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

The

Funds

distribute

substantially

all

of

their

net

investment

income

and

net

capital

gains

to

shareholders

each

year.

The

amount

and

frequency

of

income

distributions

are

not

guaranteed;

all

distributions

are

at

the

Board's

discretion.

Currently,

the

Board

intends

to

declare

dividends

from

net

investment

income,

if

any,

according

to

the

following

schedule:

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

("REIT")

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

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

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

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

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

R6,

Class

S,

and

Class

Y. 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.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

#### Declared

#### Payable

#### Funds
Monthly

Early in the following month

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

Tax-Exempt

High

Yield

Bond

and

Tax-Exempt

Bond

Funds

Quarterly

April, July, October and December

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Aware

Equity,

U.S.

Strategic

Equity,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds

Annually

Mid-December

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

International

Developed

Markets,

Global

Equity,

Emerging

Markets,

Tax-Managed

U.S.

Large

Cap,

Tax-Managed

U.S.

Mid

&

Small

Cap,

Tax-Managed

International

Equity

and

Tax-

Managed

Real

Assets

Funds

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

751

(a) Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b) Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds'

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

as

of

October

31,

2025. The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange's

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker's

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-

traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
752

Notes

to

Financial

Statements

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

receivables

for

variation

margin

on

futures

contracts

and

payables

for

variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

investments

at

fair

value

(securities)

or

receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities

as

due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

for

the

period

ended

October

31,

2025,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund's

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

facilitate

settlement

of

securities

transactions

and

may

enter

into

these

contracts

in

order

to

"lock

in"

the

U.S.

dollar

price

of

a

security

that

they

plan

to

buy

or

sell.

Certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

Certain

Funds

may

also

purchase

or

sell

foreign

currencies,

mainly

through

the

use

of

forward

currency

contracts

or

currency

futures

contracts,

for

speculative

purposes

based

on

judgments

regarding

the

direction

of

the

market

for

a

particular

foreign

currency

or

currencies.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

October

31,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

on

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund's

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

#### Funds

#### Strategies
U.S.

Small

Cap

Equity

Fund

Hedging

Multifactor

International

Equity

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Emerging

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

U.S.

Large

Cap

Fund

Trade

settlement

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Hedging

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

and

trade

settlement

Opportunistic

Credit

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Investment

Grade

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

and

trade

settlement

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Multi-Strategy

Income

Fund

Return

enhancement

and

hedging

Multi-Asset

Strategy

Fund

Return

enhancement

and

hedging

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

753

marked-to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds'

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

October

31,

2025,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

October

31,

2025,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

#### Funds

#### Strategies
Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
754

Notes

to

Financial

Statements

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party's

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

SOFR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds'

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties'

obligations

are

determined

on

a

"net

basis".

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

#### Funds

#### Strategies
Multifactor

U.S.

Equity

Fund

Exposing

cash

to

markets

Equity

Income

Fund

Exposing

cash

to

markets

Sustainable

Aware

Equity

Fund

Exposing

cash

to

markets

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Global

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Emerging

Markets

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Managed

U.S.

Large

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

Opportunistic

Credit

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Long

Duration

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Investment

Grade

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Exempt

High

Yield

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

755

Credit

Default

Swaps

Certain

Funds

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-

backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

Funds

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

seller

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Funds

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Funds

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Funds

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

a

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Certain

Funds

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection's

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap's

spread)

of

a

particular

issuer's

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

Certain

Funds

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation's

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name's

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
756

Notes

to

Financial

Statements

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

October

31,

2025,

for

which

a

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund's

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Funds

may

have

limited

ability

to

eliminate

their

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

October

31,

2025,

the

following

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund's

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

#### Funds

#### Strategies
Opportunistic

Credit

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

757

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

October

31,

2025,

the

following

Fund

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

"notional

amount"

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

"basket"

of

securities

representing

a

particular

index).

For

the

period

ended

October

31,

2025,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

October

31,

2025,

the

Funds

did

not

enter

into

any

currency

swaps.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

("ISDA

Master

Agreements")

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

("Master

Repo

Agreements")

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

contain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

("Master

Forward

Agreements")

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

contain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements,

Master

Repo

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

#### Fund

#### Strategies
Strategic

Bond

Fund

Return

enhancement

and

hedging

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
758

Notes

to

Financial

Statements

counterparty

in

the

table

within

the

Funds'

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

Loan

Agreements

Certain

Funds

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Funds'

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

"agent")

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Funds

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

they

are

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Funds

generally

have

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Funds

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Funds

purchase

assignments

from

agents

they

acquire

direct

rights

against

the

borrower

on

the

loan.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

"reference

instrument").

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

Short

Sales

The

Sustainable

Aware

Equity,

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

A

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

a

Fund's

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

borrowed

security.

When

a

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

Each

of

the

Sustainable

Aware

Equity

Fund,

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

in

short

sale

transactions

that

are

effected

through

State

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

759

Street

Bank

and

Trust

Company

("State

Street")

but

reserve

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

to

collateralize

short

sale

transactions

through

the

Funds'

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Funds

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

their

short

sales

transactions

or

"memo

pledge"

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street's

books

but

remain

in

a

Fund's

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

these

Funds

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

a

Fund,

or

fail

to

return

the

Fund's

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street's

credit

profile.

However,

the

impact

of

State

Street's

failure

to

return

a

security

lent

to

it

by

a

Fund,

or

failure

to

return

a

Fund's

cash

collateral,

would

be

mitigated

by

the

Fund's

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds'

custodian

for

the

benefit

of

the

broker.

The

Funds

may

also

use

securities

they

own

to

meet

any

such

collateral

obligations.

These

requirements

may

result

in

the

Funds

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Funds

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

their

obligations.

If

the

Fund's

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

Dividend

expenses

for

short

sales

are

recorded

on

the

ex-dividend

date

while

interest

expenses

on

short

sales

are

accrued

daily.

As

of

October

31,

2025,

the

Funds

had

securities

on

loan

through

the

reciprocal

lending

program

with

a

market

value

as

follows:

As

of

October

31,

2025,

the

Funds

held

collateral

for

short

sales

as

follows:

Securities

Lending

During

the

period,

the

Investment

Company

had

a

securities

lending

program

whereby

each

Fund

could

loan

securities

with

a

value

up

to

1/3%

of

each

Fund's

total

assets.

This

program

was

deactivated

in

September

2025. The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

government

or

U.S.

government

agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

The

collateral

received

is

recorded

on

a

lending

Fund's

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders'

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

#### Funds

#### Amount
Sustainable

Aware

Equity

Fund

$

7,914,541

U.S.

Strategic

Equity

Fund

146,086,783

U.S.

Small

Cap

Equity

Fund

21,134,145

#### Funds

#### Amount
Sustainable

Aware

Equity

Fund

$

11,715,309

U.S.

Strategic

Equity

Fund

214,595,080

U.S.

Small

Cap

Equity

Fund

28,913,675

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
760

Notes

to

Financial

Statements

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

political

instability;

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

difficulties

in

the

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

securities

settlement

procedures

for

a

Fund's

portfolio

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

typically

have

less

established

legal,

accounting

and

financial

reporting

systems

than

those

in

more

developed

markets,

which

may

reduce

the

scope

or

quality

of

financial

information

available

to

investors.

Moreover,

it

can

be

more

difficult

for

investors

to

bring

litigation

or

enforce

judgments

against

issuers

in

emerging

markets

or

for

U.S.

regulators

to

bring

enforcement

actions

against

such

issuers.

Emerging

market

countries

may

also

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

Emerging

Markets

Debt

Certain

Funds

may

invest

in

emerging

markets

debt.

A

Fund's

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

a

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

potentially

due

either

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

Certain

Funds

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Mortgage-Related

and

Other

Asset-Backed

Securities

Certain

Funds

may

invest

in

mortgage

or

other

asset-backed

securities

("ABS").

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

("agency

mortgages")

or

those

issued

by

private

entities

("non-agency

mortgages").

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

("CMO"),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund's

mortgage-backed

securities

("MBS")

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

prime

loans,

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

prime,

subprime,

Alt-A

and

non-conforming

mortgage

loans

may

be

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

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#### October

#### 31,

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Notes

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761

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities'

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund's

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

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762

Notes

to

Financial

Statements

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund's

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds'

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market's

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security's

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i) liquidity

protection,

and

(ii) protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Funds

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

Certain

Funds

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

The

Funds

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

Certain

Funds

may

invest

in

to-be-announced

("TBA")

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-

backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

A

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage-backed

securities.

Due

to

timing

#### Russell

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#### —

#### October

#### 31,

#### 2025
Notes

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Financial

Statements

763

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

"good

delivery"

standards.

Inflation-Indexed

Bonds

Certain

Funds

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

("TIPS").

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

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

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

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

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

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

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

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

a

Fund.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

Russia's

large-scale

invasion

of

Ukraine

in

early

2022

and

the

geo-political

events

that

followed

have

impacted

the

Funds'

operations.

The

Funds

are

restricted

from

trading

and

repatriating

any

currency

or

securities

denominated

in

Russian

Rubles,

therefore

the

fair

value

of

Russian

securities

held

by

the

Funds

were

valued

at

zero

shortly

after

the

invasion.

Certain

of

these

securities

may

have

produced

income

prior

to

the

onset

of

the

conflict,

but

are

considered

non-income

producing

until

income

balances

are

able

to

be

repatriated

in

the

future.

3. #### Investment

#### Transactions
Securities

During

the

period

ended

October

31,

2025,

the

Funds'

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

derivatives

and

repurchase

agreements)

were

as

follows:

#### Funds

#### Purchases

#### Sales
Multifactor

U.S.

Equity

Fund

$

89,583,119

$

286,868,885

Equity

Income

Fund

39,926,756

77,606,472

Sustainable

Aware

Equity

Fund

118,463,642

159,057,380

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
764

Notes

to

Financial

Statements

During

the

period

ended

October

31,

2025,

the

Funds'

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

derivatives

and

repurchase

agreements)

were

as

follows:

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.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIC,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager's

fee,

after

RIC

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

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.

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

RIFUS

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund's

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund's

Schedule

of

Investments.

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

of

the

Funds

pays

the

following

annual

advisory

fee

directly

to

RIM,

billed

monthly

on

a

pro

rata

basis

and

calculated

as

a

specified

percentage

of

the

average

daily

net

assets

of

each

of

the

Funds:

#### Funds

#### Purchases

#### Sales
U.S.

Strategic

Equity

Fund

1,906,960,569

2,255,435,338

U.S.

Small

Cap

Equity

Fund

550,965,682

798,008,713

Multifactor

International

Equity

Fund

110,498,131

79,287,717

International

Developed

Markets

Fund

320,858,719

446,059,067

Global

Equity

Fund

883,623,724

1,215,334,262

Emerging

Markets

Fund

414,150,748

513,376,765

Tax-Managed

U.S.

Large

Cap

Fund

3,324,902,082

3,021,872,744

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

905,965,635

894,779,170

Tax-Managed

International

Equity

Fund

1,486,729,472

1,217,735,839

Tax-Managed

Real

Assets

Fund

582,752,834

459,738,399

Opportunistic

Credit

Fund

356,472,402

320,311,185

Long

Duration

Bond

Fund

45,708,257

14,298,878

Strategic

Bond

Fund

999,343,669

832,376,399

Investment

Grade

Bond

Fund

419,252,825

356,667,278

Short

Duration

Bond

Fund

286,699,143

292,165,756

Tax-Exempt

High

Yield

Bond

Fund

640,889,299

462,585,711

Tax-Exempt

Bond

Fund

3,029,847,693

2,600,285,255

Global

Infrastructure

Fund

235,240,770

265,827,628

Global

Real

Estate

Securities

Fund

245,450,562

273,255,085

Multi-Strategy

Income

Fund

254,221,936

311,739,475

Multi-Asset

Strategy

Fund

519,053,315

595,645,323

#### Funds

#### Purchases

#### Sales
Opportunistic

Credit

Fund

$

3,449,500

$

3,937,756

Long

Duration

Bond

Fund

314,552,529

206,418,288

Strategic

Bond

Fund

132,463,228

98,968,610

Investment

Grade

Bond

Fund

450,470,791

408,508,299

Short

Duration

Bond

Fund

154,537,742

156,879,303

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

765

#### Funds

#### Asset

#### Level

#### Fee
Multifactor

U.S.

Equity

Fund

All

assets

.30

%

Equity

Income

Fund

All

assets

.55

%

Sustainable

Aware

Equity

Fund

All

assets

.55

%

U.S.

Strategic

Equity

Fund

First

$1

billion

.58

%

Next

$2

billion

.54

%

Next

$3

billion

.51

%

In

excess

of

$6

billion

.49

%

U.S.

Small

Cap

Equity

Fund

All

assets

.70

%

Multifactor

International

Equity

Fund

All

assets

.45

%

International

Developed

Markets

Fund

All

assets

.70

%

Global

Equity

Fund

First

$1

billion

.73

%

Next

$2

billion

.69

%

Next

$3

billion

.66

%

In

excess

of

$6

billion

.64

%

Emerging

Markets

Fund

First

$1

billion

.93

%

Next

$2

billion

.89

%

Next

$3

billion

.86

%

In

excess

of

$6

billion

.84

%

Tax-Managed

U.S.

Large

Cap

Fund

First

$1

billion

.70

%

Next

$2

billion

.66

%

Next

$3

billion

.63

%

Next

$2

billion

.61

%

In

excess

of

$8

billion

.59

%

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

First

$1

billion

.98

%

Next

$2

billion

.94

%

Next

$3

billion

.91

%

In

excess

of

$6

billion

.89

%

Tax-Managed

International

Equity

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Tax-Managed

Real

Assets

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Opportunistic

Credit

Fund

First

$1

billion

.58

%

Next

$2

billion

.54

%

Next

$3

billion

.51

%

In

excess

of

$6

billion

.49

%

Long

Duration

Bond

Fund

All

assets

.15

%

Strategic

Bond

Fund

First

$1

billion

.40

%

Next

$2

billion

.36

%

Next

$3

billion

.33

%

In

excess

of

$6

billion

.31

%

Investment

Grade

Bond

Fund

All

assets

.25

%

Short

Duration

Bond

Fund

First

$1

billion

.35

%

Next

$2

billion

.31

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
766

Notes

to

Financial

Statements

The

annual

administrative

fee

of

up

to

0.05%

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

each

Fund

and

is

payable

monthly

to

RIFUS.

#### Funds

#### Asset

#### Level

#### Fee
Next

$3

billion

.28

%

In

excess

of

$6

billion

.26

%

Tax-Exempt

High

Yield

Bond

Fund

All

assets

.47

%

Tax-Exempt

Bond

Fund

All

assets

.30

%

Global

Infrastructure

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Global

Real

Estate

Securities

Fund

First

$1

billion

.80

%

Next

$2

billion

.76

%

Next

$3

billion

.73

%

In

excess

of

$6

billion

.71

%

Multi-Strategy

Income

Fund

First

$1

billion

.53

%

Next

$2

billion

.49

%

Next

$3

billion

.46

%

In

excess

of

$6

billion

.44

%

Multi-Asset

Strategy

Fund

First

$1

billion

.72

%

Next

$2

billion

.68

%

Next

$3

billion

.65

%

In

excess

of

$6

billion

.63

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

767

\*

Administrative

fees

are

assessed

on

total

Fund

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

respective

totals

for

advisory

and

administrative

fees

for

the

period

ended

October

31,

2025. #### Funds

#### Fee\*
Multifactor

U.S.

Equity

Fund

.05

%

Equity

Income

Fund

.05

Sustainable

Aware

Equity

Fund

.05

U.S.

Strategic

Equity

Fund

.05

U.S.

Small

Cap

Equity

Fund

.05

Multifactor

International

Equity

Fund

.05

International

Developed

Markets

Fund

.05

Global

Equity

Fund

.05

Emerging

Markets

Fund

.05

Tax-Managed

U.S.

Large

Cap

Fund

.05

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

.05

Tax-Managed

International

Equity

Fund

.05

Tax-Managed

Real

Assets

Fund

.05

Opportunistic

Credit

Fund

.05

Long

Duration

Bond

Fund

.05

Strategic

Bond

Fund

.05

Investment

Grade

Bond

Fund

.05

Short

Duration

Bond

Fund

.05

Tax-Exempt

High

Yield

Bond

Fund

.05

Tax-Exempt

Bond

Fund

.05

Global

Infrastructure

Fund

.05

Global

Real

Estate

Securities

Fund

.05

Multi-Strategy

Income

Fund

.05

Multi-Asset

Strategy

Fund

.05

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
768

Notes

to

Financial

Statements

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.

The

following

paragraphs

list

the

waivers

that

were

in

effect

for

the

period

ended

October

31,

2025. With

respect

to

such

waivers,

direct

Fund-level

expenses

do

not

include

12b-1

fees,

shareholder

services

fees,

transfer

agency

fees,

contingency

fees

paid

to

vendors

for

foreign

tax

reclaims

and

for

certain

securities

litigation

recoveries,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests

which

are

borne

indirectly

by

the

Fund.

In

addition,

each

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Income

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

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

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

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$123,340.

There

were

no

reimbursements

for

the

period

ended

October

31,

2025. For

the

Sustainable

Aware

Equity

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,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

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,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$131,815.

There

were

no

reimbursements

for

the

period

ended

October

31,

2025. #### Funds

#### Advisory

#### Administrative
Multifactor

U.S.

Equity

Fund

$

1,127,328

$

179,482

Equity

Income

Fund

924,080

80,238

Sustainable

Aware

Equity

Fund

916,215

79,555

U.S.

Strategic

Equity

Fund

17,594,204

1,526,092

U.S.

Small

Cap

Equity

Fund

4,693,509

320,219

Multifactor

International

Equity

Fund

610,653

64,786

International

Developed

Markets

Fund

7,471,408

509,698

Global

Equity

Fund

13,742,638

923,501

Emerging

Markets

Fund

7,027,879

360,860

Tax-Managed

U.S.

Large

Cap

Fund

63,087,339

4,773,786

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

16,003,130

792,591

Tax-Managed

International

Equity

Fund

36,085,296

2,129,368

Tax-Managed

Real

Assets

Fund

9,201,124

518,857

Opportunistic

Credit

Fund

2,759,565

227,230

Long

Duration

Bond

Fund

595,404

189,554

Strategic

Bond

Fund

7,547,151

948,199

Investment

Grade

Bond

Fund

2,484,189

474,524

Short

Duration

Bond

Fund

1,498,431

204,470

Tax-Exempt

High

Yield

Bond

Fund

10,257,579

1,042,246

Tax-Exempt

Bond

Fund

17,674,237

2,813,507

Global

Infrastructure

Fund

2,940,754

165,226

Global

Real

Estate

Securities

Fund

3,033,609

181,089

Multi-Strategy

Income

Fund

1,545,782

139,286

Multi-Asset

Strategy

Fund

4,140,860

274,651

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

769

For

the

U.S.

Strategic

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.47%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.47%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$2,573,738.

For

the

Multifactor

International

Equity

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

0.64%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

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

0.64%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$110,670.

There

were

no

reimbursements

for

the

period

ended

October

31,

2025. For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.02%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.02%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$213,469.

For

the

Global

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.68%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.68%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$593,372.

For

the

Emerging

Markets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.83%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.83%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$755,686.

For

the

Tax-Managed

U.S.

Large

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.65%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.65%.

There

were

no

waived

amounts

for

the

period

ended

October

31,

2025. For

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.96%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.96%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$68,019.

For

the

Tax-Managed

International

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.74%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.74%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$3,083,861.

For

the

Tax-Managed

Real

Assets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.76%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.76%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$942,912.

For

the

Opportunistic

Credit

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.493%.

Effective

March

1,

2025,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.493%.

Effective

June

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.476%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$447,905.

For

the

Long

Duration

Bond

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

0.34%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
770

Notes

to

Financial

Statements

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.34%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

There

were

no

waived

amounts

for

the

period

ended

October

31,

2025. There

were

no

reimbursements

for

the

period

ended

October

31,

2025. For

the

Strategic

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.32%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.32%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$1,177,071.

For

the

Investment

Grade

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.01%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.01%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$99,368.

For

the

Short

Duration

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.292%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.292%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$248,311.

For

the

Tax-Exempt

High

Yield

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.12%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.12%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$2,618,956.

For

the

Global

Infrastructure

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

0.83%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

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

0.83%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$665,287.

There

were

no

reimbursements

for

the

period

ended

October

31,

2025. For

the

Global

Real

Estate

Securities

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.72%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.72%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$303,361.

For

the

Multi-Strategy

Income

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.36%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.36%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$495,817.

For

the

Multi-Asset

Strategy

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.54%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.54%.

The

total

amount

of

the

waiver

for

the

period

ended

October

31,

2025

was

$1,035,215.

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

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:

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

771

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:

#### Funds

#### Amount
Multifactor

U.S.

Equity

Fund

$

128,359

Equity

Income

Fund

309,354

Sustainable

Aware

Equity

Fund

313,295

U.S.

Strategic

Equity

Fund

6,046,329

U.S.

Small

Cap

Equity

Fund

1,190,340

Multifactor

International

Equity

Fund

74,961

International

Developed

Markets

Fund

2,046,212

Global

Equity

Fund

2,540,282

Emerging

Markets

Fund

1,280,034

Tax-Managed

U.S.

Large

Cap

Fund

19,995,708

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

3,319,815

Tax-Managed

International

Equity

Fund

8,919,307

Tax-Managed

Real

Assets

Fund

2,173,214

Opportunistic

Credit

Fund

809,062

Long

Duration

Bond

Fund

610,619

Strategic

Bond

Fund

3,432,460

Investment

Grade

Bond

Fund

1,634,882

Short

Duration

Bond

Fund

465,444

Tax-Exempt

High

Yield

Bond

Fund

4,364,927

Tax-Exempt

Bond

Fund

11,782

,824

Global

Infrastructure

Fund

597,868

Global

Real

Estate

Securities

Fund

641,603

Multi-Strategy

Income

Fund

417,212

Multi-Asset

Strategy

Fund

972,797

#### Funds/Classes

#### Waivers
Multifactor

U.S.

Equity

Fund-Class

M

.15%

Multifactor

U.S.

Equity

Fund-Class

R6

.02

Equity

Income

Fund-Class

S

.04

Sustainable

Aware

Equity

Fund-Class S

.04

U.S.

Strategic

Equity

Fund-Class A,

C,

&

S

.02

U.S.

Strategic

Equity

Fund-Class M

.12

U.S.

Small

Cap

Equity

Fund-Class M

.14

U.S.

Small

Cap

Equity

Fund-Class R6

.02

U.S.

Small

Cap

Equity

Fund-Class S

.04

Multifactor

International

Equity

Fund-Class

M

.15

Multifactor

International

Equity

Fund-Class

R6

.02

International

Developed

Markets

Fund-Class

M

.14

International

Developed

Markets

Fund-Class

S

.04

Global

Equity

Fund-Class M

.10

Emerging

Markets

Fund-Class A,

C,

R6

&

S

.02

Emerging

Markets

Fund-Class M

.12

Tax-Managed

U.S.

Large

Cap

Fund-Class

M

.10

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

A

.02

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

C

&

S

.05

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

M

.15

Tax-Managed

International

Equity

Fund-Class

M

.10

Tax-Managed

Real

Assets

Fund-Class

M

.10

Opportunistic

Credit

Fund-Class

A,C

&

S

.12

Opportunistic

Credit

Fund-Class

M

.17

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
772

Notes

to

Financial

Statements

For

the

period

ended

October

31,

2025,

the

total

transfer

agency

fee

waivers

were

as

follows:

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

#### Funds/Classes

#### Waivers
Long

Duration

Bond

Fund-Class

M

.15

Strategic

Bond

Fund-Class A

&

C

.04

Strategic

Bond

Fund-Class M

.16

Strategic

Bond

Fund-Class S

.06

Strategic

Bond

Fund-Class R6

.02

Investment

Grade

Bond

Fund-Class M

.14

Investment

Grade

Bond

Fund-Class S

.04

Investment

Grade

Bond

Fund-Class R6

.02

Short

Duration

Bond

Fund-Class

A,C

&

S

.12

Short

Duration

Bond

Fund-Class

M

.17

Short

Duration

Bond

Fund-Class

R6

.02

Tax-Exempt

High

Yield

Bond

Fund-Class

M

.10

Tax-Exempt

High

Yield

Bond

Fund-Class

S

.03

Tax-Exempt

Bond

Fund-Class

A

.02

Tax-Exempt

Bond

Fund-Class

C

&

S

.06

Tax-Exempt

Bond

Fund-Class

M

.16

Global

Infrastructure

Fund-Class

A,C

&

S

.02

Global

Infrastructure

Fund-Class

M

.12

Global

Real

Estate

Securities

Fund-Class

M

.10

Global

Real

Estate

Securities

Fund-Class

R6

.02

Multi-Strategy

Income

Fund-Class

M

.10

Multi-Asset

Strategy

Fund-Class

M

.10

#### Funds

#### Amount
Multifactor

U.S.

Equity

Fund

$

2,127

Equity

Income

Fund

48,430

Sustainable

Aware

Equity

Fund

47,415

U.S.

Strategic

Equity

Fund

1,200,190

U.S.

Small

Cap

Equity

Fund

322,423

Multifactor

International

Equity

Fund

2,285

International

Developed

Markets

Fund

601,705

Global

Equity

Fund

289,731

Emerging

Markets

Fund

239,974

Tax-Managed

U.S.

Large

Cap

Fund

2,632,486

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

1,235,648

Tax-Managed

International

Equity

Fund

1,240,786

Tax-Managed

Real

Assets

Fund

315,763

Opportunistic

Credit

Fund

510,476

Long

Duration

Bond

Fund

89,178

Strategic

Bond

Fund

1,370,190

Investment

Grade

Bond

Fund

490,482

Short

Duration

Bond

Fund

294,246

Tax-Exempt

High

Yield

Bond

Fund

1,043,720

Tax-Exempt

Bond

Fund

5,148,286

Global

Infrastructure

Fund

101,995

Global

Real

Estate

Securities

Fund

59,361

Multi-Strategy

Income

Fund

28,802

Multi-Asset

Strategy

Fund

117,466

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

773

The

Investment

Company

has

a

distribution

plan

pursuant

to

Rule

12b-1

(the

"Plan")

under

the

Investment

Company

Act.

Under

this

Plan,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor,

or

any

selling

agents,

as

defined

in

the

Plan,

for

sales

support

services

provided

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A

and

Class

C

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

and

0.75%

of

the

average

daily

net

assets

of

a

Fund's

Class

A

and

Class

C

Shares,

respectively,

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

a

shareholder

services

plan

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

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

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

("CDSC")

and

asset-based

sales

charges

on

Class

A

and

Class

C

Shares

of

the

Funds

may

not

exceed

7.25%

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

or

Class

C

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:

Affiliated

Brokerage

Transactions

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

#### Funds

#### CDSC

#### Retained

#### by

#### Distributor

#### Aggregate

#### Front-End

#### Sales

#### Charges

#### Front-End

#### Sales

#### Charges

#### Retained

#### by

#### Distributor
Multifactor

U.S.

Equity

Fund

$

—

$

32,450

$

5,076

Equity

Income

Fund

—

3,433

Sustainable

Aware

Equity

Fund

—

12,839

1,785

U.S.

Strategic

Equity

Fund

—

11,771

2,212

U.S.

Small

Cap

Equity

Fund

—

5,192

869

International

Developed

Markets

Fund

—

1,384

Global

Equity

Fund

—

3,208

543

Emerging

Markets

Fund

—

1,047

Tax-Managed

U.S.

Large

Cap

Fund

—

219,441

36,307

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

—

45,452

8,387

Tax-Managed

International

Equity

Fund

1,640

48,110

8,324

Tax-Managed

Real

Assets

Fund

736

13,489

2,602

Opportunistic

Credit

Fund

—

10,942

1,429

Strategic

Bond

Fund

—

4,585

981

Investment

Grade

Bond

Fund

—

1,889

Short

Duration

Bond

Fund

—

Tax-Exempt

High

Yield

Bond

Fund

—

25,716

5,107

Tax-Exempt

Bond

Fund

—

41,621

8,413

Global

Infrastructure

Fund

—

19,456

2,900

Global

Real

Estate

Securities

Fund

—

4,864

792

Multi-Strategy

Income

Fund

—

7,804

1,426

Multi-Asset

Strategy

Fund

—

602

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
774

Notes

to

Financial

Statements

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund's

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

October

31,

2025,

the

Funds

engaged

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a-7

of

the

Investment

Company

Act,

as

follows

(amounts

in

thousands):

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,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

#### Funds

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

Tax-Exempt

High

Yield

Bond

Fund

$

23,155

$

32,651

$

(982) Tax-Exempt

Bond

Fund

115,269

134,230

(1,777)

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Multifactor

International

Fund

4,243,841

13,452,377

17,696,218

Emerging

Markets

Fund

11,570,277

—

11,570,277

Tax-Managed

U.S.

Large

Cap

Fund

98,402,175

—

98,402,175

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

6,943,937

—

6,943,937

Tax-Managed

International

Equity

Fund

581,346,104

13,347,688

594,693,792

Tax-Managed

Real

Assets

Fund

103,539,592

—

103,539,592

Opportunistic

Credit

Fund

32,275,602

105,985,144

138,260,746

Long

Duration

Bond

Fund

1,535,677

5,091,143

6,626,820

Strategic

Bond

Fund

233,720,905

339,409,292

573,130,197

Investment

Grade

Bond

Fund

35,872,472

47,279,720

83,152,192

Short

Duration

Bond

Fund

979,808

11,536,022

12,515,830

Tax-Exempt

High

Yield

Bond

Fund

48,729,908

56,563,944

105,293,852

Tax-Exempt

Bond

Fund

97,557,948

192,082,980

289,640,928

Global

Real

Estate

Securities

Fund

54,942,358

5,079,607

60,021,965

Multi-Strategy

Income

Fund

12,722,238

—

12,722,238

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
Notes

to

Financial

Statements

775

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. #### Commitments

#### and

#### Contingencies
Certain

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

The

unfunded

loan

commitments

are

footnoted

in

the

Schedules

of

Investments.

As

of

October

31,

2025,

the

Funds

had

no

unfunded

loan

commitments.

8. #### 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. 9. #### 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

except

the

following:

#### Funds

#### #

#### of

#### Shareholders

#### %
Multifactor

U.S.

Equity

Fund

78.2 Equity

Income

Fund

58.8 Sustainable

Aware

Equity

Fund

49.2 U.S.

Strategic

Equity

Fund

83.4 U.S.

Small

Cap

Equity

Fund

64.6 Multifactor

International

Equity

Fund

85.9 International

Developed

Markets

Fund

80.2 Global

Equity

Fund

37.7 Emerging

Markets

Fund

63.8 Tax-Managed

U.S.

Large

Cap

Fund

78.6 Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

88.5 Tax-Managed

International

Equity

Fund

82.0 Tax-Managed

Real

Assets

Fund

77.5 Opportunistic

Credit

Fund

57.1 Long

Duration

Bond

Fund

66.5 Strategic

Bond

Fund

76.7 Investment

Grade

Bond

Fund

83.4 Short

Duration

Bond

Fund

61.1 Tax-Exempt

High

Yield

Bond

Fund

89.8 Tax-Exempt

Bond

Fund

80.8 Global

Infrastructure

Fund

60.5 Global

Real

Estate

Securities

Fund

70.6 Multi-Strategy

Income

Fund

51.1 Multi-Asset

Strategy

Fund

71.9 #### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### October

#### 31,

#### 2025
776

Notes

to

Financial

Statements

Effective

on

or

about

March

24,

2026,

the

Sustainable

Aware

Equity

Fund

will

be

renamed

the

Sustainable

Equity

Fund

and

will

change

certain

of

its

investment

strategies.

In

connection

with

these

changes,

the

Fund

will:

change

its

non-fundamental

80%

investment

policy

to

invest,

under

normal

circumstances,

at

least

80%

of

the

value

of

its

net

assets

plus

borrowings

for

investment

purposes

in

equity

securities

that

Russell

Investment

Management,

LLC

("RIM"),

the

Fund's

adviser,

considers

to

be

sustainable;

change

its

principal

investment

strategies

to

(x) invest

in

equity

securities

of

companies

economically

tied

to

a

number

of

countries

around

the

world,

including

the

U.S.,

in

a

globally

diversified

manner,

(y) incorporate

new

environmental,

social

and

governance

related

sustainability

goals

and

(z) no

longer

employ

long-short

equity

strategies

pursuant

to

which

it

enters

into

short

sales;

change

its

primary

benchmark

from

the

Russell

1000®

Index

to

the

MSCI

ACWI

Index;

change

its

portfolio

managers;

and

change

its

money

managers

to

engage

money

managers

that

focus

on

sustainability

issues.

For

additional

information

regarding

the

Fund

and

these

upcoming

changes,

please

refer

to

the

Fund's

Prospectus

and

Statement

of

Additional

Information,

each

dated

March

1,

2025,

as

supplemented

through

December

15,

2025. #### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
Report

of

Independent

Registered

Public

Accounting

Firm

777

To

the

Board

of

Trustees

of

Russell

Investment

Company

and

Shareholders

of

Multifactor

U.S.

Equity

Fund,

Equity

Income

Fund,

Sustainable

Aware

Equity

Fund,

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

Multifactor

International

Equity

Fund,

International

Developed

Markets

Fund,

Global

Equity

Fund,

Emerging

Markets

Fund,

Tax-Managed

U.S.

Large

Cap

Fund,

Tax-

Managed

U.S.

Mid

&

Small

Cap

Fund,

Tax-Managed

International

Equity

Fund,

Tax-Managed

Real

Assets

Fund,

Opportunistic

Credit

Fund,

Long

Duration

Bond

Fund,

Strategic

Bond

Fund,

Investment

Grade

Bond

Fund,

Short

Duration

Bond

Fund,

Tax-

Exempt

High

Yield

Bond

Fund,

Tax-Exempt

Bond

Fund,

Global

Infrastructure

Fund,

Global

Real

Estate

Securities

Fund,

Multi-

Strategy

Income

Fund

and

Multi-Asset

Strategy

Fund.

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Multifactor

U.S.

Equity

Fund,

Equity

Income

Fund,

Sustainable

Aware

Equity

Fund,

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

Multifactor

International

Equity

Fund,

International

Developed

Markets

Fund,

Global

Equity

Fund,

Emerging

Markets

Fund,

Tax-Managed

U.S.

Large

Cap

Fund,

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

Tax-Managed

International

Equity

Fund,

Tax-

Managed

Real

Assets

Fund,

Opportunistic

Credit

Fund,

Long

Duration

Bond

Fund,

Strategic

Bond

Fund,

Investment

Grade

Bond

Fund,

Short

Duration

Bond

Fund,

Tax-Exempt

High

Yield

Bond

Fund,

Tax-Exempt

Bond

Fund,

Global

Infrastructure

Fund,

Global

Real

Estate

Securities

Fund,

Multi-Strategy

Income

Fund

and

Multi-Asset

Strategy

Fund

(twenty-four

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

periods

indicated

therein

(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

periods

indicated

therein,

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

custodian,

transfer

agent

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
778

Report

of

Independent

Registered

Public

Accounting

Firm

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

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

#### Tax

#### Information—

#### October

#### 31,

#### 2025
(Unaudited)

Tax

Information

779

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

gains

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:

Multifactor

U.S.

Equity

Fund

75.6%

Equity

Income

Fund

87.3%

Sustainable

Aware

Equity

Fund

72.6%

U.S.

Strategic

Equity

Fund

79.6%

U.S.

Small

Cap

Equity

Fund

100.0%

Multifactor

International

Equity

Fund

0.0%

International

Developed

Markets

Fund

0.0%

Global

Equity

Fund

19.1%

Emerging

Markets

Fund

0.0%

Tax-Managed

U.S.

Large

Cap

Fund

100.0%

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

100.0%

Tax-Managed

International

Equity

Fund

0.0%

Tax-Managed

Real

Assets

Fund

16.6%

Opportunistic

Credit

Fund

0.0%

Long

Duration

Bond

Fund

0.0%

Strategic

Bond

Fund

0.0%

Investment

Grade

Bond

Fund

0.0%

Short

Duration

Bond

Fund

0.0%

Tax-Exempt

High

Yield

Bond

Fund

0.0%

Tax-Exempt

Bond

Fund

0.0%

Global

Infrastructure

Fund

20.7%

Global

Real

Estate

Securities

Fund

0.0%

Multi-Strategy

Income

Fund

11.3%

Multi-Asset

Strategy

Fund

13.1%

#### Russell

#### Investment

#### Company

#### Tax

#### Information,

#### continued

#### —

#### October

#### 31,

#### 2025
(Unaudited)

780

Tax

Information

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:

Please

consult

a

tax

adviser

for

any

questions

about

federal

or

state

income

tax

laws.

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:

Pursuant

to

Section

852(b)(5)(A)

of

the

Code,

the

following

Funds

designate

distributions

from

net

investment

income

as

exempt

interest

dividends

during

the

taxable

year

ended

October

31,

2025:

Multifactor

U.S.

Equity

Fund

$

89,858,679

Equity

Income

Fund

18,797,961

Sustainable

Aware

Equity

Fund

17,877,016

U.S.

Strategic

Equity

Fund

282,621,319

U.S.

Small

Cap

Equity

Fund

64,981,929

Global

Equity

Fund

112,881,517

Global

Infrastructure

Fund

5,852,652

#### Fund

#### Name

#### Foreign

#### Taxes

#### Paid

#### Foreign

#### Taxes

#### Paid

#### Per

#### Share

#### Foreign

#### Source

#### Income

#### Foreign

#### Source

#### Income

#### Per

#### Share
Multifactor

International

Equity

Fund

$

—

$

0.000 $

2,952,044

$

0.2208 International

Developed

Markets

Fund

2,258,823

0.0951 24,424,895

1.0287 Emerging

Markets

Fund

3,342,645

0.0734 9,941,163

0.2182 Tax-Managed

International

Equity

Fund

11,166,441

0.0334 90,183,653

0.2700 Global

Infrastructure

Fund

802,176

0.0241 5,644,728

0.1698 Tax-Exempt

High

Yield

Bond

Fund

$

91,162,750

Tax-Exempt

Bond

Fund

215,958,168

#### Russell

#### Investment

#### Company

#### Affiliated

#### Brokerage

#### Transactions

#### —

#### October

#### 31,

#### 2025
(Unaudited)

Affiliated

Brokerage

Transactions

781

As

discussed

in

Note

in

the

Notes

to

Financial

Statements

contained

in

this

annual

report,

substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

comparable

services.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

through

its

network

of

independent

venues,

including

third-party

brokers

for

clearing

and

settlement

services,

to

which

RIIS

pays

a

portion

of

its

commission.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund's

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

RIIS,

as

well

as

with

brokers

affiliated

with

other

money

managers.

RIIS

may

also

execute

foreign

currency

transactions

("FX

transactions")

on

an

agency

basis

on

behalf

of

the

Funds.

RIIS

may

charge

the

Funds

an

agency

fee

for

effecting

FX

transactions.

The

table

below

sets

forth:

(1) the

aggregate

dollar

amount

of

brokerage

commissions

paid

by

the

Funds

for

the

period

ended

October

31,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2) for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3) agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

#### Fund

#### Name

#### Affiliated

#### Broker

#### Total

#### Commissions

#### RIIS

#### Net

#### RIIS

#### FX

#### Fees
Multifactor

U.S.

Equity

Fund

RIIS

$

18,076

$

16,244

$

—

Equity

Income

Fund

RIIS

7,648

6,932

—

Sustainable

Aware

Equity

Fund

RIIS

3,593

3,163

—

U.S.

Strategic

Equity

Fund

RIIS

82,873

73,934

—

U.S.

Small

Cap

Equity

Fund

RIIS

204,734

169,153

Multifactor

International

Equity

Fund

RIIS

30,374

24,766

21,992

International

Developed

Markets

Fund

RIIS

108,345

86,013

57,100

Global

Equity

Fund

RIIS

123,956

100,802

58,410

Emerging

Markets

Fund

RIIS

230,552

143,919

32,087

Tax-Managed

U.S.

Large

Cap

Fund

RIIS

416,505

349,734

—

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

RIIS

429,714

352,788

—

Tax-Managed

International

Equity

Fund

RIIS

649,668

450,600

107,975

Tax-Managed

Real

Assets

Fund

RIIS

170,191

135,957

28,065

Global

Infrastructure

Fund

RIIS

46,808

35,618

19,491

Global

Real

Estate

Securities

Fund

RIIS

54,771

44,902

16,334

Multi-Strategy

Income

Fund

RIIS

25,829

18,701

4,197

Multi-Asset

Strategy

Fund

RIIS

80,079

57,951

16,574

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements

#### —
(Unaudited)

782

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,

in

the

case

of

Funds

employing

a

managers-

of-managers

method

of

investment,

the

portfolio

management

contract

with

each

Money

Manager

of

the

Funds

(collectively,

the

"portfolio

management

contracts"

and,

with

the

RIM

Agreement,

the

"Agreements")

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,

sales

and

redemptions

of

the

Funds'

shares,

management

of

the

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;

(2) information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

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

over

various

time

periods

and

(ii) the

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

and/or

by

RIM,

in

the

case

of

the

custom

peer

comparisons,

to

be

generally

comparable

to

the

Funds

(the

"Third-Party

Information").

The

Third-Party

Information

provided

performance

and

operating

expense

comparisons

for

Class

S

shares

of

the

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

Group"

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

("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

("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

separate

meeting

held

virtually

on

April

14,

2025,

the

Board

discussed

with

RIM

the

process

and

considerations

of

the

Third-Party

Provider

in

selecting

share

classes

of

a

Fund's

Comparable

Funds

for

inclusion

in

Expense

Groups.

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

Opportunistic

Credit

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.

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

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

783

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

Funds

employ

a

manager-of-managers

method

of

investment

(the

"Manager-of-Managers

Funds")

and

that

such

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

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

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

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

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

Funds)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund.

In

this

regard,

assets

of

each

Manager-of-Managers

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Fund.

RIM

may

change

a

Manager-of-Managers

Fund's

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Manager-of-Managers

Fund's

cash

and

portions

of

a

Manager-of-Managers

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Manager-of-Managers

Fund's

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

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

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

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

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,

managing

Money

Manager

transitions

and

that,

for

the

Tax-Managed

U.S.

Large

Cap

Fund,

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

Tax-Managed

International

Equity

Fund

and

Tax-Managed

Real

Assets

Fund

(the

"Tax-Managed

Equity

Funds"),

emulation

provides

a

more

flexible

structure

to

manage

optimal

tax

lot

selection,

minimize

wash

sales,

manage

holding

period,

defer

realized

gains

and

harvest

losses.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

to

the

Funds

under

the

RIM

Agreement.

With

respect

to

the

Tax-Managed

Equity

Funds,

RIM

described

the

advantages

of

the

active

tax

management

strategies

and

implementation

techniques

that

RIM

employs,

which

include

centralized

trading

and

implementation,

taxable

gain

and

loss

harvesting

activities,

capital

gain

deferral,

tax

lot

management,

management

of

portfolio

yield

and

holding

periods

and

minimization

of

wash

sales,

where

possible,

and

how

the

services

provided

by

RIM

to

the

Funds

are

differentiated

from

the

services

generally

provided

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

784

Basis

for

Approval

of

Investment

Advisory

Agreements

to

other

tax-managed

investment

options.

RIM

also

described

value-added

services

provided

by

RIM

to

the

Tax-Managed

Equity

Funds,

including

the

integration

of

portfolio

management

decisions

and

tax-management

decisions

into

one

process,

managing

the

trade-off

between

reducing

tracking

error

and

tax-loss

harvesting,

opportunistic

and

customized

trade

timing

decisions,

and

the

ability

to

actively

refresh

tax

lots

to

minimize

chances

of

future

lock-up.

In

the

case

of

Manager-of-Managers

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

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

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

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Manager-

of-Managers

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

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

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Fund's

investment

objective

and

policies;

with

respect

to

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

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

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

their

investment

activities

in

a

complementary

fashion.

Therefore,

RIM's

selection

of

Money

Managers

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

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Manager-of-Managers

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Manager-of-Managers

Fund's

investment

program,

structuring

the

Manager-of-Managers

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

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Manager-of-Managers

Funds

by

RIM

and

the

relatively

narrow

scope

of

portfolio

management

services

provided

to

the

Manager-of-Managers

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

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

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

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

Funds'

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Manager-of-Managers

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

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Manager-of-Managers

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

Manager-of-Managers

Fund.

The

Board

further

considered

that

Manager-of-Managers

Fund

investors

in

pursuing

their

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

785

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

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Manager-of-Managers

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

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Manager-of-Managers

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

Fund

selected

by

shareholders

in

purchasing

their

shares.

In

addition

to

these

general

factors

relating

to

the

structure

of

the

Manager-of-Managers

Funds,

the

Trustees

considered,

with

respect

to

each

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

by

RIM;

2. The

advisory

fee

paid

by

the

Fund

to

RIM

for

its

services

under

the

RIM

Agreement

(the

"Advisory

Fee"),

and,

in

the

case

of

Manager-of-Managers

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

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,

including

any

administrative

or

transfer

agent

fees,

any

fees

received

for

management

or

administration

of

the

fund

in

which

the

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;

7. Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

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.

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,

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.

The

President

and

Chief

Investment

Officer

of

Russell

Investments

discussed

with

the

Board

the

performance

of

certain

Funds,

how

Russell

Investments

measures

performance

success,

and

recent

and

planned

investment

process

enhancements.

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).

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

786

Basis

for

Approval

of

Investment

Advisory

Agreements

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

Fund's

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Manager-of-Managers

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Manager-of-Managers

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

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

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

for

the

Manager-of-Managers

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

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.

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

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

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

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

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

Funds,

and

the

fact

that

the

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

787

aggregate

Advisory

Fees

paid

by

the

Manager-of-Managers

Funds

are

not

increased

as

a

result

of

RIM's

direct

management

of

Manager-of-Managers

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

affiliated

funds-of-funds'

assets

among

the

Funds,

may

result

directly

in

higher

related

costs

to

affected

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

Funds,

whereby

those

Manager-of-Managers

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

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

Funds,

or

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

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

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

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

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

Funds,

it

assumes

various

additional

risks,

including

trade

error

risk,

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

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

Funds

pay

RIM's

affiliated

broker

dealer

commission

rates

that

are

determined

by

an

oversight

committee

of

RIM.

According

to

RIM,

the

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,

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

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.

• Name

and

investment

strategy

changes

for

the

Long

Duration

Bond

Fund

(formerly,

Multifactor

Bond

Fund).

• Benchmark

and

name

changes

for

certain

Funds

to

comply

with

new

SEC

regulations.

In

evaluating

the

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

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

788

Basis

for

Approval

of

Investment

Advisory

Agreements

The

Board

considered

that,

effective

March

1,

2024,

the

contractual

advisory

fee

rates

were

reduced

for

certain

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

certain

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,

RIM

provided

comparisons

and

discussion

of

the

Management

Fees

and

total

expenses

of

each

Fund

on

an

adjusted

basis

to

reflect

the

annualized

impact

of

changes

to

contractual

advisory

fees,

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,

expense

caps

and/or

breakpoints

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

Tax-Managed

U.S.

Large

Cap

Fund,

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

Tax-Managed

International

Equity

Fund,

Tax-Managed

Real

Assets

Fund

and

Short

Duration

Bond

Fund

each

had

a

Management

Fee

which,

compared

with

the

management

fees

of

its

respective

Expense

Group's

Comparable

Funds

on

an

annualized

basis,

was

ranked

in

the

fourth

or

fifth

quintile

of

its

Expense

Group

for

that

expense

component.

The

Annualized

Information

also

showed

that

the

Opportunistic

Credit

Fund

had

a

Management

Fee

which,

compared

with

the

management

fees

of

a

custom

peer

group

selected

by

an

independent

provider

of

investment

company

information

on

an

annualized

basis,

was

ranked

in

the

fifth

quintile

of

its

custom

peer

selection

for

that

expense

component.

The

Management

Fees

for

each

of

the

other

Funds

ranked

in

the

third

quintile

of

its

Expense

Group,

or

better.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

in

the

Expense

Group,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

in

the

Expense

Group.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Group

funds

and

the

Annualized

Information.

In

discussing

the

Funds'

Management

Fees

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

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

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

Advisory

Fee

and

Management

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

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

Group.

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

Funds

relative

to

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

or

expense

caps.

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

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

Funds,

and

Comparable

Fund

fee

and

expense

trending

year-over-year.

Based

on

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

of

various

components

of

certain

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.

With

respect

to

each

Fund

with

a

Management

Fee

ranked

in

the

fourth

or

fifth

quintile

of

its

Expense

Group,

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.

With

respect

to

the

Tax-Managed

U.S.

Large

Cap

Fund,

the

Board

considered

that

the

Fund

is

designed

to

maximize

after-tax

returns,

and

was

advised

by

RIM

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offer

the

additional

active

tax

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

789

management

services

that

are

applied

to

the

Fund.

In

considering

the

Fund's

Management

Fee

rankings,

the

Board

took

account

of

the

Fund's

favorable

after-tax,

pre-liquidation

performance

rankings

relative

to

its

Comparable

Funds.

With

respect

to

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

the

Board

considered

that

the

Fund

is

designed

to

maximize

after-tax

returns,

and

was

advised

by

RIM

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offer

the

additional

active

tax

management

services

that

are

applied

to

the

Fund.

In

considering

the

Fund's

Management

Fee

rankings,

the

Board

took

account

of

the

Fund's

favorable

5-

and10-year

after-tax,

pre-liquidation

performance

rankings

relative

to

its

Comparable

Funds.

With

respect

to

the

Tax-Managed

International

Equity

Fund,

the

Board

considered

that,

at

the

request

of

RIM,

the

Third-Party

Provider

prepared

comparisons

of

the

Fund's

fees

and

expenses

within

a

custom

blend

of

two

categories

of

peer

funds

(foreign

large

blend

funds

and

diversified

emerging

markets

funds)

(the

"Custom

Expense

Comparison").

The

Board

considered

the

Fund's

Management

Fee

relative

to

the

management

fees

of

the

Comparable

Funds

of

both

the

Expense

Group

and

Custom

Expense

Comparison

and

noted

that

the

Fund's

Management

Fee

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group

and

Custom

Expense

Comparison.

In

considering

the

Fund's

Management

Fee

rankings,

the

Board

took

account

of

the

Fund's

favorable

3-

and

5-year

after-tax,

pre-liquidation

performance

rankings

relative

to

the

constituents

of

its

Custom

Expense

Comparison.

With

respect

to

the

Tax-Managed

Real

Assets

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group.

The

Board

was

advised

by

RIM

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offer

the

additional

active

tax

management

services

that

are

applied

to

the

Fund.

In

considering

the

Fund's

Management

Fee

rankings,

the

Board

considered

RIM's

explanation

that

performance

differences

between

the

Fund

and

its

Performance

Universe

are

primarily

driven

by

the

diverse

set

of

investment

strategies

and

product

compositions

among

Performance

Universe

constituents,

and

that

the

Performance

Universe

includes

strategies

with

exposure

to

a

broad

range

of

sectors

not

limited

to

real

assets.

For

the

Tax-Managed

Equity

Funds,

the

Board

also

considered

comparisons

of

2024

capital

gains

distributions

as

a

percentage

of

NAV

and

the

tax

cost

ratios

of

the

Tax-Managed

Equity

Funds

relative

to

their

respective

Morningstar

category

averages.

In

addition,

RIM

provided

comparative

information

which

included

investment

minimums,

management

fees,

net

expense

ratios,

estimated

cash

flows,

tax

cost

ratios,

estimated

capital

gains

and

performance

for

two

of

the

Tax-Managed

Equity

Funds

relative

to

a

third-party

fund

that

uses

tax-management

techniques.

The

Board

further

considered

the

meaningful

cash

inflows

into

the

Tax-Managed

Equity

Funds

over

the

past

five

years

and

the

implication

from

such

inflows

that

shareholders

value

the

tax-managed

services

provided

by

RIM

to

these

Funds.

With

respect

to

the

Opportunistic

Credit

Fund,

the

Board

considered

RIM's

explanation

of

the

differences

between

the

Fund

and

its

Comparable

Funds

in

its

Expense

Group,

and

that

RIM

had

engaged

an

independent

provider

of

investment

company

information

to

create

an

additional

custom

peer

comparison

for

the

Fund's

Class

A

shares

based

on

a

quantitative

assessment

of

holdings.

The

Board

considered

RIM's

belief

that

a

peer

comparison

based

on

the

specified

holdings

criteria

is

another

appropriate

peer

comparison

in

addition

to

its

assigned

Expense

Group

and

noted

that

the

Fund's

Advisory

Fee

compared

less

favorably

against

the

additional

custom

peer

selection.

The

Board

considered

that

the

Fund's

Management

Fee

had

a

small

variance

to

the

third

quintile

of

its

custom

peer

selection.

The

Board

further

considered

the

Advisory

Fee

waivers

that

RIM

previously

had

agreed

to

implement

and

that,

after

considering

a

request

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,

these

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

and

the

constituents

of

the

additional

custom

peer

selection.

With

respect

to

the

Short

Duration

Bond

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group.

The

Board

further

considered

the

Advisory

Fee

waiver

that

RIM

implemented

for

the

Fund

in

2024. Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

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

Funds,

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

With

respect

to

each

Fund,

the

Board

considered

any

Advisory

Fee

waivers

or

expense

limitation

arrangements

that

had

been

implemented

in

the

past

year

and

those

proposed

to

be

implemented

in

the

future.

In

addition,

the

Board,

in

the

case

of

certain

Funds,

considered

Advisory

Fee

breakpoints

that

previously

had

been

implemented

for

those

Funds.

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

790

Basis

for

Approval

of

Investment

Advisory

Agreements

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.

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.

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.

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

Funds

than

for

RIM's

or

its

affiliates'

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

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

expenses

for

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

Global

Equity

Fund,

Emerging

Markets

Fund,

Tax-

Managed

U.S.

Large

Cap

Fund,

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

Tax-Managed

International

Equity

Fund,

Tax-Managed

Real

Assets

Fund,

Opportunistic

Credit

Fund,

Long

Duration

Bond

Fund,

Investment

Grade

Bond

Fund,

Short

Duration

Bond

Fund,

Tax

Exempt

High

Yield

Bond

Fund,

Tax

Exempt

Bond

Fund,

Global

Infrastructure

Fund

and

Global

Real

Estate

Securities

Fund

each

ranked

in

the

fourth

or

fifth

quintile

of

its

Expense

Group.

The

total

expenses

for

each

of

the

other

Funds,

ranked

in

the

third

quintile

of

its

Expense

Group,

or

better.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Group

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

funds

in

the

Expense

Group.

With

respect

to

each

Fund

with

total

expenses

ranked

in

the

fourth

or

fifth

quintile

of

its

Expense

Group,

RIM

expressed

its

belief

that

the

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

U.S.

Strategic

Equity

Fund,

the

Board

considered

the

small

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

Expense

Group.

The

Board

further

considered

that

the

Fund's

Management

Fee

ranked

in

the

second

quintile

of

its

Expense

Group.

With

respect

to

the

U.S.

Small

Cap

Equity

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

third

quintile

of

its

Expense

Group.

With

respect

to

the

International

Developed

Markets

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

third

quintile

of

its

Expense

Group.

With

respect

to

the

Global

Equity

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

second

quintile

of

its

Expense

Group.

With

respect

to

the

Emerging

Markets

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

third

quintile

of

its

Expense

Group.

With

respect

to

the

Tax-Managed

U.S.

Large

Cap

Fund,

the

Board

considered

that

the

Fund

is

designed

to

maximize

after-tax

returns,

and

RIM's

advice

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offers

the

additional

active

tax

management

services

that

are

applied

to

the

Fund.

In

considering

the

Fund's

total

expense

rankings,

the

Board

took

account

of

the

Fund's

favorable

after-tax,

pre-liquidation

performance

rankings

relative

to

its

Comparable

Funds.

With

respect

to

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

the

Board

considered

that

the

Fund

is

designed

to

maximize

after-tax

returns,

and

was

advised

by

RIM

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offers

the

additional

active

tax

management

services

that

are

applied

to

the

Fund.

In

considering

the

Fund's

total

expense

rankings,

the

Board

took

account

of

the

Fund's

favorable

5-

and

10-year

after-tax,

pre-liquidation

performance

rankings

relative

to

its

Comparable

Funds.

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

791

With

respect

to

the

Tax-Managed

International

Equity

Fund,

the

Board

considered

the

Fund's

total

expenses

relative

to

the

total

expenses

of

the

Comparable

Funds

of

both

the

Expense

Group

and

Custom

Expense

Comparison

and

noted

the

small

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

Custom

Peer

Comparison.

In

considering

the

Fund's

total

expense

rankings,

the

Board

took

account

of

the

Fund's

favorable

3-

and

5-year

after-tax,

pre-liquidation

performance

rankings

relative

to

the

constituents

of

its

Custom

Peer

Comparison.

With

respect

to

the

Tax-Managed

Real

Assets

Fund,

the

Board

considered

RIM's

advice

that

none

of

the

Comparable

Funds

in

the

Fund's

Expense

Group

offers

the

additional

active

tax

management

services

that

are

applied

to

the

Fund,

and

that

the

Fund's

Management

Fee

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group.

In

considering

the

Fund's

total

expense

rankings,

the

Board

considered

RIM's

explanation

that

performance

differences

between

the

Fund

and

its

Performance

Universe

are

primarily

driven

by

the

diverse

set

of

investment

strategies

and

product

compositions

among

Performance

Universe

constituents,

and

that

the

Performance

Universe

includes

strategies

with

exposure

to

a

broad

range

of

sectors

not

limited

to

real

assets.

With

respect

to

the

Long

Duration

Bond

Fund,

RIM

noted

that

the

Fund's

Expense

Group

represents

two

peer

groups

blended

together

by

the

Third-Party

Provider

because

there

were

not

enough

funds

in

the

Long

Duration

category

to

create

an

expense

group.

The

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

first

quintile

of

its

Expense

Group,

and

RIM's

advice

that,

given

the

custom

blended

Expense

Group,

there

is

no

appropriate

peer

comparison

available

at

this

time.

With

respect

to

the

Opportunistic

Credit

Fund,

the

Board

considered

RIM's

explanation

of

the

differences

between

the

Fund

and

its

Comparable

Funds

in

its

Expense

Group,

and

that

RIM

had

engaged

an

independent

provider

of

investment

company

information

to

create

an

additional

custom

peer

comparison

for

the

Fund's

Class

A

shares

based

on

a

quantitative

assessment

of

holdings.

The

Board

considered

RIM's

belief

that

a

peer

comparison

based

on

the

specified

holdings

criteria

is

another

appropriate

peer

comparison

in

addition

to

its

assigned

Expense

Group

and

noted

that

the

Fund's

total

expenses

were

in

the

third

quintile

of

the

custom

peer

selection.

With

respect

to

the

Investment

Grade

Bond

Fund,

the

Board

considered

the

small

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

Expense

Group.

The

Board

further

considered

that

the

Fund's

Management

Fee

ranked

in

the

second

quintile

of

its

Expense

Group.

With

respect

to

the

Short

Duration

Bond

Fund,

RIM

noted

that

the

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

expense

group

was

due

primarily

to

custodian

fees

as

result

of

investment

strategies

employed

by

the

Fund

and

other

non-

management

expenses.

The

Board

further

considered

the

Advisory

Fee

waiver

that

RIM

implemented

for

the

Fund

in

2024. With

respect

to

the

Tax-Exempt

High

Yield

Bond

Fund,

the

Board

considered

that

the

Fund's

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group,

and

that

the

Fund's

Management

Fee

ranked

in

the

first

quintile

of

its

Expense

Group.

RIM

noted

the

Fund's

outperformance

relative

to

its

Performance

Universe

average

over

the

3-

and

5-year

periods.

With

respect

to

the

Tax-Exempt

Bond

Fund,

the

Board

considered

the

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

Expense

Group,

and

that

the

Fund's

Management

Fee

ranked

in

the

third

quintile

of

its

Expense

Group.

RIM

noted

the

Fund's

outperformance

relative

to

its

Performance

Universe

average

over

the

3-,

5-

and

10-year

periods.

With

respect

to

the

Global

Infrastructure

Fund,

the

Board

considered

that

the

Fund's

total

expenses

had

a

small

variance

to

the

third

quintile

of

its

Expense

Group,

and

that

the

Fund's

Management

Fee

ranked

in

the

second

quintile

of

its

Expense

Group.

The

Board

further

considered

the

Fund's

outperformance

relative

to

its

Performance

Universe

average

over

the

1-,

3-

and

10-year

periods.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Board

considered

that

the

Fund's

Management

Fee

ranked

in

the

third

quintile

of

its

Expense

Group.

The

Board

further

considered

the

relatively

small

variance

of

the

Fund's

total

expenses

to

the

third

quintile

of

its

Expense

Group.

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,

after

giving

effect

to

any

applicable

fee

waivers

and/or

expense

caps,

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

and

to

provide

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

792

Basis

for

Approval

of

Investment

Advisory

Agreements

continuity

of

investment

advisory

and

other

services

by

RIM

and

its

affiliates

to

the

Fund;

(2) either

found

that

the

relative

expense

ratio

of

the

Fund

was

comparable

to

those

of

its

Comparable

Funds

or

took

into

account

the

factors

noted

above

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

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4) found

that

RIM's

reported

profitability

with

respect

to

the

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

in

light

of

various

factors,

including

the

Advisory

Fee

breakpoints

that

are

in

place

for

certain

Funds;

in

the

case

of

Manager-of

Managers

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,

the

performance

of

each

of

the

Funds

supported

the

continuation

of

the

RIM

Agreement.

In

assessing

the

performance

of

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

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

on

such

date.

In

reviewing

the

Funds'

performance

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

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

Fund

investment

results.

With

respect

to

the

Tax-Managed

Equity

Funds,

the

Board

considered

each

Fund's

after-tax

performance

on

a

pre-liquidation

and

a

post-liquidation

basis.

With

respect

to

the

Equity

Income

Fund,

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

third

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund's

tilt

away

from

stocks

with

more

expensive

valuation

ratios

and

toward

stocks

with

high

dividend

yield

relative

to

its

Comparable

Funds

was

a

headwind

in

the

aggregate,

while

the

Fund's

tilt

towards

the

largest

market

capitalization

names

was

additive

to

performance.

RIM

further

noted

that

Fund's

peer

relative

sector

positioning

had

a

negative

overall

impact,

with

an

underweight

to

the

outperforming

financials

sector

and

an

overweight

to

the

underperforming

healthcare

sector

detracting

from

Fund

performance.

With

respect

to

the

Sustainable

Aware

Equity

Fund,

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

the

fifth

quintile

of

its

Performance

Universe

for

each

of

the

1-

and

5-year

periods

ended

on

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund's

tilt

toward

stocks

with

lower

volatility,

smaller

market

capitalization,

and

cheaper

valuation

ratios

relative

to

its

Comparable

Funds

was

a

headwind

in

aggregate

as

the

most

volatile,

largest

market

capitalization,

and

most

expensive

stocks

notably

outperformed

within

the

U.S.

large

cap

market.

RIM

further

noted

that

the

Fund's

peer

relative

sector

positioning

had

a

negative

impact

overall,

with

an

underweight

to

the

outperforming

energy

sector

and

overweights

to

the

underperforming

consumer

staples

and

healthcare

sectors

detracting

from

Fund

performance.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

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-,

3-

and

5-year

periods

ended

December

31,

2024. For

the

3-year

period,

RIM

noted

that

the

Fund's

tilt

toward

stocks

with

cheaper

valuation

ratios

and

smaller

market

capitalization

characteristics

relative

to

its

Comparable

Funds

was

a

headwind,

as

the

most

expensive

and

largest

market

capitalization

stocks

notably

outperformed

within

the

U.S.

large

cap

market.

RIM

further

noted

that

the

Fund's

peer

relative

sector

positioning

had

a

positive

impact

overall

with

an

overweight

to

the

outperforming

information

technology

sector

and

an

underweight

to

the

underperforming

real

estate

sector

adding

to

fund

performance,

while

an

overweight

to

the

underperforming

consumer

discretionary

sector

detracted

slightly.

The

Board

considered

that

the

changes

to

certain

Money

Managers

and

changes

in

allocations

among

Money

Managers

and

RIM's

Direct

Management

Services

that

were

implemented

in

2022

have

contributed

positively

to

the

Fund's

performance.

With

respect

to

the

U.S.

Small

Cap

Equity

Fund,

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

third

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

For

the

3-year

period,

RIM

noted

that

the

Fund's

tilt

toward

smaller

market

capitalization,

micro-cap

stocks

relative

to

its

Comparable

Funds

was

a

headwind

in

the

aggregate,

as

smaller

stocks

notably

underperformed

in

the

U.S.

small

cap

market.

RIM

further

noted

that

the

Fund's

peer

relative

sector

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

793

positioning

had

a

mixed

impact

overall,

with

an

overweight

to

the

outperforming

energy

sector

adding,

while

an

overweight

to

the

underperforming

healthcare

sector

detracted.

With

respect

to

the

Tax-Managed

Real

Assets

Fund,

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-

and

3-year

periods

ended

December

31,

2024,

and

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

RIM

noted

that

performance

differences

between

the

Fund

and

its

Performance

Universe

are

primarily

driven

by

the

diverse

set

of

investment

strategies

and

product

compositions

among

the

constituents

of

its

Performance

Universe,

as

the

Performance

Universe

includes

strategies

with

exposure

to

a

broad

range

of

sectors

not

limited

to

real

assets.

RIM

further

noted

that

the

listed

real

assets

sector

underperformed

relative

to

broader

global

equities.

With

respect

to

the

Long

Duration

Bond

Fund,

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

the

fifth

quintile

of

its

Performance

Universe

for

the

1-year

period

and

the

third

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

RIM

noted

that

while

the

Fund

was

placed

in

the

Long

Government

category,

which

RIM

agrees

is

appropriate,

due

to

small

size

of

the

Long

Government

category,

the

Performance

Universe

included

in

the

Third-Party

Information

includes

funds

from

both

the

Long

Government

and

Intermediate

Government

categories.

RIM

further

noted

that

when

compared

only

to

the

Comparable

Funds

in

the

Long

Government

category,

the

Fund

has

been

ranked

in

the

first

quintile

since

its

reclassification

in

October

2023. With

respect

to

the

Strategic

Bond

Fund,

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. RIM

noted

that

the

Fund's

relative

overweight

to

interest

rate

risk

detracted

from

performance

in

2022,

when

interest

rates

increased,

while

the

Fund's

higher

quality

credit

profile

partially

offset

2022's

negative

relative

performance.

RIM

also

noted

that

in

2023

and

2024,

the

Fund

maintained

an

overweight

duration

position

compared

to

its

Comparable

Funds,

which

hurt

relative

performance

in

an

environment

where

interest

rates

rose,

and

had

less

securitized

credit

exposure

relative

to

its

Comparable

Funds,

which

was

a

slight

drag

on

performance.

The

Board

considered

that

a

Money

Manager

change

made

in

2024

has

contributed

positively

to

the

Fund's

performance.

With

respect

to

the

Investment

Grade

Bond

Fund,

the

Third-Party

Information

showed

that

the

Fund's

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2024,

and

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

1-

and

5-year

periods

ended

on

such

date.

RIM

attributed

the

Fund's

relative

underperformance

to

its

Comparable

Funds

tending

to

hold

a

larger

overweight

to

securitized

sectors,

which

benefit

during

risk

rallies.

RIM

noted

that

in

2022

and

2023,

the

Fund

had

an

overweight

duration

position,

which

detracted

given

the

continued

rise

in

rates

and,

in

2023,

the

Fund

maintained

an

overweight

to

government

bonds,

which

underperformed

credit

sectors

as

spreads

tightened

over

the

year.

RIM

further

noted

that

in

2024,

an

overweight

duration

position

and

lower

allocation

to

securitized

credit

relative

to

the

Comparable

Funds

dragged

on

performance

as

rates

increased

and

securitized

credit

outperformed

during

the

year,

which

was

partially

offset

by

an

overweight

to

corporate

bonds

relative

to

the

Comparable

Funds,

as

spreads

continued

to

tighten.

With

respect

to

the

Short

Duration

Bond

Fund,

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

third

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

on

such

date.

RIM

noted

that

the

Fund's

Comparable

Funds

have

tended

to

hold

a

larger

overweight

to

securitized

sectors

which

benefit

during

risk

rallies.

RIM

noted

that

for

2022

and

2023,

the

Fund

had

a

reduced

duration

position,

which

was

additive

given

the

continued

rise

in

rates,

and

in

2023,

the

Fund

maintained

an

overweight

to

higher

quality

bonds,

while

lower

quality

bonds

outperformed

as

spreads

tightened

over

the

year.

RIM

further

noted

that

in

2024,

a

lower

allocation

to

securitized

credit,

particularly

asset-backed

securities,

compared

to

its

Comparable

Funds

dragged

on

performance,

as

securitized

credit

outperformed

during

the

year,

which

was

partially

offset

by

an

overweight

to

corporate

bonds

relative

to

the

Comparable

Funds,

as

spreads

continued

to

tighten.

The

Board

considered

that

a

Money

Manager

change

made

in

2024

has

contributed

positively

to

the

Fund's

performance.

With

respect

to

the

Global

Real

Estate

Securities

Fund,

the

Third-Party

Information

showed

that

the

Fund's

performance

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe

for

each

of

the

3-

and

5-year

periods

ended

December

31,

2024,

and

was

ranked

in

the

third

quintile

of

its

Performance

Universe

for

the

1-year

period

ended

on

such

date.

RIM

noted

that

the

Fund's

Performance

Universe

includes

a

number

of

constituents

with

strategies

that

are

notably

different

from

the

Fund's

global

real

estate

focus,

including

regionally

focused

real

estate

strategies

with

performance

patterns

that

significantly

diverge

from

that

of

the

Fund,

and

a

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

794

Basis

for

Approval

of

Investment

Advisory

Agreements

number

of

constituents

that

are

benchmarked

to

different

indexes

than

the

Fund's

benchmark

index,

leading

to

persistent

structural

differences

with

respect

to

sector

and

regional

exposures.

With

respect

to

the

Multi-Strategy

Income

Fund,

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

the

fifth

quintile

of

its

Performance

Universe

for

the

1-

and

5-year

periods

ended

on

such

date.

RIM

noted

that

the

Fund

underperformed

its

Performance

Universe

during

the

3-year

period

primarily

due

to

underlying

manager

security

selection,

as

overweight

allocations

to

non-U.S.

equities

and

value

equities

relative

to

its

Comparable

Funds

detracted

from

peer

relative

performance.

RIM

further

noted

that

while

valuation

spreads

between

growth

and

value

equities

have

widened

compared

to

historical

levels,

RIM

continues

to

believe

that

the

spread

is

unsustainable

and

will

revert

to

normal

levels.

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. In

evaluating

performance,

the

Board

considered

each

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

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.

With

respect

to

the

Manager-of-Managers

Funds,

for

the

1-year

period

ended

December

31,

2024,

the

Emerging

Markets

Fund,

Opportunistic

Credit

Fund,

Investment

Grade

Bond

Fund,

Short

Duration

Bond

Fund,

Tax-Exempt

High

Yield

Bond

Fund,

Tax-Exempt

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,

Tax-Exempt

Bond

Fund,

Global

Real

Estate

Securities

Fund

and

Tax-Managed

Real

Assets

Fund

outperformed

their

respective

benchmarks.

With

respect

to

the

Funds

that

are

not

Manager-of-Managers

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

Manager-of-Managers

Fund

performance

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

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

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

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'

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

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

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

795

acceptability

of

the

Advisory

Fee

paid

by

each

Manager-of-Managers

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

Fund

are

acceptable

in

light

of

RIM's

assessment

of

the

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Manager-of-Managers

Fund

would

be

in

the

best

interests

of

the

Manager-of-Managers

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

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

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.

Quarterly

Approval

of

Money

Manager

Agreements

At

the

quarterly

Board

meeting

held

on

May

20,

2025,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

Tax-Managed

U.S.

Large

Cap

Fund

and

Sustainable

Aware

Equity

Fund.

At

the

quarterly

Board

meeting

held

on

August

26,

2025,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

Sustainable

Aware

Equity

Fund,

Tax-Exempt

High

Yield

Bond

Fund,

Tax-Exempt

Bond

Fund

and

Multi-Asset

Strategy

Fund.

With

respect

to

the

Sustainable

Aware

Equity

Fund,

the

new

portfolio

management

contract

proposed

at

the

August

26,

2025

Board

meeting

will

be

effective

as

of

the

closing

of

a

change

of

control

for

a

Money

Manager

of

the

Fund.

With

respect

to

the

evaluation

of

the

terms

of

the

portfolio

management

contracts,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager:

RIM's

recommendation

to

hire

the

Money

Manager

at

the

proposed

fee

rate;

information

as

to

the

reason

for

the

proposed

Money

Manager

hire;

information

as

to

the

Money

Manager's

role

in

the

management

of

the

Fund's

investment

portfolio

(including

the

amount

of

Fund

assets

to

be

allocated

to

the

Money

Manager

or

managed

pursuant

to

the

Money

Manager's

strategy);

RIM's

evaluation

of

the

anticipated

quality

of

the

investment

advisory

services

to

be

provided

by

the

Money

Manager;

RIM's

assessment

of

the

performance

of

each

Money

Manager

over

various

periods;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds'

underwriter;

RIM's

recommendation

with

respect

to

the

Money

Managers'

fee

rates;

the

increase

or

decrease

in

aggregate

Money

Manager

fees

to

be

paid

by

RIM

from

its

advisory

fee

as

a

result

of

the

engagement

of

the

Money

Manager;

and

the

expected

costs,

if

any,

of

transitioning

Fund

assets

to

the

Money

Manager

or

its

strategy.

The

Board

also

received

or

had

previously

received

certifications

from

the

Funds'

Chief

Compliance

Officer

that

she

reviewed

and

approved

certain

policies

and

procedures

for

each

Money

Manager

and

determined

that

such

policies

and

procedures

are

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws

by

such

Money

Manager

with

respect

to

the

services

it

is

to

provide

to

the

Funds,

respectively.

RIM

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

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

fees

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

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

prior

findings

as

to

the

acceptability

of

the

advisory

fee

paid

by

each

Fund

and

the

fact

that

each

Money

Manager's

fee

will

be

paid

by

RIM.

Based

substantially

upon

RIM's

recommendations,

together

with

their

findings

at

prior

meetings,

including

the

Agreement

Evaluation

Meeting,

the

Board

concluded

that

the

fees

proposed

to

be

paid

by

RIM

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM's

assessment

of

the

expected

quality

of

the

investment

advisory

services

to

be

provided

and

voted

to

approve

the

portfolio

management

contracts

with

each

Money

Manager

of

each

Fund.

#### Russell

#### Investment

#### Company

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### October

#### 31,

#### 2025
(Unaudited)

796

Adviser,

Money

Managers

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

&

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

#### Money

#### Managers
Equity

Income

Fund

Barrow,

Hanley,

Mewhinney

&

Strauss,

LLC,

Dallas,

TX

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Sustainable

Aware

Equity

Fund

Beutel,

Goodman,

&

Company

Ltd.,

Toronto,

Canada

Delaware

Investments

Fund

Advisers,

Philadelphia,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Mar

Vista

Investment

Partners,

LLC,

Los

Angeles,

CA

U.S.

Strategic

Equity

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

J.P.

Morgan

Investment

Management

Inc.,

New

York,

NY

William

Blair

Investment

Management,

LLC,

Chicago,

IL

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc., Winter

Park, FL

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia, PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Markets

Fund

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Pzena

Investment

Management,

LLC,

New York, NY

Wellington

Management

Company

LLP,

Boston,

MA

Global

Equity

Fund

Algert

Global

LLC,

San

Francisco,

CA

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Sanders

Capital,

LLC,

West

Palm

Beach,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Emerging

Markets

Fund

Axiom

Investors

LLC,

Greenwich,

CT

Barrow,

Hanley,

Mewhinney

&

Strauss,

LLC,

Dallas,

TX

Numeric

Investors

LLC,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New York, NY

Sands

Capital

Management,

LLC,

Arlington,

VA

Tax-Managed

U.S.

Large

Cap

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Jacobs

Levy

Equity

Management,

Inc.,

Florham

Park,

NJ

J.P.

Morgan

Investment

Management

Inc.,

New York, NY

William

Blair

Investment

Management,

LLC,

Chicago,

IL

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Ancora

Advisors,

LLC,

Mayfield

Heights,

OH

Copeland

Capital

Management

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc., Winter

Park, FL

Lord,

Abbett

&

Co.

LLC,

Jersey

City,

NJ

Penn

Capital

Management

Company,

LLC,

Philadelphia, PA

Polen

Capital

Management,

LLC,

Boca

Raton,

FL

Royce

&

Associates,

LP,

New

York,

NY

Summit

Creek

Advisors,

LLC,

Minneapolis, MN

Tax-Managed

International

Equity

Fund

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

Pzena

Investment

Management,

LLC,

New

York,

NY

RWC

Asset

Advisors

(US)

LLC,

Miami,

FL

Wellington

Management

Company

LLP,

Boston,

MA

Tax-Managed

Real

Assets

Fund

First

Sentier

Investors

(Australia)

IM

Ltd,

Barangaroo,

#### Russell

#### Investment

#### Company

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### October

#### 31,

#### 2025
(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

797

Australia

Grantham

Mayo

Van

Otterloo

&

Co.

LLC,

Boston,

MA

RREEF

America

L.L.C.

operating

under

the

brand

name

DWS,

Chicago,

IL

Opportunistic

Credit

Fund

Barings

LLC,

Charlotte,

NC,

and

Baring

International

Investment

Limited,

London,

UK

Marathon

Asset

Management,

L.P.,

New

York,

NY

Voya

Investment

Management

Co.

LLC,

New

York,

NY

Strategic

Bond

Fund

Allspring

Global

Investments,

LLC,

Charlotte,

NC

RBC

Global

Asset

Management

(U.S.)

Inc.,

Minneapolis,

MN

and

RBC

Global

Asset

Management

(UK)

Limited,

London,

UK

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Investment

Grade

Bond

Fund

MetLife

Investment

Management,

LLC,

Whippany, NJ

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Short

Duration

Bond

Fund

MetLife

Investment

Management,

LLC,

Whippany,

NJ

Scout

Investments,

Inc.,

Kansas

City,

MO

Tax-Exempt

High

Yield

Bond

Fund

Goldman

Sachs

Asset

Management,

L.P.,

New York, NY

MacKay

Shields

LLC,

New

York,

NY

Rockefeller

&

Co.

LLC,

New

York,

NY

Tax-Exempt

Bond

Fund

Brown

Brothers

Harriman

Mutual

Fund

Advisory

Department,

New

York,

NY

Goldman

Sachs

Asset

Management,

L.P.,

New

York,

NY

MacKay

Shields

LLC,

New

York,

NY

Global

Infrastructure

Fund

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

First

Sentier

Investors

(Australia)

IM

Ltd,

Barangaroo,

Australia

Nuveen

Asset

Management,

LLC,

Chicago, IL

Global

Real

Estate

Securities

Fund

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

RREEF

America

L.L.C.,

Chicago,

IL,

DWS

Investments

Australia

Limited,

Sydney,

Australia,

and

DWS

Alternatives

Global

Limited,

London,

UK,

operating

under

the

brand

name

DWS

Multi-Strategy

Income

Fund

Algert

Global

LLC,

San

Francisco,

CA

Berenberg

Asset

Management

LLC,

New

York,

NY

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Kopernik

Global

Investors,

LLC,

Tampa,

FL

Man

Investments

Australia

Limited,

Sydney,

Australia

Marathon

Asset

Management,

L.P.,

New

York,

NY

MFS

Institutional

Advisors,

Inc.,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

PineStone

Asset

Management

Inc.,

Montreal,

Quebec

RWC

Asset

Advisors

(US)

LLC,

Miami,

FL

Multi-Asset

Strategy

Fund

Algert

Global

LLC,

San

Francisco,

CA

Berenberg

Asset

Management

LLC,

New

York,

NY

Boston

Partners

Global

Investors,

Inc.,

Boston,

MA

Calamos

Advisors

LLC,

Naperville,

IL

Cohen

&

Steers

Capital

Management,

Inc.,

New

York,

NY,

Cohen

&

Steers

UK

Limited,

London,

UK

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

First

Sentier

Investors

(Australia)

IM

Ltd,

Barangaroo,

Australia

Intermede

Investment

Partners

Limited,

London,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Kopernik

Global

Investors,

LLC,

Tampa,

FL

Man

Investments

Australia

Limited,

Sydney,

Australia

Marathon

Asset

Management,

L.P.,

New

York,

NY

MFS

Institutional

Advisors,

Inc.,

Boston,

MA

Oaktree

Fund

Advisors,

LLC,

Los

Angeles,

CA

PineStone

Asset

Management

Inc.,

Montreal,

Quebec

RWC

Asset

Advisors

(US)

LLC,

Miami,

FL

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Note:

Multifactor

U.S.

Equity,

Multifactor

International

Equity

and

Long

Duration

Bond

Funds

are

directly

managed

by

RIM.

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

------

[\[1\]](#_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.