# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0001752724-23-070010
**Filing Date:** 2023-3
**Character Count:** 38845
**Document Hash:** 4bf4370aab2acd7cfd50436129657d61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070010.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RUSSELL INVESTMENT CO
- **CENTRAL INDEX KEY:** 0000351601
- **IRS NUMBER:** 911151059
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03153
- **FILM NUMBER:** 23768916

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 800-787-7354

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004273 | Class A      | REAAX           |
| C000004274 | Class C      | RELCX           |
| C000004276 | Class S      | RELSX           |
| C000027582 | Class R1     | RELRX           |
| C000137238 | Class R4     | RELUX           |
| C000137239 | Class R5     | RELVX           |

## Nport-Ex

2023

QUARTERLY

REPORT

LifePoints®

Funds

January

31,

2023

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Equity

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

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

Moderate

Strategy

Fund

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

Balanced

Strategy

Fund

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

Growth

Strategy

Fund

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

Equity

Growth

Strategy

Fund

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

Notes

to

Quarterly

Report

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

Russell

Investment

Company

LifePoints®

Funds

Quarterly

Report

January

31,

2023

(Unaudited)

Table

of

Contents

Russell

Investment

Company

-

LifePoints®

Funds.

Copyright©

Russell

Investments

2023. 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

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,

part

of

Rus-

sell

Investments.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### January

#### 31,

#### 2023
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Conservative

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

67,917

2,018

Domestic

Equities

-

8.7%

Multifactor

U.S.

Equity

Fund

Class

Y

308,512

4,526

U.S.

Small

Cap

Equity

Fund

Class

Y

155,786

4,041

8,567

Fixed

Income

-

65.7%

Multifactor

Bond

Fund

Class

Y

615,191

4,927

Short

Duration

Bond

Fund

Class

Y

528,413

9,765

Strategic

Bond

Fund

Class

Y

5,426,832

50,307

64,999

International

Equities

-

8.6%

Emerging

Markets

Fund

Class

Y

157,737

2,468

Global

Equity

Fund

Class

Y

244,955

2,009

Multifactor

International

Equity

Fund

Class

Y

417,607

3,984

8,461

Multi-Asset

-

15.1%

Multi-Strategy

Income

Fund

Class

Y

1,609,277

14,918

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$103,451)

98,963

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$103,451)

98,963

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(57) #### Net

#### Assets

#### -

#### 100.0%
98,906

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### January

#### 31,

#### 2023
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

3.1%

Global

Real

Estate

Securities

Fund

Class

Y

165,871

4,928

Domestic

Equities

-

13.8%

Multifactor

U.S.

Equity

Fund

Class

Y

1,062,257

15,583

U.S.

Small

Cap

Equity

Fund

Class

Y

254,165

6,593

22,176

Fixed

Income

-

48.4%

Multifactor

Bond

Fund

Class

Y

2,775,534

22,232

Strategic

Bond

Fund

Class

Y

5,666,247

52,526

Unconstrained

Total

Return

Fund

Class

Y

371,216

3,159

77,917

International

Equities

-

24.8%

Emerging

Markets

Fund

Class

Y

206,119

3,226

Global

Equity

Fund

Class

Y

3,693,252

30,285

Multifactor

International

Equity

Fund

Class

Y

681,578

6,502

40,013

Multi-Asset

-

10.0%

Multi-Strategy

Income

Fund

Class

Y

1,746,147

16,187

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$167,742)

161,221

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$167,742)

161,221

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(97) #### Net

#### Assets

#### -

#### 100.0%
161,124

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### January

#### 31,

#### 2023
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

4.1%

Global

Real

Estate

Securities

Fund

Class

Y

1,034,312

30,730

Domestic

Equities

-

18.7%

Multifactor

U.S.

Equity

Fund

Class

Y

7,554,646

110,826

U.S.

Small

Cap

Equity

Fund

Class

Y

1,185,608

30,755

141,581

Fixed

Income

-

29.4%

Strategic

Bond

Fund

Class

Y

22,405,092

207,695

Unconstrained

Total

Return

Fund

Class

Y

1,715,570

14,600

222,295

International

Equities

-

39.9%

Emerging

Markets

Fund

Class

Y

1,199,351

18,770

Global

Equity

Fund

Class

Y

29,843,721

244,718

Multifactor

International

Equity

Fund

Class

Y

3,974,938

37,921

301,409

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

6,529,360

60,527

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$767,799)

756,542

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$767,799)

756,542

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(504) #### Net

#### Assets

#### -

#### 100.0%
756,038

#### Russell

#### Investment

#### Company

#### Growth

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### January

#### 31,

#### 2023
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.0%

Global

Real

Estate

Securities

Fund

Class

Y

1,162,833

34,548

Domestic

Equities

-

24.7%

Multifactor

U.S.

Equity

Fund

Class

Y

9,635,001

141,345

U.S.

Small

Cap

Equity

Fund

Class

Y

1,065,907

27,650

168,995

Fixed

Income

-

10.7%

Strategic

Bond

Fund

Class

Y

6,461,841

59,901

Unconstrained

Total

Return

Fund

Class

Y

1,543,670

13,137

73,038

International

Equities

-

49.7%

Emerging

Markets

Fund

Class

Y

860,797

13,471

Global

Equity

Fund

Class

Y

34,415,000

282,203

Multifactor

International

Equity

Fund

Class

Y

4,650,845

44,369

340,043

Multi-Asset

-

10.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

7,109,585

68,252

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$678,598)

684,876

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$678,598)

684,876

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(372) #### Net

#### Assets

#### -

#### 100.0%
684,504

#### Russell

#### Investment

#### Company

#### Equity

#### Growth

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### January

#### 31,

#### 2023
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.0%

Global

Real

Estate

Securities

Fund

Class

Y

514,111

15,274

Domestic

Equities

-

27.6%

Multifactor

U.S.

Equity

Fund

Class

Y

4,681,798

68,682

U.S.

Small

Cap

Equity

Fund

Class

Y

592,177

15,361

84,043

International

Equities

-

57.6%

Emerging

Markets

Fund

Class

Y

478,623

7,490

Global

Equity

Fund

Class

Y

17,887,046

146,674

Multifactor

International

Equity

Fund

Class

Y

2,224,093

21,218

175,382

Multi-Asset

-

9.9%

Multi-Asset

Growth

Strategy

Fund

Class

Y

3,144,064

30,183

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$315,047)

304,882

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$315,047)

304,882

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(197) #### Net

#### Assets

#### -

#### 100.0%
304,685

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report

#### —

#### January

#### 31,

#### 2023
(Unaudited)

Notes

to

Quarterly

Report

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(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.

Each

of

the

Funds

listed

in

the

table

below

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

"Underlying

Funds").

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

effective

on

March

1,

2022. As

of

January

31,

2023,

the

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Sustainable

Equity,

U.S.

Small

Cap

Equity,

Global

Equity,

Emerging

Markets,

Multifactor

U.S.

Equity,

and

Multifactor

International

Equity

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Opportunistic

Credit,

Unconstrained

Total

Return,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

and

Multifactor

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-

Asset

Growth

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

A

Fund's

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

There

may

be

no

changes

in

the

asset

allocation

or

to

the

Underlying

Funds

in

a

given

period

or

such

changes

may

be

made

one

or

more

times

in

a

period.

\*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2. #### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

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

Quarterly

Report.

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.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

and

fair

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

#### Asset

#### Allocation\*

#### Conservative

#### Strategy

#### Fund

#### Moderate

#### Strategy

#### Fund

#### Balanced

#### Strategy

#### Fund

#### Growth

#### Strategy

#### Fund

#### Equity

#### Growth

#### Strategy

#### Fund
Equity

17%

38%

58%

74%

85%

Fixed

Income

66%

49%

30%

11%

—%

Multi-Asset

15%

10%

8%

10%

10%

Alternative#

2%

3%

4%

5%

5%

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report,

#### continued

#### —

#### January

#### 31,

#### 2023
(Unaudited)

Notes

to

Quarterly

Report

not

have

readily

available

market

quotations,

the

Trustees

have

designated

Russell

Investment

Management,

LLC

("RIM")

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

1940

Act.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

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

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

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

(or

reported

on

the

NASDAQ

national

market),

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.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

As

of

January

31,

2023,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Guarantees

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.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report,

#### continued

#### —

#### January

#### 31,

#### 2023
(Unaudited)

Notes

to

Quarterly

Report

London

Interbank

Offer

Rate

("LIBOR")

The

Underlying

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

rely

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom's

Financial

Conduct

Authority

("FCA"),

which

regulates

LIBOR,

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021. However,

subsequent

announcements

by

the

FCA,

the

LIBOR

administrator

and

other

regulators

indicated

that

it

is

possible

that

certain

of

the

most

widely

used

LIBORs

may

continue

until

mid-2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate

(e.g.,

the

Secured

Overnight

Financing

Rate,

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities).

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Underlying

Funds

or

on

certain

instruments

in

which

an

Underlying

Fund

invests

can

be

difficult

to

ascertain,

and

they

may

vary

depending

on

factors

that

include,

but

are

not

limited

to:

(i) existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii) whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

For

example,

certain

of

the

Underlying

Funds'

investments

may

involve

individual

contracts

that

have

no

existing

fallback

provision

or

language

that

contemplates

the

discontinuation

of

LIBOR,

and

those

investments

could

experience

increased

volatility

or

illiquidity

as

a

result

of

the

transition

process.

In

addition,

interest

rate

provisions

included

in

such

contracts

may

need

to

be

renegotiated

in

contemplation

of

the

transition

away

from

LIBOR.

The

transition

may

also

result

in

a

reduction

in

the

value

of

certain

instruments

held

by

an

Underlying

Fund,

including

those

described

in

this

paragraph,

or

a

reduction

in

the

effectiveness

of

related

Underlying

Fund

transactions

such

as

hedges.

Any

such

effects

of

the

transition

away

from

LIBOR,

as

well

as

other

unforeseen

effects,

could

result

in

losses

to

an

Underlying

Fund

and

any

Fund

invested

in

such

Underlying

Fund.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled,

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds'

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

recent

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

("public

health

events")

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

Fund's

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

an

Underlying

Fund's

investments

and

performance,

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report,

#### continued

#### —

#### January

#### 31,

#### 2023
(Unaudited)

Notes

to

Quarterly

Report

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

an

Underlying

Fund's

investments

and

performance.

3. #### Related

#### Party

#### Transactions
RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

Russell

Investments

Fund

Services,

LLC

("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.

4. #### Federal

#### Income

#### Taxes
As

of

January

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

5. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Conservative

#### Strategy

#### Fund

#### Moderate

#### Strategy

#### Fund

#### Balanced

#### Strategy

#### Fund
Cost

of

Investments

$

106,061,363

$

170,284,672

$

776,503,035

Unrealized

Appreciation

$

3,059,818

$

8,842,491

$

49,317,331

Unrealized

Depreciation

(10,157,719)

(17,906,121)

(69,278,507)

Net

Unrealized

Appreciation

(Depreciation)

$

(7,097,901)

$

(9,063,630)

$

(19,961,176)

#### Growth

#### Strategy

#### Fund

#### Equity

#### Growth

#### Strategy

#### Fund
Cost

of

Investments

$

686,008,983

$

318,987,332

Unrealized

Appreciation

$

1,306,164,774

$

14,857,749

Unrealized

Depreciation

(1,307,297,458)

(28,962,697)

Net

Unrealized

Appreciation

(Depreciation)

$

(1,132,684)

$

(14,104,948)

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RUSSELL INVESTMENT CO

- **b. Investment Company Act file number:** 811-03153

- **c. CIK number of Registrant:** 0000351601

- **d. LEI of Registrant:** 549300J63VJ9OS4TCK93

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1301 SECOND AVENUE

  - **City:** SEATTLE

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 98101

  - **Telephone number:** 800-787-7354

**Item A.2. Information about the Series.**

- **a. Name of Series:** Equity Growth Strategy Fund

- **b. EDGAR series identifier (if any):** S000001580

- **c. LEI of Series:** STRC63W04HIL3BL2B129

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $304936676.88

**Total Liabilities:** $217683.54

**Net Assets:** $304718993.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004276 | 7.57%                | -4.21%               | 7.42%                |
| Class ID C000027582 | 7.63%                | -4.19%               | 7.39%                |
| Class ID C000137239 | 7.56%                | -4.28%               | 7.41%                |
| Class ID C000004274 | 7.47%                | -4.24%               | 7.24%                |
| Class ID C000137238 | 7.57%                | -4.27%               | 7.42%                |
| Class ID C000004273 | 1.35%                | -9.75%               | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-450585.66              | $22006868.58                               |
| Month 2  | $-823710.91              | $-19179577.36                              |
| Month 3  | $-542907.56              | $21743250.07                               |

**Designated Index Information**

- **Index Name:** RIC Equity Growth Strategy Fund Composite 2021-04-21

- **Index Identifier:** CMP000124

### Schedule of Portfolio Investments

| Name                                  | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Multifactor International Equity Fund | Multifactor International Equity Fund | CUSIP: 78249R289<br>LEI: 5493004SX31W5EXJ2590 | Long             | EC               | RF                | US        |   2224093 | NS      | $21217843.32  | 6.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Multifactor U.S. Equity Fund          | Multifactor U.S. Equity Fund          | CUSIP: 78249R347<br>LEI: 549300PPT7741EJKD754 | Long             | EC               | RF                | US        |   4681917 | NS      | $68683716.33  | 22.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerging Markets Fund                 | Emerging Markets Fund                 | CUSIP: 782494439<br>LEI: TUWQFBBWGP866F5SFO52 | Long             | EC               | RF                | US        |    478623 | NS      | $7490451.81   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Small Cap Equity Fund            | U.S. Small Cap Equity Fund            | CUSIP: 782493266<br>LEI: Z3PZWNK5SYVMTLL03992 | Long             | EC               | RF                | US        |    592271 | NS      | $15363510.80  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Equity Fund                    | Global Equity Fund                    | CUSIP: 782494447<br>LEI: VTHOU527SFHXM6LQY641 | Long             | EC               | RF                | US        |  17887886 | NS      | $146680666.01 | 48.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Real Estate Securities Fund    | Global Real Estate Securities Fund    | CUSIP: 782478713<br>LEI: 12EWS3SG92VUE6HTB591 | Long             | EC               | RF                | US        |    514133 | NS      | $15274881.39  | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Multi-Asset Growth Strategy Fund      | Multi-Asset Growth Strategy Fund      | CUSIP: 78250F547<br>LEI: 549300X1VBO22V2H1F97 | Long             | EC               | RF                | US        |   3144064 | NS      | $30183018.94  | 9.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** RUSSELL INVESTMENT CO

**Signature:** Kari Seabrands

**Name of Signer:** Kari Seabrands

**Title:** Treasurer, Chief Accounting Officer and Chief Financial Officer